Tag: Calgary Accountant

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Alberta Accountant Services – Alberta Revenue

Forecast

Provincial revenue is projected to be $50 billion in 2020-21, or $1 billion lower than forecast in 2019-20.

Revenue is forecast to stay relatively stable in 2021-22 and then grow to $58.1 billion in 2022-23, mainly by increasing income taxes and bitumen royalties.

Table 1: Budget 2020 Revenue (millions of dollars)

Revenue sources2018-19 Actual2019-20 Forecast2020-21 Estimate2021 Target2022-23 Target
Income and other Taxes23,57821,82622,88724,38025,864
Non-renewable resource revenue5,4296,6715,0906,7058,536
Transfers from Government of Canada8,0139,0549,1109,5339,784
Investment income2,3493,5252,6302,8893,070
Net income from government business enterprises2,5822,3782,3572,4192,565
Premiums, fees and licences3,9113,9474,1944,2994,407
Other3,7453,5473,7113,8113,835
Total revenue49,60750,94849,97954,03658,061

Source: Treasury Board and Finance

Non-renewable resource revenue

Non-renewable resource revenue is estimated to decrease due almost entirely to decreased bitumen royalties from a wider light-heavy oil price differential, reflecting more expensive rail transportation costs.

Revenue from non-renewable resources is forecast at $5.1 billion in 2020-21, growing to $8.5 billion by 2022-23.

For more information, see the updated economic and energy price assumptions on the Economic Outlook page.

Table 2: Non-renewable resource revenue (millions of dollars)

Resource revenue2018-19 Actual2019-20 Forecast2020-21 Estimate2021-22 Target2022-23 Target
Bitumen royalty3,2144,7073,2114,4926,146
Crude oil royalty1,1491,2281,1351,2671,302
Natural gas & by-products royalty536438429597743
Bonuses & sales of Crown leases360133177218223
Rentals and fees/coal royalty170164137130122
Total resource revenue5,4296,6715,0906,7058,536

Source: Treasury Board and Finance

Income taxes

Tax revenue is forecast to be higher in 2020-21, due to increases in personal income tax, corporate income tax, education property tax and other tax revenue. These are offset by a reduction due to the elimination of the carbon tax.

Tax revenue in 2020-21 is estimated at $22.9 billion, and forecast to reach $25.9 billion by 2022-23.

Personal income tax

Personal income tax revenue is estimated at $12.6 billion in 2020-21, an increase of $747 million, or 6.3% from 2019- 20. Revenue in 2019-20 was $171 million less than the Budget 2019 estimate after revised 2018 assessment data was lower than expected.

The decrease lowers the prior-years’ adjustment to $17 million, which was added to 2019-20 revenue to account for revisions to 2017-19 and 2018-10 revenue already reported in the government’s financial statements. This also reduces the base used to forecast personal income tax revenue for future years, including 2019 and 2020.

Business taxes

Reducing the corporate income tax rate increases competitiveness and attracts investment by reducing the cost of doing business in Alberta, as suggested by the MacKinnon Panel.

Corporate income tax is forecast at $4.5 billion in 2020-21, an increase of $294 million or 7% from 2019-20. Continued growth in corporate income tax is forecast, based on improving oil prices, expanding oil production, achievement of market access as well as growth in manufacturing and exports and rising economic activity.

Tax revenue

Table 3: Tax revenue (millions of dollars)

 2018-19 Actual2019-20 Forecast2020-21 Estimate2021-22 Target2022-23 Target
Personal Income tax11,87411,81912,56613,42614,315
Corporate income tax4,8714,2454,5394,9855,360
Education property tax2,4412,4572,5592,6522,766
Carbon tax1,324185–––
Other taxes3,0663,1203,2233,3173,423
Total23.57621,82622,88724,38025,864

Original Source: https://www.alberta.ca/revenue.aspx
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Sherwood Park Accountant Providing Services – Accounting for your earnings

Accounting for your earnings

On this page, you will find information on the following:

  • The accrual method
  • The cash method
  • Change your reporting method
  • How to keep sales and expense journals
  • How to record your business expenses
  • Fiscal period for income tax purposes
  • Calendar year
  • Non-calendar year
  • Corporation tax year
  • Fiscal period-end for GST/HST registrants

Generally, you have to report business income using the accrual method of accounting. Farmers, fishers, and self-employed commission agents can use the cash method or the accrual method to report income, but not a combination of both.

