Category: Tax

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Get free tax help for your small business

In-person support to help you save time and money

The Canada Revenue Agency (CRA) offers free one-on-one visits or group seminars for small businesses and self-employed individuals across Canada through its Liaison Officer service. During a visit or seminar, the liaison officer will:

  • help you better understand your tax obligations and possible tax deductions
  • show you how to avoid common errors
  • give you an overview of helpful tools and services

The liaison officer will also provide recommendations on how to strengthen your bookkeeping system and, if you’re meeting one-on-one, offer to review your books and records.

Original Source: https://www.canada.ca/en/revenue-agency/campaigns/small-business-tax-help.html

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Small Business Accountant in Edmonton: Your Partner for Expert Financial Management

In the vibrant business landscape of Edmonton, small enterprises play a crucial role in driving the local economy. As a small business owner in this dynamic city, efficient financial management is paramount to your success. This is where the expertise of a skilled Small Business Accountant in Edmonton, like Bomcas Edmonton Tax Services, comes into play. In this article, we’ll explore the pivotal role of a Small Business Accountant in Edmonton and how they can assist your venture in navigating the complexities of financial management.

Why Your Small Business Needs an Accountant in Edmonton

  1. Expert Financial Insight: A proficient Small Business Accountant possesses in-depth knowledge of financial regulations, tax codes, and accounting practices specific to Edmonton. This expertise ensures accurate financial records, maximizing your tax deductions and optimizing your financial strategy.
  2. Time-Efficient Operations: By outsourcing your accounting tasks to professionals, you free up valuable time to focus on core business activities. This enhanced productivity translates into growth opportunities for your small business.
  3. Compliance and Risk Management: Edmonton’s financial regulations can be intricate. A skilled Small Business Accountant ensures your business adheres to local financial laws, reducing the risk of penalties or legal issues.
  4. Strategic Financial Planning: Collaborating with an accountant allows you to create a well-structured financial plan that aligns with your business goals. From budgeting to forecasting, their insights can guide your growth trajectory.

Why Choose Bomcas Edmonton Tax Services

  1. Tailored Solutions: Bomcas Edmonton Tax Services understands that each small business is unique. Their team crafts customized financial solutions that cater to the specific needs and goals of your venture.
  2. Local Expertise: With years of experience serving Edmonton’s business community, Bomcas Edmonton Tax Services possesses a deep understanding of the local economic landscape and the challenges small businesses face.
  3. Comprehensive Services: From bookkeeping and tax preparation to financial reporting and advisory services, Bomcas Edmonton Tax Services offers a comprehensive suite of solutions designed to streamline your financial operations.
  4. Personalized Guidance: Bomcas Edmonton Tax Services works closely with you to demystify financial jargon and provide clear, actionable insights. They become a partner in your success journey, offering guidance at every step.

Client Success Story: Growing a Local Retail Business

Bella’s Boutique, a local fashion retailer in Edmonton, faced challenges in managing its finances effectively. Bomcas Edmonton Tax Services stepped in to revamp their accounting processes. Through meticulous financial analysis, Bomcas identified cost-saving opportunities and helped Bella’s Boutique optimize their inventory management. With accurate financial reports, the boutique made informed decisions that led to a 20% increase in revenue within a year.

Conclusion

As a small business owner in Edmonton, partnering with a Small Business Accountant like Bomcas Edmonton Tax Services can be a game-changer. With their localized expertise, comprehensive solutions, and personalized guidance, you can focus on growing your business while leaving the complexities of financial management in capable hands. Embrace the advantage of a skilled Small Business Accountant in Edmonton and set your business on a path to sustainable success.

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Edmonton and Sherwood Park Trust income tax

Services and information

Trust Income Tax Return

Determine whether a trust should file a Trust Income Tax Return (T3), and where and when to a file a T3.

Trust Information returns – slips and summaries

Determine when a trust has to complete and distribute T3 slips, filing methods for T3 slips, and due dates.

Trust types and codes

Differentiate between testamentary and inter vivos trusts, and get the code numbers for different types of trusts.

Specified investment flow-through trust income and distribution tax

Determine what a SIFT trust is, and get the tax calculation formula for SIFT trusts.

Original Source: https://www.canada.ca/en/services/taxes/income-tax/trust-income-tax.html

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Sherwood Park and Edmonton Alberta Corporation income tax

Services and information

Corporation income tax overview

Summary of corporation tax rates, provincial and territorial corporation tax, and tax credits.

Corporation tax rates

Get federal, provincial, or territorial rates, and learn when to apply the lower or higher rate.

Provincial and territorial corporation tax

What’s new for corporations, reporting tax and claiming credits, and related forms and publications.

Federal tax credits

Federal income tax credits you may be eligible to claim.

Record keeping

Determine what constitutes a record, learn your responsibilities, and information about different types of records.

