Tag: Corporate Tax Returns Sherwood Park Alberta

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Sherwood Park Accounting Firm – Alberta Indian Tax Exemption (AITE)

When it comes to Tax preparation and Filing BOMCAS Edmonton and Sherwood Park Accounting and Tax Services have you covered.

The Alberta Indian Tax Exemption (AITE) program consists of:

  • An exemption from taxes and levies for eligible consumers and bands at the time of purchase on:
    • fuel products purchased on reserve in Alberta or delivered to reserve
    • tobacco products purchased on reserve in Alberta
    • accommodation purchased on reserve in Alberta
  • A refund of the Alberta fuel tax and carbon levy on fuel to fuel sellers when the fuel is sold or delivered to eligible consumers on reserve in Alberta.
  • A refund of the Alberta tobacco tax on tobacco products sold by retailers to eligible consumers on reserve in Alberta.
  • A refund of the Alberta tourism levy to operators that provide accommodation on reserve to eligible consumers.
  • Information for tobacco wholesalers and fuel suppliers that provide products to registered retailers making tax-exempt sales to eligible consumers.

Definition of the AITE card

The AITE card is issued by Tax and Revenue Administration (TRA) to eligible consumers and bands. This card must be presented to the retailer or accommodation operator at the time of purchase to show the retailer that the fuel, tobacco or accommodation may be sold to the cardholder exempt from tax or levy.

Eligibility

You are an eligible consumer, and may apply for an AITE card, if:

  • you are an “Indian”, as defined in the Indian Act (Canada), who is 16 years of age or older
  • you are a “band”, as defined in the Indian Act (Canada), whose reserve is partially or totally located in Alberta
  • you are a band whose band office is located in Alberta

No incorporated entity is eligible for the AITE program.

Form instructions

Trouble opening or completing fillable PDF forms?

Fillable PDF forms do not open properly on some mobile devices and web browsers. If the form doesn’t open, or you can’t complete the form, or you see a “please wait” message, follow these steps to complete and save fillable forms from Tax and Revenue Administration (TRA):

  1. Right-click on the form link and select “Save Target As” or “Save Link As”, and save the form to your computer.
  2. Launch Adobe Reader.
  3. Open the PDF from within Adobe Reader. You can now fill and save your form.

Electronic signatures allowed

In order to reduce the necessity for taxpayers and tax preparers to meet in person, TRA will recognize electronic signatures. This administrative measure applies to all prescribed forms administered by TRA. To add a digital signature, the form must first be downloaded or opened as a PDF.

To submit your forms

Complete your forms and submit them to TRA.


Original Source: https://www.alberta.ca/alberta-indian-tax-exemption.aspx

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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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Edmonton Alberta Accounting Firm. Alberta Personal income tax rates

Alberta Personal income tax rates

BOMCAS LTD. Edmonton and Sherwood Park Tax Accounting Service. Feel Free to contact us regards getting your tax completed. One of our accountant will be happy to assist you all the way through. BOMCAS LTD. Income Tax Preparation Service in Edmonton Alberta will be happy to help you.  Call us Today You Will Be Happy You Did
The rates are based on the following income tax brackets:

Tax RateTax Bracket
10%Up to $131,220
12%$131.220.01 to $157,464
13%$157,464.01 to $209,952
14%$209,952.01 to $314,928
15%$314,928.01 and up
Source: Treasury Board and Finance

The dividend tax credit rate for dividends paid out of income taxed at the general corporate income tax rate (eligible dividends) will be adjusted on January 1, 2021, corresponding with the acceleration of the general corporate income tax rate reduction announced June 29, 2020 in Alberta’s Recovery Plan.

