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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

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

 

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Accountant in the Park Accountant Services Alberta Accounting Airdrie Corporate Income Tax Services Airdrie Personal Income Tax Services Alberta Accountant Blog Alberta Accountant Services Alberta Accounting Firm Alberta Bookkeeping services Alcomdale Corporate Income Tax Services Alcomdale Personal Income Tax Services Beaumont Corporate Income Tax Services Beaumont Personal Income Tax Services Brooks Corporate Income Tax Services Brooks Personal Income Tax Services Calahoo Corporate Income Tax Services Calahoo Personal Income Tax Services Calgary Corporate Income Tax Services Calgary Personal Income Tax Services Camrose Corporate Income Tax Services Camrose Personal Income Tax Services Canada Tax Services Canada Virtual Accounting Firm Canmore Corporate Income Tax Services Canmore Personal Income Tax Services Chestermere Corporate Income Tax Services Chestermere Personal Income Tax Services Claresholm Corporate Income Tax Services Claresholm Personal Income Tax Services Cold Lake Corporate Income Tax Services Cold Lake Personal Income Tax Services Corporate Tax Returns Edmonton Alberta Corporate Tax Returns Sherwood Park Alberta Drumheller Corporate Income Tax Services Drumheller Personal Income Tax Services Edmonton Accounting Firm Edmonton Alberta Accounting Firm Edmonton Alberta Accounting Services Edmonton Alberta Bookkeeping Services Edmonton Corporate Income Tax Services Edmonton Corporate Income Tax Services Edmonton Personal Income Tax Services Edmonton Tax Accounting and Bookkeeping Services Fort McMurray Corporate Income Tax Services Fort McMurray Personal Income Tax Services Grande Cache Corporate Income Tax Services Grande Cache Personal Income Tax Services Grande Prairie Corporate Income Tax Services Grande Prairie Personal Income Tax Services Hanna Corporate Income Tax Services Hanna Personal Income Tax Services Hinton Corporate Income Tax Services Hinton Personal Income Tax Services Income Tax Preparation Service Edmonton Alberta Income Tax Preparation Service Sherwood Park Alberta Incorporate Sherwood Park Accountants Lacombe Corporate Income Tax Services Lacombe Personal Income Tax Services Leduc Corporate Income Tax Services Leduc Personal Income Tax Services Lethbridge Corporate Income Tax Services Lethbridge Personal Income Tax Services Lloydminster Corporate Income Tax Services Lloydminster Personal Income Tax Services Medicine Hat Corporate Income Tax Services Medicine Hat Personal Income Tax Services Other Accounting Services Payroll Accounting services in Alberta Payroll Accounting services in Edmonton Alberta Personal income tax Personal Income Tax Return Accountant Edmonton Alberta Professional Tax Accounting Services Edmonton & Sherwood Park Alberta Red Deer Corporate Income Tax Services Red Deer Personal Income Tax Services Rocky Mountain House Corporate Income Tax Services Rocky Mountain House Personal Income Tax Services Sherwood Park Alberta Accounting Firm Sherwood Park Corporate Income Tax Services Sherwood Park Personal Income Tax Services Sherwood Park Tax Accounting and Bookkeeping Services Slave Lake Corporate Income Tax Services Slave Lake Personal Income Tax Services Small Business Accounting and Taxes Services in Edmonton Alberta Spruce Grove Corporate Income Tax Services Spruce Grove Personal Income Tax Services St Albert Corporate Income Tax Services St Albert Personal Income Tax Services Strathcona Corporate Income Tax Services Strathcona Personal Income Tax Services Strathmore Corporate Income Tax Services Strathmore Personal Income Tax Services Tax Tax Accountant Sherwood Park Tax Accounting and Bookkeeping Services Tax Preparation Sherwood Park Wainwright Corporate Income Tax Services Wainwright Personal Income Tax Services Wetaskiwin Corporate Income Tax Services Wetaskiwin Personal Income Tax Services Whitecourt Corporate Income Tax Services Whitecourt Personal Income Tax Services YEG ACCOUNTANT

Accounting and Tax Specialists in Edmonton and Sherwood Park

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CONTACT US TODAY

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

 

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5009-C AB428 – Alberta Tax and Credits

For best results, download and open this form in Adobe Reader. See General information for details.

You can view this form in:

For people with visual impairments, the following alternate formats are also available:

Last update: 2020-03-05

Previous-year versions are also available.

While all Canada Revenue Agency web content is accessible, we also provide our forms and publications in alternate formats (digital audio, electronic text, Braille, and large print) to allow persons with disabilities to access the information they need.

Original Source: https://www.canada.ca/en/revenue-agency/services/forms-publications/tax-packages-years/general-income-tax-benefit-package/alberta/5009-c.html

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Preparing your financial statements using GIFI

The GIFI codes identify items that are usually found on a corporation’s financial statement (balance sheets, income statements, and statements of retained earnings). Each item is assigned its own unique code. This allows us to collect financial statement information in a standardized format. For example, the item “Cash” is assigned code 1001 and “Office expenses” is assigned code 8810.

Your method of preparing and filing your T2 return determines how your financial statement information is prepared using the GIFI codes.

Include the same level of detail using the GIFI codes as you would with a traditional financial statement. For example, if your corporation’s financial statement includes 40 items, we expect to see the same number of GIFI codes.

With your financial statement, remember to complete the following:

Preparing your return using CRA-certified T2 software

Whether you are filing your return electronically using Corporation Internet Filing or by mailing the T2 Bar Code Return, your software provides the appropriate space to complete your financial statement information using GIFI codes.

Choose a GIFI code for each item you report on your financial statement. Enter only the item code and dollar amount.

Sending notes to your financial statement

If you have notes to your financial statement:

  • If you are filing by Corporation Internet Filing, enter the details in the notes to the financial statements in the GIFI section of your software program.
  • If you are printing and mailing a T2 Bar Code Return, send your notes on a separate piece of paper with your T2 Bar Code Return.

Preparing your return using CRA-issued paper forms

If you use paper forms to file your T2 return, you can prepare your financial statement as follows:

Corporations that are inactive throughout the tax year and that do not have balance sheet or income statement information to report are no longer required to attach schedules 100, 125, and 141 to their T2 return. However, they will be accepted if filed.

Sending notes to your financial statement

Send any notes regarding your financial statement on a separate piece of paper with your return.

Completing Schedule 141, Notes Checklist

You have to complete Schedule 141, Notes Checklist, even if you do not have any notes to your financial statement.

Whether you are filing your return electronically using Corporation Internet Filing or by mailing the T2 Bar Code Return, Schedule 141 is completed within the software.

See What is Schedule 141, Notes Checklist for more information.

Forms and publications

Original source: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/corporations/corporation-income-tax-return/completing-your-corporation-income-tax-t2-return/general-index-financial-information-gifi/preparing-your-financial-statements-using-gifi.html

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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

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BOMCAS LTD Accounting and Tax Services

Edmonton and Sherwood Park Personal Income Tax Preparation and Filing Services

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  • Individual Canadian Tax Return Preparation
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  • T3 – Trust Income and Information Return
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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.