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Posted on November 21, 2022

Corporate Tax in Canada and Corporate Tax Accountant

Corporate Tax in Canada Depending on the nature of your corporation, your corporation may be subject to a tax in Canada. The corporate tax in Canada is administered by the Canada Revenue Agency. General corporation Whether you are a business or a tourist, you will be hard pressed to escape the Canadian tax system - the combined federal and provincial tax rate in Canada ranges from 10% to 16%. Despite this high taxation climate, Canada continues to be a top-notch tourist destination with low crime rates and a top-notch quality of life. For the tourist, the most enjoyable part of…
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Posted on September 12, 2022

Alberta Corporate Tax Changes

The Government of Alberta is shifting the corporate tax landscape. The province is cutting its corporate tax rate from 10% to 8%, which will be effective July 1, 2020. Premier Jason Kenney is calling the change "the largest infrastructure build" in the province's history. Since last year, the government has been working to lower Alberta's corporate tax rate. It originally planned to cut the rate to 8% by the year 2022. SR&ED tax credit In Alberta, businesses can claim a nonrefundable tax credit for eligible SR&ED expenses. To qualify, a company must have a permanent establishment in the province, carry…
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Posted on September 12, 2022

Alberta Personal Tax and Non-Refundable Tax Credits

The Alberta Personal Tax is a tax on your income, depending on your income and the tax bracket you fall into. Rates can range from 10 percent to 15 percent of your income. To find the latest rates, visit the Alberta Treasury Board and Finance. You can also view the income tax brackets for Alberta. These rates are applied to all Alberta residents and are calculated by the total amount of income earned in the year. Non-refundable tax credits reduce taxes to zero Non-refundable tax credits are tax benefits that people can claim to help them reduce their taxes. These…
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Posted on September 10, 2022

Alberta Corporate Tax Changes in 2022

There are a number of changes that are expected to take place regarding Alberta Corporate Tax in 2022. Some of these changes include the limits on business income and investment income and changes to the limit for dividends and investment income. In this article, we'll take a look at the key changes that you should be aware of. 2022 corporate income tax rates Corporate income tax rates in Alberta will continue to be among the lowest in the world, putting the province at the top of the list for attractive jurisdictions for international investors. Alberta's current corporate income tax rate…
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Posted on March 9, 2022

Tax Accounting Services

Tax Management and Accounting Services It is a difficult effort to preserve the efficiency of the tax function while also responding to public requests for increased transparency, accuracy, and accountability, as well as better risk management. Canada's tax and accounting operations have outlived their usefulness as a result of their continued functioning in the same manner as they have done for many decades. Tax accounting has risen to the top of many finance directors' priority lists as a result of increased regulatory scrutiny and the implementation of essential disclosure requirements. This has brought to light a number of fundamental issues…
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Posted on February 18, 2022

Livestock Tax Deferral Provision

The Livestock Tax Deferral Provision It is possible for a farmer who sells a portion of their breeding herd because of severe drought or floods in a designated drought or flooding region to postpone a portion of the income of the sale to the following year if the farmer files an application for the Livestock Tax Deferral Provision. The way the provision works is as follows: When applying for the deferred income provision, the breeding herd must have been reduced by at least 15% in order to be eligible. Income from net sales might be postponed for up to 30%…
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Posted on February 18, 2022

Do I Require the Services of a Personal Tax Accountant in Edmonton?

Personal Tax Accountant in Edmonton When it comes to keeping financial records, individuals are not obligated to do so (whereas corporations are), yet failing to do so may be exceedingly expensive in terms of taxation and finances. You must be able to grasp how your money is being spent if you want to make informed decisions. Even if you are aware that your credit card and bank statements are erroneous, it is conceivable that you will not become aware of the situation until it is too late to make any corrections to them. When you fail to pay your bills…
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Posted on January 20, 2022

What’s new in the Canadian Personal Income Tax System for 2021?

Bomcas Canada Accounting and Tax Preparation Services  Your COVID-19 benefits as well as your taxes Depending on your situation, it's likely that you received COVID-19 benefit payments from the federal, provincial, or territorial governments, respectively. Upon receipt of a T4A slip, you will be provided with detailed instructions on how to report the amounts in dispute on your tax return. In addition to payments for the Canada Recovery Benefit (CRB), the Canada Recovery Sickness Benefit (CRSB), and the Canada Recovery Caregivers Benefit, compensation for COVID-19 benefits includes payments for the Canada Recovery Caregivers Benefit (CRCB). It is likely that you…
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Posted on January 10, 2022

Tax Accountant in Edmonton

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…
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Posted on January 8, 2022

Checklist for preparing for tax filing

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,…
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    Sherwood Park
    Alberta T8H 1P7
    Canada

  • Bomcas Canada Accounting
    6063 88 St NW
    Edmonton
    Alberta T6E 5T4
    Canada

  • 780-667-5250

  • info@bomcas.ca

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