Posted on October 13, 2021
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1 SMALL BUSINESS ACCOUNTANTS ALBERTA – BOMCAS CANADA
2 ACCOUNTING SERVICES FOR SMALL BUSINESSES
3 Small Business Accounting and Taxes in Alberta Canada
4 Tax rates in the provinces and territories

SMALL BUSINESS ACCOUNTANTS ALBERTA – BOMCAS CANADA

If you are a small business owner, no one understands your industry more than you do yourself. Doing everything on your own, on the other hand, can be exhausting. Getting in touch with BOMCAS CANADA if you’re ready to free up some of your time. Our highly qualified accountants are ready to handle all of your tax and financial needs, allowing you to devote your time and energy to what really matters — running your business.

ACCOUNTING SERVICES FOR SMALL BUSINESSES

Allow us to relieve you of some of your responsibilities. Our range of accounting services includes but not limited to the following:

Allow us to relieve you of some of your responsibilities. Our range of accounting services includes but not limited to the following:

  • Preparing tax returns.
  • Consulting on the development of a business plan.
  • providing advice on business structure (should your company be organised as a sole proprietorship, limited partnership, or even a limited liability corporation? We can figure out what is the most effective solution for you).
  • Payroll services are provided.
  • Financial statement preparation is a broad term.
  • Bookkeeping services are available.
  • Preparation of tax returns.
  • Tax Planning, among other things.

Small Business Accounting and Taxes in Alberta Canada

The Alberta small business deduction is granted exclusively to corporations that are privately held by Canadians for the duration of the tax year in question. The deduction is calculated as a percentage of the amount that qualifies for the deduction.

Source: Alberta Corporate Income Tax – CT-17R8 – Alberta Small Business Deduction. If the corporation has permanent establishments outside of Canada, the Alberta Allocation Factor must be adjusted in order to obtain the Alberta Small Business Allocation Factor. The Alberta Small Business Allocation Factor is then calculated as the ratio of taxable income allocated to Alberta to taxable income from all permanent establishments in Canada (income allocated to jurisdictions outside of Canada is not considered).

If a corporation’s taxation year is less than 51 weeks, the applicable Alberta small business threshold for non-related businesses or the allocated amount for associated corporations must be prorated to reflect the shorter taxation year. In order to calculate the prorated allocated amount or small business threshold, multiply it by the number of days remaining in the corporation’s taxation year divided by 365.

Tax rates in the provinces and territories

Provinces and territories Rates
Newfoundland and Labrador 8.7% on the first $38,081 of taxable income, +
14.5% on the next $38,080, +
15.8% on the next $59,812, +
17.3% on the next $54,390, +
18.3% on the amount over $190,363
Prince Edward Island 9.8% on the first $31,984 of taxable income, +
13.8% on the next $31,985, +
16.7% on the amount over $63,969
Nova Scotia 8.79% on the first $29,590 of taxable income, +
14.95% on the next $29,590, +
16.67% on the next $33,820, +
17.5% on the next $57,000, +
21% on the amount over $150,000
New Brunswick 9.68% on the first $43,835 of taxable income, +
14.82% on the next $43,836, +
16.52% on the next $54,863, +
17.84% on the next $19,849, +
20.3% on the amount over $162,383
Quebec Go to Income tax rates (Revenu Québec Web site).
Ontario 5.05% on the first $45,142 of taxable income, +
9.15% on the next $45,145, +
11.16% on the next $59,713, +
12.16% on the next $70,000, +
13.16% on the amount over $220,000
Manitoba 10.8% on the first $33,723 of taxable income, +
12.75% on the next $39,162, +
17.4% on the amount over $72,885
Saskatchewan 10.5% on the first $45,677 of taxable income, +
12.5% on the next $84,829, +
14.5% on the amount over $130,506
Alberta 10% on the first $131,220 of taxable income, +
12% on the next $26,244, +
13% on the next $52,488, +
14% on the next $104,976, +
15% on the amount over $314,928
British Columbia 5.06% on the first $42,184 of taxable income, +
7.7% on the next $42,185, +
10.5% on the next $12,497, +
12.29% on the next $20,757, +
14.7% on the next $41,860, +
16.8% on the next $62,937, +
20.5% on the amount over $222,420
Yukon 6.4% on the first $49,020 of taxable income, +
9% on the next $49,020, +
10.9% on the next $53,938, +
12.8% on the next $348,022, +
15% on the amount over $500,000
Northwest Territories 5.9% on the first $44,396 of taxable income, +
8.6% on the next $44,400, +
12.2% on the next $55,566, +
14.05% on the amount over $144,362
Nunavut 4% on the first $46,740 of taxable income, +
7% on the next $46,740, +
9% on the next $58,498, +
11.5% on the amount over $151,978

Contact Bomcas Canada Accounting and Tax Preparation Services today for all your Accounting and tax needes. Our qualify and professional accountants provide services across Alberta and all of Canada.