Alberta Child and family benefits

Beginning on July 1, 2020, the Alberta Child Benefit (ACB) and the Alberta Family Employment Tax Credit (AFETC) are being consolidated into a single program, the new Alberta Child and Family Benefit (ACFB), with the first payment issued in August 2020. The new ACFB will provide more benefits to lower-income families while streamlining administration.
Final payments for the ACB and AFETC programs have already been issued, although the Canada Revenue Agency (CRA) will continue to issue retroactive payments for previous benefit years, if applicable. Households who previously received the AFETC will no longer receive a payment in July, as those that qualify will now receive one combined quarterly ACFB benefit payment starting in August.

Alberta Commonly used forms

Alberta’s personal income tax system is administered by the Canada Revenue Agency (CRA). The following forms are commonly used and are available from the CRA:

Original Source: https://www.alberta.ca/personal-income-tax.aspx

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Tax Accountants Sherwood Park, Small Business Tax Accounting

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Deduction and tax credits Alberta Corporation – Income Tax Return(Opens in a new browser tab)

Edmonton and Sherwood Park Photography Services

BOMCAS LTD. Your local Accounting Firm in Sherwood Park Alberta Providing Tax and Accounting Services in Sherwood Park and Edmonton Alverta with over 15 years of Accounting and Tax Services. We are professional Tax Accountants Sherwood Park, Edmonton Alberta,  Small Business Tax Accounting. Experienced Tax Accountant serving Sherwood Park, Edmonton, St. Albert, Leduc, Stony Plain and Beaumont Alberta. Specializing in Small Business Tax, Accounting  and Bookkeeping.Personal and Corporate Tax Services locally and vierually(Opens in a new browser tab)

Feel free to contact us regards all your Tax, Accounting, Bookkeeping and Payroll needs. One of Our Accountant will be happy to work with you. 

Find Below information regards corporation tax for Alberta.

Small business deduction Alberta

Canadian-controlled private corporations not in an associated group may claim a small business deduction on active business income (i.e., non-investment income), up to the small business threshold of $500,000. Canadian-controlled private corporations in an associated group share the maximum small business threshold.

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For more information about the small business deduction:

Scientific Research and Experimental Development Tax Credit Alberta

Bill 20, the Fiscal Measures and Taxation Act, 2019 received Royal Assent on December 5, 2019, and Alberta’s Scientific Research and Experimental Development Tax Credit (SR&ED) is being eliminated. For more information, see Special Notice Vol. 5 No. 54, Budget 2019 Elimination of Corporate Tax Credits.

Alberta’s Scientific Research and Experimental Development Tax Credit (SR&ED) program provides a refundable tax credit to corporations for SR&ED expenditures carried out in Alberta by the corporations.

More information and forms:

Foreign Investment Income Tax Credit Alberta 

A corporation may be entitled to claim an Alberta Foreign Investment Income Tax Credit if it received foreign investment income and is entitled to claim a foreign tax credit under the federal Act relating to foreign income or profits tax paid on income from foreign non-business sources. Foreign investment income is income earned outside Canada that is not reasonably attributable to the carrying on of the corporation’s business. See the following schedule:

Other tax credits Alberta 

Bill 20, the Fiscal Measures and Taxation Act, 2019 received Royal Assent on December 5, 2019, and the Alberta Investor Tax Credit, Community Economic Development Corporation Tax Credit, Capital Investment Tax Credit, and Interactive Digital Media Tax Credit are being eliminated. For more information, see Special Notice Vol. 5 No. 54, Budget 2019 Elimination of Corporate Tax Credits, or the Budget 2019 Tax Plan (PDF, 7.5 MB).

Together with Alberta Economic Development, Trade and Tourism, Tax and Revenue Administration administers the following tax credits:

Who has to file

Unless it is exempt, a corporation is required to file an Alberta corporate income tax return (AT1) if it had a permanent establishment in Alberta at any time during the taxation year.

To determine if your corporation is exempt, complete the Exemption Criteria section in AT100, Preparing and Filing the Alberta Corporate Income Tax Return (PDF, 312 KB).