Dividends

Designation of eligible dividends, information about Part III.1 tax, and general and low-rate income pools.

Corporate tax payments

Paying instalments, paying your balance of corporation tax, and prepaying reassessments.

Reassessments

Request a reassessment of your T2 return, and learn the time limits for a reassessment.

Transfer pricing

International transfer pricing, including transfer pricing memoranda.

Foreign spin-offs

Foreign spin-offs for Canadian shareholders of foreign corporations.

Original Source: https://www.canada.ca/en/services/taxes/income-tax/corporation-income-tax.html

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Personal income tax

Services and information

Doing your taxes

This page sets out everything you need to know to do your taxes.

Your tax obligations

Determine your tax obligations and whether you need to file a tax return.

Tax slips

Review the slips you may receive from your employer, payer, or administrator.

Personal income

Determine what has to be reported as income on your personal income tax return.

Tax deductions, credits, and expenses

Claim tax deductions, credits, and expenses to reduce the amount of tax you must pay.

Tax refunds

Check the status of your refund, and when you can expect to receive your refund.

Tax payments

Make a tax payment, get information on paying by instalments, paying arrears, and payment arrangements.

Notices of assessment

Understand your notice of assessment (NOA) and find out how to get a copy.

Personal income tax rates

View the current and previous years’ tax rates for individuals.

More personal income tax

Get additional information about filing your personal income tax.

Original source: https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax.html

What is Income Tax Preparation?

You provide us with your tax forms and documentation, and our tax experts will take it from there. They’ll ensure everything is in order, prepare, review everything with you, and then file your taxes for you. You get to sit back and relax, knowing your taxes are in expert hands.

SHERWOOD PARK PERSONAL TAX MADE EASY

EXPERT HELP

Our tax professionals are experts in the ever-changing tax laws and benefits, as well as the nuances of your specific tax situation. Rest easy knowing your taxes are done right every time.

ONLINE ACCESS

Upload your documents to our Secure cloud-based application. Take it easy as we prepare, review, and file your tax forms.

YEAR-ROUND SUPPORT

Even if it’s not tax time, we’re always available to answer your questions as it relates to your Tax and accounting.

TALK TO AN EXPERT NOW

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Accounting Tax

How much income tax do I have to pay

The amount of income tax you pay depends on how much money you earned in the past year minus any deductions and credits.

Your income tax rate is based on a combination of federal and provincial tax rates.

Most 2019 tax returns should be filed by April 30, 2020. If you are filing for a previous year, see the 2019 to 1985 tax rates.

Due to the COVID-19 pandemic response, the government has deferred the tax filing deadline to June 1, 2020.

Federal tax rates for the 2020 tax year

  • 15% on taxable income of C$48,535 or less
  • 20.5% on taxable income between C$48,535 and C$97,069
  • 26% on taxable income between C$97,069 and C$150,473
  • 29% on taxable income between C$150,473 and $214,368
  • 33% on taxable income over $214,368

Ontario (provincial) tax rates for the 2020 tax year

  • 5.05% on taxable income of C$44,740 or less
  • 9.15% on taxable income between $44,742, and $89,482
  • 11.16% on taxable income between $89,482 and $150,000
  • 12.16% on taxable income between $150,000 and $220,000
  • 13.16% on taxable income over $220,000

Find a list of federal and provincial tax rates for previous years.

Taxable income includes employment income, rental income and money you receive through some government programs.

Tax credits and deductions reduce the amount of tax you must pay. If you paid too much tax, you will get a refund. If you did not pay enough, you must pay the difference to the government. Find out more about What happens after I file my tax return?

Canadian residency for tax purposes is not the same as residency for immigration purposes. Find out more in Do I have to file a tax return?

For More Information

  • Newcomers to Canada – This guide is for first-time tax filers in Canada. It will help you determine if you are a resident for tax purposes, which is not the same as residency for immigration purposes. From the CRA.
  • Canada Revenue Agency (CRA) – The federal agency responsible for administering tax, benefits and related programs across the country. Their website provides detailed information about tax-related issues.
  • Frequently Asked Questions about Individual Taxation – Information and answers about tax rates and how to file your return. From the CRA.
  • General Income Tax and Benefit Package – A collection of forms and information sheets which you need to file your income tax return. From the CRA.
  • Ontario Tax Credits and Benefits – Learn about the different tax credits and benefits you can get to help you with living costs when you file your income tax return. From the Ministry of Finance.

Original source: https://settlement.org/ontario/daily-life/personal-finance/taxes/how-much-income-tax-do-i-have-to-pay/

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Accounting Tax

Applying for CERB with CRA

The Canada Emergency Response Benefit (CERB) gives financial support to employed and self-employed Canadians who are directly affected by COVID-19.

If you are eligible, you can receive $2,000 for a 4-week period (the same as $500 a week).

If your situation continues past 4 weeks, you will need to apply for the CERB again. You may re-apply for up to a total of 16 weeks.

