Category: Small Business Accounting and Tax Preparation
Posted on December 16, 2021
What is a Corporation Income Tax Return and How do You File One in Canada? A corporation income tax return is a report that a company files with the Canada Revenue Agency (CRA) to calculate how much income tax they have to pay. In the United States, it is known as a Form 1120. A corporation tax return includes information on how much income has been earned, what expenses have been incurred and what assets have been used to generate the earnings. The corporation will also use this form to figure out any taxes owed. Additionally, this form will be…
Posted on December 16, 2021
What is Corporate Accounting? Corporate accounting is the process of gathering, recording, analyzing, and reporting on financial information about a company. It's a systematic process that records transactions and events and shows the financial condition of an organization at a point in time or over time. Most business managers think that they need to be good at accounting to succeed in their positions. They might not be able to handle all the tasks most of their employees need to do, but they can make sure that their figures add up to what they say they are. There are many reasons…
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
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
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…
Posted on December 13, 2021
It’s not an uncommon event for people to find themselves in need of the services of a personal accountant. They are often needed by freelancers, self-employed individuals, or other professionals that have an irregular schedule. Accountants are often hired to help individuals navigate their taxes or manage their finances. They provide advice on how much to save and when to invest in order to increase the possibility of retirement savings. The services provided by one-person accountancy firms may include bookkeeping, tax preparation, consulting, and coaching. What is a Personal Accountant and Why do I Need One? A personal accountant is…
Posted on December 13, 2021
It is important to have a corporate tax accountant help with your taxes because it can make a big difference in the amount of money you end up paying. A professional accountant will be able to help you find any deductions and credits that you may be eligible for. Tax law changes constantly, and a corporate tax accountant will be able to keep on top of those changes so that you don't have to worry about getting audited or having penalties put on your company. What is a Corporate Tax Accountant in Red Deer Alberta Canada? The accountant is a…