Additional information on who is not required to file, who is exempt and the definition of a permanent establishment are outlined in Information Circular CT-2, Filing Requirements.

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How to file

Returns are due within 6 months from the end of a corporation’s tax year end.

Net file

Using certified software, taxpayers or service providers can use net file to electronically submit an Alberta corporate income tax return, including reassessments or amended returns. Net file provides the user with immediate receipt confirmation, faster processing and the convenience of filing from anywhere.

There is no access code or registration required.

Net file is available Monday to Saturday, 07:00 to 24:00 MST and on Sunday 17:30 to 24:00 MST.

Net file eligibility

To file a corporate income tax return (AT1) using net file, the corporation must meet all of the following criteria:

Net file of returns by corporations

For returns for taxation years ending after December 31, 2017, any corporation whose gross revenue exceeds $1 million is required to net file its Alberta AT1 Returns.

The following are exceptions where the corporation is not required to net file:

  • an insurance corporation defined in subsection 248(1) of the federal Income Tax Act,
  • a non-resident corporation,
  • a corporation reporting in functional currency as defined in subsection 261(1) of the federal Income Tax Act, or
  • a corporation that is exempt from taxation under section 35 of the Alberta Corporate Tax Act and section 149 of the federal Income Tax Act.

Net file of returns by tax preparers

For returns for taxation years ending after December 31, 2017, a tax preparer is required to net file AT1 Returns in circumstances where the tax preparer accepts consideration to prepare more than 10 returns.

The following are exceptions where the tax preparer is not required to net file:

  • a type of return for which the tax preparer has applied for and received permission from TRA to file by another method,
  • a type of return that TRA does not accept by electronic filing, or
  • a return for the following types of corporations:
    • an insurance corporation defined in subsection 248(1) of the federal Income Tax Act,
    • a non-resident corporation, or
    • a corporation reporting in functional currency as defined in subsection 261(1) of the federal Income Tax Act.

Net file certified software

The return must be generated and submitted using TRA-certified tax return preparation software.

For a list of certified software offering net file capability, see Software Certified for AT1 Net File Return Format for 2008 and Subsequent Taxation Years.

Refer to each software product for specific system requirements, instructions, and procedures on preparation and submission of returns in net file format.

Paper

How to pay

If you have a February tax year end with an amount owing, instruct the payment to be applied to the same tax year end date on your tax return. For example, if your Tax Year End Date is February 29, 2020, ensure that the payment is instructed to be applied to February 29, 2020 as well.

Remittance due dates

Instalment payments are due the last day of each month, and the remaining balance, if any, is due as follows. If the due date falls on a weekend or holiday, then the due date is the next business date.

Canadian Controlled Private Corporations (CCPCs)

  • on or before end of the third month following the taxation year

Other corporations

  • on or before the end of the second month following the taxation year

CCPCs exempt from instalments

  • total tax is due by the end of the third month following the taxation year end

Other corporations exempt from instalments

  • total tax due by the end of second month following the taxation year end

See Information Circular CT-3, Alberta Corporate Tax Instalments, for more information.

Making payments

Maintain your account in TRACS

TRA Client Self-Service (TRACS) is a secure online system for authorized clients to conveniently conduct business with TRA. You can do the following tasks in TRACS:

  • confirm receipt and completion of submitted returns
  • view status of prior assessments, financial details and notices of assessment and reassessment
  • access financial information and view account period balances
  • update address and contact information
  • delegate account access to other employees or authorized individuals
  • set up direct deposit for corporate income tax refunds

For more details, instructional videos and to log in to your TRACS account, see TRACS information.

How to apply for direct deposit Alberta

Direct deposit is a convenient, reliable, and secure way to receive a refund from TRA.

Step 1: Register for TRACS (TRA Client Self-Service)

Step 2: Sign up for direct deposit in TRACS

  • Log in to your TRACS account and select ‘Manage Direct Deposit’.
  • Enter your banking and contact information and submit.
  • For an instructional video, see TRACS videos.