The accrual method

Under the accrual method, you have to report income in the fiscal period you earn it, no matter when you receive it.

You can deduct allowable expenses in the fiscal period you incur them, whether or not you pay for them in that period. Incur usually means you paid or will have to pay the expense.

The cash method

If you use the cash method, you report income in the fiscal period you receive it whether it is in cash, property, or services. You deduct allowable expenses in the fiscal period you pay them, except prepaid expenses. If you are a farmer, fisher, or self-employed commissioned sales agent, you can use the cash method.

For more information about the cash method, see guide T4002, Self-employed Business, Professional, Commission, Farming, and Fishing Income.

Change your reporting method

If you are a farmer, fisher or self-employed commission sales agent, you can decide to change from one accounting method to the other. To change from either:

  • the accrual method to the cash method, you must file your return using the cash method and attach a statement that shows the adjustments made in income and expenses as a result of the change in method
  • the cash method to the accrual method, you must submit a written request to the director of the taxpayer’s TSO before the due date of the tax return.

How to keep sales and expense journals

You should keep a day-to-day record of your receipts and expenses. Keep this record with your duplicate deposit slips, bank statements, cancelled cheques, and receipts. This will support your sales income and expense claims.

How to record your business expenses

You can generally deduct business expenses only if you incur them to earn income. If you claim expenses, you have to be able to back up the claim. You do this by keeping all your business-related vouchers and receipts, and record your expenses in a journal, a computerized file, or a software accounting program.

Fiscal period for income tax purposes

You have to report your business income on an annual basis.

Calendar year

For sole proprietorships, professional corporations that are members of a partnership, and partnerships in which at least one member is an individual, professional corporation, or another affected partnership, your business income is generally reported on a calendar-year basis.

Non-calendar year

If you are a sole proprietor or if you are in a partnership in which all the members are individuals, you can elect to have a non-calendar-year fiscal period. To make this change, complete form T1139, Reconciliation of Business Income for Tax Purposes. 

Corporations tax year

A corporation’s tax year is its fiscal period. A fiscal period cannot be longer than 53 weeks (371 days). A new corporation can choose any tax year-end as long as its first tax year is not more than 53 weeks from the date the corporation was incorporated or formed as a result of an amalgamation. The corporation has to file its income tax return within six months of the end of its fiscal period. When the fiscal year ends on the last day of the month, the return is due on or before the last day of the sixth month after the end of the tax year. When the fiscal year ends on a day other than the last day of the month, the return is due on or before the same day of the sixth month after the end of the tax year.

It is a good idea to become familiar with the rules of fiscal periods when planning your business. For more information, see guide T4002, Self-employed Business, Professional, Commission, Farming, and Fishing Income.

Fiscal period-end for GST/HST registrants

If you are a GST/HST registrant, how you set up your fiscal period-end for income tax purposes may affect your GST/HST reporting periods, filing, and remitting due dates. For more information, see guide RC4022, General Information for GST/HST Registrants.

Original Source: https://www.canada.ca/en/revenue-agency/services/tax/businesses/small-businesses-self-employed-income/business-income-tax-reporting/accounting-your-earnings.html

CONTACT US

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

 

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Canada Income Tax Act

Contact BOMCAS LTD For Your Payroll Needs

Table of Contents

Related Information

Regulations made under this Act

Original Source: https://laws-lois.justice.gc.ca/eng/acts/I-3.3/index.html

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Information for Canadian Small Businesses

Corporate Tax

At BOMCAS Top Accounting Firm Edmonton we bring our tax accountant expertise to assist both domestic and multi-national corporations with services that include, but are not limited to:

  • Corporate income tax preparation and filing of 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

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

Digital services for businesses

Digital services help businesses by streamlining communications with the CRA and simplifying the preparation and submission of tax information. For more information, go to E-services for Businesses.

