Category: Income Tax Preparation
Posted on December 15, 2021
What is an Alberta Indian Tax Exemption? Alberta Indian Tax Exemption is a tax exemption for Alberta Indians. The exemption allows them to pay no taxes on income that they earn from legal sources in Alberta. Alberta Indian Tax Exemption was introduced in 1982 and has been revised numerous times over the years. In 2009, the previous Alberta Human Rights Act that allowed discrimination based on race or ethnicity was repealed leaving only one law - the Alberta Indian Tax Exemption. What Are the Different Types of Alberta Indian Tax Exemptions? Alberta Indian Tax Exemptions are tax incentives for specific…
Posted on December 14, 2021
What are the Different Types of Business Accounting Services In Canada, there are many different types of accounting services. Some of them include the following: 1. General Business Accounting Services: These services include financial statements, reviews and discussions about financial status and budgeting. 2. Contract Management Services: These services are given to help businesses manage contracts and agreements with their clients or suppliers. Although not all accounting firms offer these services, they may be useful for those who want to contract with a specific company or trade license holder in the future. 3. Corporate Governance Services: These services provide assistance…
Posted on December 14, 2021
Introduction: What is an Accounting Software? Accounting software is used by business owners to keep track of their cash flow and profits. They can be used for a variety of purposes from managing accounts receivable to assisting in payroll processing. Businesses with small staffs can use accounting software for simple accounting tasks without having to hire specialized staff, while businesses with large workforces can have more comprehensive accounting management systems. Some popular accounting software includes QuickBooks, Xero, Sage 50 Accounts, MYOB and Profile. What are the Different Types of Accounting Software and Which One Should You Use? There are different…
Posted on December 14, 2021
What is an RRSP and How do the Canadian Tax Laws Impact this Investment Vehicle? An RRSP is a tax-deferred savings plan created by the federal government. They are available to Canadians and allow you to defer taxes on your earnings until they are withdrawn. There are two types of RRSPs - the Canada-Wide Savings Plan (CWSPS) and the Individual Tax-Free Savings Plan (ITF). The CWSPS allows individuals to contribute up to $26,000 per year, with some restrictions in place. It provides tax relief by allowing contributions to be made without owing any additional taxes on those contributions or gains.…
Posted on December 14, 2021
Taxes are something everyone needs to think about, and it is wise to be informed before making decisions. There are many differences between Canadian and US tax laws. This article will provide an overview of these differences, so you can make informed decisions about your taxes. Canadian Tax Rates For 2018 Compared To US Tax Rates Canadian income tax rates, 2018: The federal tax rate is applied to taxable income in the brackets of $0 - $47,630 at marginal rates of 15% or 20.5%. There are also provincial taxes that vary by province. The income tax brackets are as follows:…
Posted on December 13, 2021
Non-residents must maintain a Canadian address and may be eligible for certain deductions on their Canadian income tax return. If you have an office inside your home, you can deduct the expenses related to it as a Canadian resident. The cost of rent, heat, light, power and property taxes are all deductible business expenses if they relate to the use of the space inside your home. Claim Your Home Office and Utilities as a Tax Deduction! Canada Revenue Agency (CRA) allows Canadians to claim home office expenses as an ongoing tax loss. The deduction is a percentage of your property…
Posted on December 13, 2021
Claiming Medical Expenses Health care costs in Canada are costly. Canadians can claim medical expenses on their taxes as long as they have the receipts. This means that people who are self-employed, unemployed, or retired may not be able to claim them on their taxes. Medical Expenses That Qualify Canadian health care is mainly funded by the government. That is why Canadians usually don't need to worry about how to pay for medical expenses. There are some exceptions, however, in Canada that may require patients to shoulder the cost of their treatment. If an individual is able to afford it,…
Posted on December 13, 2021
An individual can make a will to keep their family, friends, or charities in mind. It is important that the person passes away before making a will. If an individual has not made a will before passing away, then they are considered to have died intestate. If the person has not made a wills there are more steps that need to be taken. The person must have an estate representative who is legally given permission by the court of probate to handle the affairs of the deceased including issuing any notices required by law. What Do You Need When Filing…
Posted on December 13, 2021
Tuition Tax Credits are gifts given to the Canadian population by the government. It's a way for the government to say thank you for your hard work and investment in your education. Since these tax credits are gifts, there is no need to pay your tuition upfront before you can claim them on your taxes. You can claim them on any year that you have paid at least $100 worth of tuition fees. How to Calculate the Tuition Tax Credit You can claim tax credits for your child's tuition, but you need to know the credits you are eligible for.…
Posted on December 13, 2021
This is why you need to hire an Edmonton small business accountant: Accounting firms in Edmonton offer tax planning and tax preparation services. They can also help in reducing your taxes and they can help you make more money by providing advice on how to manage your money better. The accountants in Edmonton are qualified and experienced professionals who know the ins and outs of taxation. You can rely on them for clear explanations, advice, and solutions to complex accounting problems. The accountants in Edmonton will ensure that all your financial information is up-to-date through analysis, examinations, research, communication with…