Publications

Information circulars

These documents discuss procedural matters and administrative policies and practices for programs administered by TRA. They are updated as necessary and a revision number assigned.

Cross-program information circulars

Corporate income tax information circulars and SR&ED Tax Credit Guide

Interpretation bulletins

These documents explain legislation and provide specific information related to Alberta Corporate Income Tax. Interpretation bulletins are updated as necessary and a revision number assigned.

Special notices

These documents are used to announce changes to the legislation administered by TRA, or changes to administrative policies and practices carried out by TRA. These notices are time-specific, and meant to be transitory in nature. The information may eventually be incorporated into other publications, such as information circulars or web content.

Certified software for corporate income tax returns

Form instructions

Trouble opening or completing fillable PDF forms?

Fillable PDF forms do not open properly on some mobile devices and web browsers. If the form doesn’t open, or you can’t complete the form, or you see a “please wait” message, follow these steps to complete and save fillable forms from Tax and Revenue Administration (TRA):

  1. Right-click on the form link and select “Save Target As” or “Save Link As”, and save the form to your computer.
  2. Launch Adobe Reader.
  3. Open the PDF from within Adobe Reader. You can now fill and save your form.

Electronic signatures allowed

In order to reduce the necessity for taxpayers and tax preparers to meet in person, TRA will recognize electronic signatures. This administrative measure applies to all prescribed forms administered by TRA. To add a digital signature, the form must first be downloaded or opened as a PDF.

To submit your forms

Complete your forms and submit them to TRA.

Forms

AT1: Alberta Corporate Income Tax Return and Schedules

Scientific Research and Experimental Development Tax Credit forms (SR&ED)

Election forms

Other forms

Original Source: https://www.alberta.ca/corporate-income-tax.aspx

 

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Personal income tax – Edmonton Alberta

Edmonton and Sherwood Park Personal Tax Accounting Services

Personal Tax Returns Edmonton and Sherwood Park AB. BOMCAS is Edmonton and Sherwood Park Personal Tax Return Accountants. Edmonton Accountants When it comes to accounting, you need dedicated professionals that understand your personal needs. We build personal relationships with all our clients, because every personal and business tax situation is unique.CONTACT US TODAY – CLICK HERE

What is Income Tax Preparation?

You provide us with your Sherwood Park and Edmonton Personal Tax Accounting Firm 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.

EDMONTON AND 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 OR use your smartphone to take photos and send to us. 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

Personal income tax

Alberta’s tax system supports low- and middle-income households while promoting opportunity and investment.On this page:

Personal income tax – Edmonton Alberta

Overview

Alberta has the highest basic personal and spousal tax amounts in Canada. This means that Albertans are able to earn more before they have to start paying provincial income tax. When all taxes are taken into consideration, Albertans across all income ranges generally pay lower overall taxes compared to other provinces.

For more information, see:

Personal income tax rates

The rates are based on the following income tax brackets:

Tax RateTax Bracket
10%Up to $131,220
12%$131.220.01 to $157,464
13%$157,464.01 to $209,952
14%$209,952.01 to $314,928
15%$314,928.01 and up

Source: Treasury Board and Finance

The dividend tax credit rate for dividends paid out of income taxed at the general corporate income tax rate (eligible dividends) will be adjusted on January 1, 2021, corresponding with the acceleration of the general corporate income tax rate reduction announced June 29, 2020 in Alberta’s Recovery Plan.

Child and family benefits

Beginning on July 1, 2020, the Alberta Child Benefit (ACB) and the Alberta Family Employment Tax Credit (AFETC) are being consolidated into a single program, the new Alberta Child and Family Benefit (ACFB), with the first payment issued in August 2020. The new ACFB will provide more benefits to lower-income families while streamlining administration.