Registering your business

Business Registration Online is a CRA web page that is a one-stop registration service that lets you apply for a business number (BN) and register for programs administered by British Columbia, Nova Scotia, and Ontario.

You can also use this online service if you have a BN and need to register for any of the four common program accounts (GST/HST, payroll deductions, corporate income tax, and import/export). Businesses with a physical address in Quebec that need a GST account will be linked automatically to the Revenu Québec website. For more information, go to Business Registration Online (BRO).

Filing returns

File your income tax and benefit return using NETFILE

NETFILE is one of our digital tax-filing options. This service lets you file your income tax return with us using the Internet. You can only send your own return to us using NETFILE. Authorized representatives cannot send returns for their clients through NETFILE. When you use this service, you cannot change any of your personal information such as your name, address, date of birth, or direct deposit information.

If you have registered with the My Account service, you can change your address before using NETFILE by going to My Account for Individuals.

If you are not registered, call 1-800-959-8281 to make the necessary changes to your address before using NETFILE.

File your corporate income tax return over the Internet

You can file your corporation income tax return with us online. All corporations with annual gross revenue of more than $1 million mustfile their corporate income tax return online. Businesses can use our corporate Internet filing service or file through My Business Account, and authorized representatives can file through Represent a Client without a web access code.

Mandatory digital filing for GST/HST registrants 

Some GST/HST registrants have to file their GST/HST return online. Your filing options, however, depend on your reporting circumstances.

For more information on options for the digital filing of GST/HST returns, go to File a GST/HST return.

You may also be able to file your return online and make your payment through a participating financial institution or third-party service provider. Contact your local branch or service provider to see if they offer this service, or go to GST/HST EDI filing and remitting.

Note

Eligible T2 corporation income tax, GST/HST, and information returns can be filed online by business owners using our online services:

The GST/HST Registry

The GST/HST Registry is an online service that you can use to validate the GST/HST number of a business. This ensures that the ITCs you claim only include GST/HST charged by GST/HST registrants.

For more information, go to Confirming a GST/HST account number.

You can validate a Quebec sales tax (QST) registration number for a person who is registered for the QST, other than a selected listed financial institution (SLFIs), by accessing the QST registry on the Revenu Québec website at Validation of a QST Registration Number.

Note 

The CRA administers the QST for selected listed financial institutions.

Getting help

To get help using My Business Account, GST/HST NETFILE, GST/HST TELEFILE, Information Returns, Digital Filing, Represent a Client, and the Payroll deductions online calculator, you or your authorized representative can call Business enquiries at 1-800-959-5525. To find other telephone numbers go to Telephone numbers.

Note

The e-Services Helpdesk is not available on weekends, statutory, or civic holidays.

For help with Corporate Internet Filing, call 1-800-959-2803.

For general business enquiries, call 1-800-959-5525.

For more information about our digital services for businesses, go to e-services for Businesses.

Advance income tax rulings and interpretations

An advance income tax ruling is a written statement from CRA that says how we will interpret and apply Canadian income tax law to transactions a taxpayer is considering.  

Ruling for a Canada Pension Plan (CPP) or employment insurance (EI)

You can ask for a ruling on the status of a worker or workers under the Canada Pension Plan or the Employment Insurance Act, using the Request a CPP/EI ruling service by using our online services:

To ask for a ruling for a given year, you have to send your request by June 29 of the next year.

GST/HST rulings and interpretations

You can ask for a written ruling or interpretation on how the GST/HST applies to your operations or transactions. We will provide guidance, and as much certainty as possible, about how the GST/HST applies and the consequences of your transactions or proposed transactions. If you need general information about GST/HST, go to Goods and services tax/harmonized sales tax (GST/HST) or call 1-800-959-5525.

