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Posted on December 16, 2021

Canada’s Tax Return Process and the Problems With Canada’s Income Tax System

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…
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Posted on December 16, 2021

How to Filing a Corporation Income Tax Return in Canada

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…
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Posted on December 16, 2021

Canada’s Corporate Accounting Services: The Ultimate Guide for Business Owners & Small Businesses

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…
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Posted on December 15, 2021

Americans in Canada and How They are Disrupting Tax Compliance

What is Tax Compliance and Why Should I Care? Tax compliance is the process of complying with tax law and regulations. It includes reporting your earnings, taxes, and ensuring that you are following all laws to remain compliant. This article will cover the best practices for tax compliance to help you become compliant with the laws and regulations in your country of residence. Tax compliance is important because it helps reduce the risk of penalties or criminal prosecution. You will be able to stay on track with your tax obligations without any trouble if you are following all laws, policies,…
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Posted on December 15, 2021

Alberta Indian Tax Exemption: What is it, How Can You Get It and What are the Rules?

What is an Alberta Indian Tax Exemption? Alberta Indian Tax Exemption is a tax exemption for Alberta Indians. The exemption allows them to pay no taxes on income that they earn from legal sources in Alberta. Alberta Indian Tax Exemption was introduced in 1982 and has been revised numerous times over the years. In 2009, the previous Alberta Human Rights Act that allowed discrimination based on race or ethnicity was repealed leaving only one law - the Alberta Indian Tax Exemption. What Are the Different Types of Alberta Indian Tax Exemptions? Alberta Indian Tax Exemptions are tax incentives for specific…
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Posted on December 14, 2021

The Must-Know Steps to Become a Canadian CPA

What is the Process of Becoming a Canadian Accountant/CPA? Becoming an accountant in Canada is not an easy task. One needs to have a few years of experience in accounting and financial knowledge. This is why many people are opting for the CPA route, which is a professional designation that allows them to practice accountancy without being required to hold a degree in accounting or finance. The process of becoming a Canadian certified public accountant (CPA) includes the following steps: - Graduate from an accredited accounting program and pass the Canadian Institute of Chartered Accountants (CICA) exam; - Obtain 4…
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Posted on December 14, 2021

Types of Business Accounting Services in Canada and How to Choose the Right One

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…
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Posted on December 14, 2021

How to Select the Best Mobile Accounting Software for Your Business

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…
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Posted on December 14, 2021

Guide to Canadian Taxes on RRSPs and How Your Investments Could Be Affected

What is an RRSP and How do the Canadian Tax Laws Impact this Investment Vehicle? An RRSP is a tax-deferred savings plan created by the federal government. They are available to Canadians and allow you to defer taxes on your earnings until they are withdrawn. There are two types of RRSPs - the Canada-Wide Savings Plan (CWSPS) and the Individual Tax-Free Savings Plan (ITF). The CWSPS allows individuals to contribute up to $26,000 per year, with some restrictions in place. It provides tax relief by allowing contributions to be made without owing any additional taxes on those contributions or gains.…
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Posted on December 14, 2021

Guide To Tax Laws In Canada Vs. The US

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:…
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