Final payments for the ACB and AFETC programs have already been issued, although the Canada Revenue Agency (CRA) will continue to issue retroactive payments for previous benefit years, if applicable. Households who previously received the AFETC will no longer receive a payment in July, as those that qualify will now receive one combined quarterly ACFB benefit payment starting in August.

Commonly used forms

Alberta’s personal income tax system is administered by the Canada Revenue Agency (CRA). The following forms are commonly used and are available from the CRA:

Contact

If you have questions about your own personal income taxes, or you are mailing a personal income tax return:

Original Source: https://www.alberta.ca/personal-income-tax.aspx

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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

Corporate income tax

Overview

Since the 1940s, all incorporated businesses with a permanent establishment (e.g., office, mine, farm, oil well, etc.) in Alberta at any time in a taxation year pay income tax on the portion of their taxable income allocated to Alberta.

Tax and Revenue Administration (TRA) administers the Alberta Corporate Tax Act that provides the calculation of Alberta corporate income tax, including the Alberta small business deduction and tax credits.

The Alberta calculation of taxable income parallels the federal calculation, although taxpayers may claim different discretionary deductions such as capital cost allowance for federal and provincial purposes.

Deduction and tax credits

Small business deduction

Canadian-controlled private corporations not in an associated group may claim a small business deduction on active business income (i.e., non-investment income), up to the small business threshold of $500,000. Canadian-controlled private corporations in an associated group share the maximum small business threshold.

For more information about the small business deduction:

Scientific Research and Experimental Development Tax Credit

Bill 20, the Fiscal Measures and Taxation Act, 2019 received Royal Assent on December 5, 2019, and Alberta’s Scientific Research and Experimental Development Tax Credit (SR&ED) is being eliminated. For more information, see Special Notice Vol. 5 No. 54, Budget 2019 Elimination of Corporate Tax Credits.

Alberta’s Scientific Research and Experimental Development Tax Credit (SR&ED) program provides a refundable tax credit to corporations for SR&ED expenditures carried out in Alberta by the corporations.

More information and forms:

Foreign Investment Income Tax Credit

A corporation may be entitled to claim an Alberta Foreign Investment Income Tax Credit if it received foreign investment income and is entitled to claim a foreign tax credit under the federal Act relating to foreign income or profits tax paid on income from foreign non-business sources. Foreign investment income is income earned outside Canada that is not reasonably attributable to the carrying on of the corporation’s business. See the following schedule:

Other tax credits

Bill 20, the Fiscal Measures and Taxation Act, 2019 received Royal Assent on December 5, 2019, and the Alberta Investor Tax Credit, Community Economic Development Corporation Tax Credit, Capital Investment Tax Credit, and Interactive Digital Media Tax Credit are being eliminated. For more information, see Special Notice Vol. 5 No. 54, Budget 2019 Elimination of Corporate Tax Credits, or the Budget 2019 Tax Plan (PDF, 7.5 MB).

Together with Alberta Economic Development, Trade and Tourism, Tax and Revenue Administration administers the following tax credits:

Who has to file

Unless it is exempt, a corporation is required to file an Alberta corporate income tax return (AT1) if it had a permanent establishment in Alberta at any time during the taxation year.

To determine if your corporation is exempt, complete the Exemption Criteria section in AT100, Preparing and Filing the Alberta Corporate Income Tax Return (PDF, 312 KB).

Additional information on who is not required to file, who is exempt and the definition of a permanent establishment are outlined in Information Circular CT-2, Filing Requirements.

How to file

Returns are due within 6 months from the end of a corporation’s tax year end.

Net file

Using certified software, taxpayers or service providers can use net file to electronically submit an Alberta corporate income tax return, including reassessments or amended returns. Net file provides the user with immediate receipt confirmation, faster processing and the convenience of filing from anywhere.

There is no access code or registration required.

Net file is available Monday to Saturday, 07:00 to 24:00 MST and on Sunday 17:30 to 24:00 MST.