We provide our GST/HST rulings and interpretations service from rulings centres across Canada (except in Quebec). You or your authorized representative can call us at  1-800-959-8287. For service in Quebec, call Revenu Québec at 1-800-567-4692.

For more information, see Pamphlet RC4405, GST/HST Rulings – Experts in GST/HST Legislation and GST/HST Memorandum 1.4, Excise and GST/HST Rulings and Interpretations Service.

Excise duty rulings and interpretations

You can ask for a written ruling or interpretation on how excise duties apply to certain goods such as alcohol and tobacco products. For more information, contact a regional excise duty office. For a listing of their numbers, see Excise Duty Memoranda EDM1-1-2, Regional Excise Duty Offices, at Forms and publications.

Excise taxes and other levies rulings and interpretations

You can ask for a written ruling or interpretation on how the excise tax or air travellers security charge applies to your operations or transactions. For more information on requesting an excise tax or other levies ruling, go to Excise Taxes – Contacts.

Scientific Research and Experimental Development (SR&ED) Program

The Scientific Research and Experimental Development (SR&ED) Program is a federal tax incentive program designed to encourage Canadian businesses of all sizes and in all sectors to conduct research and development (R&D) in Canada. Whether you are a first-time claimant, or need help to understand the requirements of the program, we have various free services and tools that can help you. For more information on this credit and these sessions, go to Scientific Research and Experimental Development Tax Incentive Program or call 1-800-959-5525.

Canada business service centres

On the Government of Canada website, you can find a list of links to the websites of Government of Canada departments, agencies, and Crown corporations. You can also find links to websites maintained by organizations for which federal departments and agencies are responsible.

Innovation, Science and Economic Development Canada

To access Innovation, Science and Economic Development Canada’s extensive expertise and information resources, visit Innovation, Science and Economic Development Canada.

Your rights, entitlements, and obligations

The CRA operates on the fundamental belief that taxpayers are likely to comply with the law if they are treated fairly and have the information, advice, and services they need to meet their obligations. These obligations may include filing required returns, paying taxes, providing information, and properly declaring imported or exported goods.

What is the Voluntary Disclosures Program?

The Voluntary Disclosures Program allows you to come forward and correct inaccurate or incomplete information or to disclose information you had not previously reported to us.

You may avoid penalties and prosecution if you make a valid disclosure before you become aware of any compliance action being initiated against you by us. You will only have to pay the taxes owing plus interest.

A disclosure is valid if it:

  • is voluntary
  • contains complete information
  • involves the application or the potential application of a penalty
  • generally includes information that is more than one year overdue

The Voluntary Disclosure Program provides an avenue for you to correct past errors and omissions and become compliant with tax laws.

For more information, go to Voluntary Disclosures Program or see Information Circular IC00-1R5, Voluntary Disclosures Program, or GST/HST Memorandum 16.3, Cancellation or Waiver of Penalties and/or Interest.

Cancel or waive penalties or interest

The CRA administers legislation, commonly called the taxpayer relief provisions, that gives the CRA discretion to cancel or waive penalties or interest when taxpayers are unable to meet their tax obligations due to circumstances beyond their control.

The CRA’s discretion to grant relief is limited to any period that ended within 10 calendar years before the year in which a request is made.

For penalties, the CRA will consider your request only if it relates to a tax year or fiscal period ending in any of the 10 calendar years before the year in which you make your request. For example, your request made in 2018 must relate to a penalty for a tax year or fiscal period ending in 2008 or later.

For interest on a balance owing for any tax year or fiscal period, the CRA will consider only the amounts that accrued during the 10 calendar years before the year in which you make your request. For example, your request made in 2018 must relate to interest that accrued in 2008 or later.

