Category: Small Business Accounting and Tax Preparation
Posted on August 18, 2023
Canadian Tax Implications for Cryptocurrency Transactions In recent years, the rise of cryptocurrencies has sparked significant interest and investment across the globe. As Canadians increasingly engage in buying, selling, and trading digital currencies like Bitcoin, Ethereum, and others, it's imperative to comprehend the intricate tax landscape surrounding cryptocurrency transactions in Canada. This article is designed to shed light on the nuances of cryptocurrency taxation, offering comprehensive guidance on reporting requirements, potential tax liabilities, and compliance obligations to ensure your crypto activities remain transparent and in line with Canadian regulations. 1. Classification of Cryptocurrencies In Canada, the Canada Revenue Agency (CRA)…
Posted on January 10, 2022
Introduction: What is a Tax Accountant and What Do They Do? A Tax Accountant is a person who has the skills and experience to handle tax-related matters. They usually have a graduate degree in taxation, accounting, or other related fields. Tax accountants are responsible for understanding the tax implications of an individual's financial transactions and obligations. This includes income taxes, payroll taxes, state taxes, as well as federal and international taxes. There are many types of tax accountants that specialize in specific areas of taxation such as corporate tax accountant or estate planner. However, all are responsible for ensuring that…
Posted on January 8, 2022
Getting organized will save you both time and aggravation in the long run. In addition to saving money, using a tax service will also save you money because you will spend less of the time that your advisor is charging you for, resulting in cheaper fees. Furthermore, when you're well-organized, your tax advisor will be able to devote more time to planning, ensuring that you earn all of the tax benefits that you are entitled to receive. Prepare for tax preparation by using the checklist provided below. Number of social security cards and other personal information T-Slips (Tax Receipts) (T4s,…
Posted on January 1, 2022
What is cryptocurrency? Cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of assets. Bitcoin was the first decentralized digital currency, released in 2009. It was released by a pseudonymous developer (or group of developers) under the name of Satoshi Nakamoto. Cryptocurrencies are classified into two main categories: decentralized cryptocurrencies and centralized cryptocurrencies. Decentralized cryptocurrencies do not require any central authority to operate; all transactions take place on a public distributed ledger using peer-to-peer technology. Centralized cryptocurrencies are…
Posted on December 24, 2021
The Canadian tax system is evolving into a more complex, paperless, electronic system The Canadian tax system is evolving into a more complex, paperless, electronic system, and the government has decided that it needs a digital identity for taxpayers. The federal government is making good on its promise to make Canada a paperless nation by rolling out an online identity system called eID. The eID will be issued to Canadians in two phases. First, the government will start issuing eIDs to citizens with permanent resident status in 2015. This is why Canadian tax professionals need to keep up with technology…
Posted on December 23, 2021
What is corporate accounting in Calgary Alberta and Canada? Corporate Accounting in Calgary are accounting firms or accountants that goes through the process of preparing financial reports, analyzing data and managing information. The function of a corporate accountant is to ensure that the financial statements are prepared in accordance with the regulations of the Canadian Securities Exchange and other applicable laws. The corporate accountant ensures that all financial transactions, as well as the preparation and presentation of financial reports are carried out correctly and legally. What is a corporate accountant? Corporate Accounting in Calgary – Definition The term “corporate accountant”…
Posted on December 22, 2021
The concept of double taxation in Canada Double taxation is an unfair tax policy for Canadians. It taxes companies twice, once through its shareholders and then again as a Canadian corporation. Double taxation in Canada is something that most people don't even think about. But it's important to know because... Double Taxation Can Be A Real Pain! Let's say you are a Canadian resident and you have an investment income of $10,000 from your stock portfolio. Let's say you also have a house in the United States worth $150,000. In this case, you will pay U.S. tax on the $10,000…
Posted on December 20, 2021
What is a Corporate Tax Preparation Service? Corporations are required to file annual tax returns in Canada. Small and Medium Size businesses in Canada use corporate Tax Accountants Providing a corporate tax preparation service can help their corporation to reduce their filing costs and comply with the Canadian tax laws. Their are many different systems in Canada that has is implemented to automatic corporate tax return submission these has simplify the process of filing taxes in Canada. A corporation is any company or entity registered under the Canada Business Corporations Act with one or more directors, shareholders and/or partners. What…
Posted on December 16, 2021
What is a Tax Accountant in St Albert and What they do in Canada? A St Albert tax accountant is an individual or a firm who provides tax preparation services in St Albert. Tax accountants provide support to individuals or firms that need help filing and preparing tax returns. A St Albert tax accountant is someone who helps people file their taxes, analyze the financial statements of their business, and help with other financial decisions. These professionals are also often trusted advisors in companies to help employees understand how their personal finances fit into their company's overall finances. Accountants are…
Posted on December 16, 2021
What is a Corporation's Income Tax Return in Canada? In Canada, corporations are subject to income tax. The main objective is to redistribute the profits earned by the companies back to the people. Corporation Tax Return: At the end of each taxation year, a corporation is required to complete and file an income tax return with Revenue Quebec in order to assess their tax liability. This includes all types of income from any source except for unearned income such as dividends. There are also reserve deductions that may be claimed including depreciation on property and losses from a sale of…