Net file eligibility

To file a corporate income tax return (AT1) using net file, the corporation must meet all of the following criteria:

Net file of returns by corporations

For returns for taxation years ending after December 31, 2017, any corporation whose gross revenue exceeds $1 million is required to net file its Alberta AT1 Returns.

The following are exceptions where the corporation is not required to net file:

  • an insurance corporation defined in subsection 248(1) of the federal Income Tax Act,
  • a non-resident corporation,
  • a corporation reporting in functional currency as defined in subsection 261(1) of the federal Income Tax Act, or
  • a corporation that is exempt from taxation under section 35 of the Alberta Corporate Tax Act and section 149 of the federal Income Tax Act.

Net file of returns by tax preparers

For returns for taxation years ending after December 31, 2017, a tax preparer is required to net file AT1 Returns in circumstances where the tax preparer accepts consideration to prepare more than 10 returns.

The following are exceptions where the tax preparer is not required to net file:

  • a type of return for which the tax preparer has applied for and received permission from TRA to file by another method,
  • a type of return that TRA does not accept by electronic filing, or
  • a return for the following types of corporations:
    • an insurance corporation defined in subsection 248(1) of the federal Income Tax Act,
    • a non-resident corporation, or
    • a corporation reporting in functional currency as defined in subsection 261(1) of the federal Income Tax Act.

Net file certified software

The return must be generated and submitted using TRA-certified tax return preparation software.

For a list of certified software offering net file capability, see Software Certified for AT1 Net File Return Format for 2008 and Subsequent Taxation Years.

Refer to each software product for specific system requirements, instructions, and procedures on preparation and submission of returns in net file format.

Paper

How to pay

If you have a February tax year end with an amount owing, instruct the payment to be applied to the same tax year end date on your tax return. For example, if your Tax Year End Date is February 29, 2020, ensure that the payment is instructed to be applied to February 29, 2020 as well.

Remittance due dates

Instalment payments are due the last day of each month, and the remaining balance, if any, is due as follows. If the due date falls on a weekend or holiday, then the due date is the next business date.

Canadian Controlled Private Corporations (CCPCs)

  • on or before end of the third month following the taxation year

Other corporations

  • on or before the end of the second month following the taxation year

CCPCs exempt from instalments

  • total tax is due by the end of the third month following the taxation year end

Other corporations exempt from instalments

  • total tax due by the end of second month following the taxation year end

See Information Circular CT-3, Alberta Corporate Tax Instalments, for more information.

Making payments

Maintain your account in TRACS

TRA Client Self-Service (TRACS) is a secure online system for authorized clients to conveniently conduct business with TRA. You can do the following tasks in TRACS:

  • confirm receipt and completion of submitted returns
  • view status of prior assessments, financial details and notices of assessment and reassessment
  • access financial information and view account period balances
  • update address and contact information
  • delegate account access to other employees or authorized individuals
  • set up direct deposit for corporate income tax refunds

For more details, instructional videos and to log in to your TRACS account, see TRACS information.

How to apply for direct deposit

Direct deposit is a convenient, reliable, and secure way to receive a refund from TRA.

Step 1: Register for TRACS (TRA Client Self-Service)

Step 2: Sign up for direct deposit in TRACS

  • Log in to your TRACS account and select ‘Manage Direct Deposit’.
  • Enter your banking and contact information and submit.
  • For an instructional video, see TRACS videos.

Publications

Information circulars

These documents discuss procedural matters and administrative policies and practices for programs administered by TRA. They are updated as necessary and a revision number assigned.

Cross-program information circulars

Corporate income tax information circulars and SR&ED Tax Credit Guide

Interpretation bulletins

These documents explain legislation and provide specific information related to Alberta Corporate Income Tax. Interpretation bulletins are updated as necessary and a revision number assigned.

Special notices

These documents are used to announce changes to the legislation administered by TRA, or changes to administrative policies and practices carried out by TRA. These notices are time-specific, and meant to be transitory in nature. The information may eventually be incorporated into other publications, such as information circulars or web content.