To make a request, fill out Form RC4288, Request for Taxpayer Relief – Cancel or Waive Penalties or Interest. For more information about relief from penalties or interest and how to submit your request, go to Taxpayer relief provisions.

Original Source: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4070/information-canadian-small-businesses-chapter-8-your-service.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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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

Accounting methods

On this page:

Farmers, fishers, and self-employed commission agents can use the cash method or the accrual method to report income. All other self-employment income must be reported using the accrual method.

Note for professionals

If you currently carry on a designated professional business and use billed-basis accounting, the billed-basis accounting method has changed. For more information, go to “Billed-basis accounting for professionals” in What’s new for small businesses and self-employed, and changes to the “Election to exclude your WIP” in Chapter 2 of the guide T4002, Self-employed Business, Professional, Commission, Farming, and Fishing Income.

Accrual method

When you use the accrual method you must:

  • report income in the fiscal period you earn it, no matter when you receive it
  • deduct expenses in the fiscal period you incur them, whether or not you pay them in that period

Incur usually means you either paid or will have to pay the expense.

For special rules, go to Prepaid expenses.

When you calculate your income using the accrual method, the value of all inventories, such as livestock, crops, feed, fertilizer, fish, fish by-products, supplies, and so on, will form part of the calculation. Make a list of your inventory and count it at the end of your fiscal period. Keep this list as part of your business records.

You can use one of the following methods to value your inventory:

  • Value all inventory at its fair market value (FMV). Use either the price you would pay to replace an item or the amount you would get if you sold an item.
  • Value individual items at cost or FMV, whichever is less. You can value items by group when you cannot easily tell one item from another. Cost is the price you incur for an item, plus any expenses to get it to your business location and put in a condition of use for your business.
  • For farmers, value livestock according to the unit price base. For this method, fill in form T2034, Election to Establish Inventory Unit Prices for Animals.

Use the same method you used in past years to value your inventory. The value of your inventory at the start of your 2019 fiscal period is the same as the value at the end of your 2018 fiscal period. In your first year of operating a business, you will not have an opening inventory at the start of your fiscal period.

Note for farmers and fishers

If you use the accrual method to calculate your farming or fishing income, calculate your cost of goods sold on a separate piece of paper. Form T2042 or form T2121 does not have a line to calculate this amount.

Cash method

Note for farmers

You can use the cash method of accounting for your farming activities, but must use the accrual method for separate business activities or for GST/HST/QST purposes. You must keep a separate set of records for each accounting method that you use.

When you use the cash method you must:

  • report income in the fiscal period you receive it
  • deduct expenses in the fiscal period you pay them

For special rules, go to Prepaid expenses.

If you use the cash method and receive a post-dated cheque as security for a debt, include the amount in income when the cheque is payable.

If you receive a post-dated cheque as an absolute payment for a debt and the cheque is payable before the debt is due, include the amount in your income on one of the following dates, whichever is earlier:

  • the date the debt is payable
  • the date you cash or deposit the cheque

Note

The post-dated cheque rules apply to income-producing transactions, such as the sale of grain or fish. They do not apply to transactions involving capital property, such as the sale of a tractor or boat.

When you use the cash method, do not include inventory when you calculate your income. There are, however, two exceptions to this rule.

Note for farmers

For more information, go to “Line 9941 – Optional inventory adjustment included in the current year” and “Line 9942 – Mandatory inventory adjustment included in the current year” in Chapter 3 of the guide T4002.

Change your reporting method

If you decide to change your method of reporting income from the accrual method to the cash method, use the cash method when you file your next income tax return. Make sure you include a statement that shows each adjustment made to your income and expenses because of the difference in methods.

If you decide to change from the cash method to the accrual method:

  • get permission from your tax services office
  • ask for this change in writing before the date you have to file your income tax return
  • explain why you want to change methods in your letter

The cash and accrual methods are different. The first time you file your income tax return using the accrual method, make sure you include a statement that shows each adjustment made to your income and expenses.

Forms and publications

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Original Source: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/accounting-methods.html

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