Tax Planning and Tax Savings for Corporation in Alberta

Corporate Tax Planning and Tax Savings in Alberta

Although corporations come with many advantages, most companies have not implemented these benefits. Because of this, the public at large is denied a large number of ways to earn and save money. An accounting and tax tune-up in Alberta, Canada, from Bomcas accounting and tax services will help you to protect your hard work and improve your cash flow position by examining the big picture and answering questions.

A tune-up may resolve problems like:

1. Validation of the intended important transactions that are to take place in the future is performed. Have you had your critical agreements reviewed by a lawyer or a tax professional?
2. Are there multiple redundant backup facilities built into your banking structure, if that’s the case?
3. shareholder agreements, share structure, corporate authorities and entitlements, minute books and loan agreements are all terms that have been thrown around, but what exactly do they mean and how important are they in the first place?
4. Is it something you’ve given serious consideration to whether your directors or shareholders are personally liable for all corporate actions? What makes you want to pursue a career as a director?
5. Are you taking full advantage of the significantly lower corporate tax environment – which applies to both shareholders and their families – in all of the usual ways to maximize your profits?
6. Are you aware of the three most important measures you can take to protect your assets?

The requirements and objectives of corporate shareholders are constantly shifting.

You can benefit from our Corporate Review and Tune-up Service to complete the following tasks:

1. Reduced and postponed taxation should be the goal.
2. Ascertain that there will be no interruption.
3. Assets should be protected at all costs.
4. Increase your level of privacy.
5. as well as much more…

In general, we have found that the relatively low cost of a corporate tune-up is more than recouped in a matter of a few years, if not immediately.

Do you have a corporation that is in the process of being dissolved?

Whenever a corporation is being dissolved, we can assist you in completing the necessary Annual Returns in order for the corporation to be reinstated to its previous active status.
If your corporation has already been dissolved, you can use our step-by-step procedure for restoring it to its former state of existence.

Small-scale business Having a corporation in the Canadian province of Alberta provides its owners with so many benefits that you have to pinch yourself to believe it at times. They have, however, undergone extensive testing. Small businesses benefit from tax policy, which is a good thing. Furthermore, the legal status of corporations permits a wide range of actions to be taken in order for the business and its founders or owners to sustain, protect, or advance their goals.

If you’re concerned about your financial and tax situation, consider how the corporate landscape can assist you. Your corporate structure will most likely be more than accommodating to your needs and requirements if properly managed. On numerous occasions, we have seen firsthand how the use of Corporations can have such a positive impact on financial events that it can literally change people’s lives.

Here are just a few examples of how things could be different in the future:

Depending on your circumstances, your corporation may pay tax-favored dividends to your dependents over the age of seventeen, reducing the amount of money you spend on your own.

It is possible to transfer assets to your corporation in order to reap tax benefits.

By incorporating the Corporation as an additional tool to your will, you can improve and simplify your estate and succession planning.

Family finances, debt management, and privacy protection can all be managed under a single corporate umbrella, which is especially helpful if you don’t want your personal assets and debt mixed in with your business assets and liabilities. Being a business owner entails a variety of responsibilities and rights, all of which must be upheld. But, in this case, who should be considered the owner? This question, which is packaged as a whole, addresses liability, taxation, and asset control. Having a Corporation – or two, one for each spouse – makes things a little easier to understand.