Certified software for corporate income tax returns

Form instructions

Trouble opening or completing fillable PDF forms?

Fillable PDF forms do not open properly on some mobile devices and web browsers. If the form doesn’t open, or you can’t complete the form, or you see a “please wait” message, follow these steps to complete and save fillable forms from Tax and Revenue Administration (TRA):

  1. Right-click on the form link and select “Save Target As” or “Save Link As”, and save the form to your computer.
  2. Launch Adobe Reader.
  3. Open the PDF from within Adobe Reader. You can now fill and save your form.

Electronic signatures allowed

In order to reduce the necessity for taxpayers and tax preparers to meet in person, TRA will recognize electronic signatures. This administrative measure applies to all prescribed forms administered by TRA. To add a digital signature, the form must first be downloaded or opened as a PDF.

To submit your forms

Complete your forms and submit them to TRA.

Forms

AT1: Alberta Corporate Income Tax Return and Schedules

Scientific Research and Experimental Development Tax Credit forms (SR&ED)

Election forms

Other forms

Original Source: https://www.alberta.ca/corporate-income-tax.aspx

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Corporation tax rates

Corporation tax rates

Federal rates

The basic rate of Part I tax is 38% of your taxable income, 28% after federal tax abatement. After the general tax reduction, the net tax rate is 15%. For Canadian-controlled private corporations claiming the small business deduction, the net tax rate is:
  • 9% effective January 1, 2019
  • 10% effective January 1, 2018
  • 10.5% before 2018

Provincial or territorial rates

Generally, provinces and territories have two rates of income tax – a lower rate and a higher rate.

Lower rate

The lower rate applies to the income eligible for the federal small business deduction. One component of the small business deduction is the business limit. Some provinces or territories choose to use the federal business limit. Others establish their own business limit.

Higher rate

The higher rate applies to all other income.

Provincial and territorial tax rates (except Quebec and Alberta)

The following table shows the income tax rates for provinces and territories (except Quebec and Alberta, which do not have corporation tax collection agreements with the CRA). These rates are in effect January 1, 2020, and may change during the year.
Province or territoryLower rateHigher rate
Newfoundland and Labrador3%15%
Nova Scotia3%16%
New Brunswick2.5%14%
Prince Edward Island3%16%
Ontario3.2%11.5%
Manitobanil12%
Saskatchewan2%12%
British Columbia2%12%
Nunavut3%12%
Northwest Territories4%11.5%
Yukon2%12%
For more information, go to Dual tax rates.

Forms and publications

Report a problem or mistake on this page Share this page Original Source: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/corporations/corporation-tax-rates.html
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Corporation – Income Tax Return

Provincial and territorial tax

Quebec and Alberta administer their own corporation income tax systems. Corporations that earn income in these provinces have to file separate provincial corporation income tax returns.

All other provinces and territories legislate their corporation income tax provisions, but the CRA administers them. These provinces and territories do not charge income tax on the taxable income of corporations that are exempt from tax under section 149.

If the corporation has a permanent establishment in any province or territory other than Quebec or Alberta, you have to calculate provincial and/or territorial income taxes and credits, as well as federal income taxes and credits, on the return.

Note

Unless otherwise specified in the legislation, the credits are considered government assistance and must be included in income in the tax year they are received.

Source: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4012/t2-corporation-income-tax-guide-chapter-8-page-9-t2-return.html

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Income Taxes Edmonton

BOMCAS LTD is Edmonton income tax expert. We also provide income tax services in Edmonton Alberta.

What is Income Tax Preparation?

You provide us with your Sherwood Park and Edmonton Personal Tax Accounting Firm 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.

EDMONTON AND 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.

Contact us today

BOMCAS LTD.
181 Meadowview Bay
Sherwood Park, Alberta T8H 1P7
780-953-5250
info@bomcas.ca