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Posted on August 18, 2023

Estate Planning Essentials: Safeguarding Your Legacy Under Canadian Tax Law

Safeguarding Your Legacy Under Canadian Tax Law Estate planning is a critical aspect of ensuring that your hard-earned assets are protected and distributed according to your wishes after you're no longer here. As a responsible individual in Canada, understanding the intricacies of estate planning, including wills, trusts, and estate taxes, is essential to safeguarding your legacy and providing for your loved ones. This article delves into the core components of estate planning, offering insights into recent updates in estate tax laws, and guiding you on how to minimize tax burdens while securing a prosperous future for your beneficiaries. 1. Laying…
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Posted on August 18, 2023

Understanding Canadian Tax Implications for Cryptocurrency Transactions

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)…
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Posted on August 18, 2023

Digital Transformation in Accounting: Streamlining Your Finances for Today’s Canada

Streamlining Your Finances for Today's Canada In the rapidly evolving landscape of accounting and tax services, one thing is certain: technology is at the forefront of this transformation. As businesses across Canada adapt to the digital age, the integration of digital tools, cloud accounting, and automation has become not just an option, but a strategic necessity. In this article, we delve into the profound impact of digital transformation on the accounting sector in Canada and explore how businesses can leverage these advancements to streamline financial management, enhance accuracy, and ensure compliance. The Digital Revolution: A New Era of Efficiency The…
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Posted on August 18, 2023

Optimizing Tax Strategies for Small Canadian Businesses

Introduction: In the dynamic landscape of Canadian business, understanding and implementing effective tax strategies is essential for small businesses to thrive. This comprehensive guide provides up-to-date insights and actionable tips on optimizing tax strategies for small Canadian businesses. From allowable business expenses to claiming tax credits and structuring your business for optimal tax efficiency, this guide covers key areas to help you navigate the tax landscape with confidence. 1. Leveraging Allowable Business Expenses Allowable business expenses are crucial for minimizing taxable income and maximizing your business's bottom line. Understanding what expenses qualify and how to document them is essential: Current…
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Posted on January 2, 2023

Canadian payroll and its taxes – BOMCAS Canada Accounting

Introduction Canadian payroll refers to the process of calculating and distributing wages, salaries, bonuses, and other forms of compensation to employees in Canada. It also involves the tracking and reporting of income and deductions for tax purposes. Understanding payroll and taxes is essential for businesses operating in Canada, as it ensures compliance with relevant laws and regulations and helps to avoid penalties and fines. What is Canadian payroll? Payroll refers to the total amount of money that a company pays to its employees in a given period, typically on a weekly or biweekly basis. It includes the salaries and wages…
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Posted on January 2, 2023

Bookkeeping in Canada: A Comprehensive Guide – BOMCAS Canada Accounting

Canadian Small Business Bookkeeping Guide Bookkeeping is a crucial aspect of financial management for small businesses in Canada. It involves the systematic recording, classification, and analysis of financial transactions to provide an accurate and up-to-date view of a company's financial position. In this article, we will delve into the different types of bookkeeping systems, the best software options available in Canada, the cost of bookkeeping services, and the benefits of outsourcing. We will also provide tips on how to get started with bookkeeping and common mistakes to avoid. Types of Bookkeeping Systems There are two main types of bookkeeping systems:…
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Posted on January 1, 2023

In-depth Guide to Corporate Tax Preparation and Filing in Canada

Introduction Corporate tax preparation is an important responsibility for businesses operating in Canada. Proper tax preparation can help businesses save money on their taxes through the use of various tax credits, deductions, and planning strategies, while also ensuring compliance with the Canadian tax system. Gathering Necessary Documents and Information The first step in the corporate tax preparation process is to gather all necessary documents and information. This includes income statements, receipts for business expenses, and records of any tax-deductible charitable donations. It is also a good idea to organize and keep track of tax-related documents throughout the year to make…
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Posted on January 1, 2023

Personal Tax Preparation and Filing in Canada: An In-Depth Guide

Canadian Personal Tax Preparation and Filing - Your In-Depth Guide As a Canadian citizen or resident, it is your responsibility to file a personal tax return each year and pay any taxes that you owe to the Canada Revenue Agency (CRA). Failing to do so can result in penalties, interest, and other consequences. However, by understanding the tax system and taking advantage of the various credits, deductions, and planning strategies that are available, you can minimize your tax liability and maximize your financial performance. Gathering Necessary Documents and Information The first step in personal tax preparation is to gather all…
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Posted on November 21, 2022

Accountants in Edmonton and Their Benefits

Streamline Your Month End Process During the month end of a company, accountants in Edmonton perform various tasks in order to prepare a detailed accounting report. They perform accounting analysis, identify controlling activities, and set rules for the month end close. In addition, they evaluate the workload of the staff after the month end. Set month-end close rules Whether you are an accountant working in a small firm or a large corporation, there are some things you can do to streamline your month-end close process. Streamlining the process can help you to reduce the risk of intercompany transactions and improve…
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Posted on November 21, 2022

What is Bookkeeping in Edmonton Canada and its Benefits?

What is Bookkeeping in Edmonton Canada? Basically, bookkeeping is the process of keeping track of your finances. In Edmonton, you can use various methods to keep track of your financial accounts. These methods can include keeping a trial balance, a credit balance, and an expense account. Expense accounts (debit balances) Expense accounts (aka debit balances) in Edmonton are all the rage. The purpose of these accounts is to track the costs of running a business. A good example is a company's payroll taxes, but also includes such things as the cost of advertising and the ever present, long-term liabilities like…
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    Alberta T8H 1P7
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    6063 88 St NW
    Edmonton
    Alberta T6E 5T4
    Canada

  • 780-667-5250

  • info@bomcas.ca

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