Update to CERB eligibility criteria

The CERB is now available if you earned $1,000 or less during an eligibility period. If this applies to your situation, you may be eligible to apply for a previous period, starting March 15, 2020.

Get more details under Who can apply.

Sections

Original source: https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra.html

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BOMCAS LTD Accounting and Tax Services

Edmonton and Sherwood Park Personal Income Tax Preparation and Filing Services

At BOMCAS Sherwood Park, Edmonton Accounting and Tax Services, our tax experts are dedicated to remaining current with the constantly changing Canadian tax laws. We take the time to understand the unique situation of each of our clients and ensure they are following the latest tax laws, while paying the least amount of tax possible.

  • Individual Canadian Tax Return Preparation
  • Personal Tax Planning
  • Immigration and Emigration Tax Planning
  • T3 – Trust Income and Information Return
  • Final Income Tax Returns for Deceased Taxpayers
  • Estate Planning
  • Voluntary Disclosures for unreported income or information forms not filed

Edmonton and Sherwood PARK Corporate Income Tax Preparation and Filing Services

At BOMCAS Accounting & Tax Services we bring our tax expertise to assist both domestic and multi-national corporations with services that include, but are not limited to:

  • Corporate income tax returns
  • GST/HST compliance
  • Financial statement preparation
  • Tax dispute resolution consultations
  • Assistance with design & implementation of international tax programs
  • Payroll planning and remittance – domestic and cross-border
  • Tax treaty review

Edmonton and Sherwood Park Bookkeeping Services

We provide continuing bookkeeping maintenance in the background while you focus on your core business operations.  As experienced bookkeeping and tax professionals, we’ll help you with all the data entry and bank reconciliations that are required, all on a remote basis. Contact us today and see how we can help you.

Edmonton and Sherwood Park Payroll Accounting Services

Our bookkeeping advisers provide Canadian payroll processing services for growing businesses, assisting in government remittances and year end T4 filings. With years of experience, our experts have the knowledge and expertise and qualification needed to handle any situation.

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Personal and Corporate Tax Services locally and vierually

WHAT IS INCOME TAX PREPARATION?

You provide us with your tax forms and documentation, and our tax experts will take it from there. They’ll ensure everything is in order, prepare, review everything with you, and then file your taxes for you. You get to sit back and relax, knowing your taxes are in expert hands.

EXPERT HELP

Our tax professionals are experts in the ever-changing tax laws and benefits, as well as the nuances of your specific tax situation. Rest easy knowing your taxes are done right every time.

ONLINE ACCESS

Upload your documents to our Secure cloud-based application. Take it easy as we prepare, review, and file your tax forms.

YEAR-ROUND SUPPORT

Even if it’s not tax time, we’re always available to answer your questions as it relates to your Tax and accounting.

CONTACTS US TODAY WE WILL BE HAPPY TO HELP YOU

Address: 181 Meadowview Bay, Sherwood Park, Alberta T8H 1P7
Phone: 780-953-5250
Email: info@bomcas.ca

File income tax, get the income tax and benefit package, and check the status of your tax refund.

Services and information

Your tax obligations

Determine your tax obligations and whether you need to file a tax return.

Tax slips

Review the slips you may receive from your employer, payer, or administrator.

Personal income

Determine what has to be reported as income on your personal income tax return.

Tax deductions, credits, and expenses

Claim tax deductions, credits, and expenses to reduce the amount of tax you must pay.

Tax refunds

Check the status of your refund, and when you can expect to receive your refund.

Tax payments

Make a tax payment, get information on paying by instalments, paying arrears, and payment arrangements.

Notices of assessment

Understand your notice of assessment (NOA) and find out how to get a copy.

Personal income tax rates

View the current and previous years’ tax rates for individuals.

More personal income tax

Get additional information about filing your personal income tax.

Original source: https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax.html

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Income Tax Preparation Service Sherwood Park Alberta Personal Income Tax Return Accountant Edmonton Alberta Tax

Personal income tax

File income tax, get the income tax and benefit package, and check the status of your tax refund.

Services and information

Your tax obligations

Determine your tax obligations and whether you need to file a tax return.

Tax slips

Review the slips you may receive from your employer, payer, or administrator.

Personal income

Determine what has to be reported as income on your personal income tax return.

Tax deductions, credits, and expenses

Claim tax deductions, credits, and expenses to reduce the amount of tax you must pay.

Tax refunds

Check the status of your refund, and when you can expect to receive your refund.

Tax payments

Make a tax payment, get information on paying by instalments, paying arrears, and payment arrangements.

Notices of assessment

Understand your notice of assessment (NOA) and find out how to get a copy.

Personal income tax rates

View the current and previous years’ tax rates for individuals.

More personal income tax

Get additional information about filing your personal income tax.

Original source: https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax.html