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 Rate
Tax 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:
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.
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.
For taxation years ending on or before March 31, 2012. This form has been developed for calculating the Grind. Claimants are to use it with AT1 Schedule 9.
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:
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.
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:
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
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.
Refer to each software product for specific system requirements, instructions, and procedures on preparation and submission of returns in net file format.
submit your completed return and applicable schedules to TRA
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
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)
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.
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.
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.
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):
Right-click on the form link and select “Save Target As” or “Save Link As”, and save the form to your computer.
Launch Adobe Reader.
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.
For taxation years ending on or before March 31, 2012. This form has been developed for calculating the Grind. Claimants are to use it with AT1 Schedule 9.
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:
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.
The rates are based on the following income tax brackets:
Tax Rate
Tax 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:
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.
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
The world of corporate tax is ever growing and evolving, and we’re not just talking about the this current year tax changes. With the consistent introduction of varying layers of tax the complexity grows. That’s where BOMCAS Edmonton Tax Accounting and Bookkeeping Services come in and take this burden from you.
Bookkeeping
With the use of the internet, software, and technology are so pervasive that we can’t remember having ever lived without them. Our mobile phone today is much faster and power-full that the computer we use 3 years ago . They make our lives simpler, and we bring this simplicity to your daily bookkeeping needs. Today we can take a photo of our bills and payment and in minutes your paper works is completed. This is where BOMCAS Tax Accounting and Bookkeeping Services come in place. We use technology to help our customer in their bookkeeping in making this easier for them.
Income tax preparation
Individual tax preparation (Personal Income Tax Returns), Small Business Returns, and Corporate Returns is our signature specialty and most common engagement in terms of client volume – contact us to find out how we can save you in taxes. The rules can seem convoluted and vague at best, which is why clients from all Edmonton, Sherwood Park and Alberta on a whole trust BOMCAS LTD with their tax needs.
Please call (780) 953-5250 or fill out our contact form for a response usually within 2 hours
Filing taxes can be a complex process, but it’s an essential aspect of financial responsibility. In Alberta, Canada, taxpayers have the opportunity to maximize their financial returns through various tax credits. One such credit is the Alberta Personal Tax Credits Return. In this article, we’ll delve into the intricacies of the Alberta Personal Tax Credits Return, helping you understand its importance, eligibility criteria, and how to make the most of it.
What is the Alberta Personal Tax Credits Return?
The Alberta Personal Tax Credits Return is a form that allows taxpayers to claim tax credits that may reduce the amount of tax deducted from their paychecks throughout the year. This form essentially helps individuals ensure that the right amount of tax is withheld from their earnings, preventing under or overpayment of taxes.
Eligibility Criteria
To be eligible for the Alberta Personal Tax Credits Return, you must meet the following criteria:
Residency: You must be a resident of Alberta.
Employment Status: You must be employed or receiving income that is subject to withholding tax.
Income Level: Your total income and deductions must not exceed certain thresholds outlined by the Canada Revenue Agency (CRA).
Key Tax Credits
Basic Personal Amount: This is a non-refundable tax credit that all taxpayers can claim. It allows you to earn a certain amount of income each year without paying federal or provincial income tax on it.
Spousal Amount: If you support your spouse or common-law partner, you may be eligible to claim this credit.
Equivalent to Spouse: If you support a dependent relative other than your spouse or common-law partner, you might qualify for this credit.
Child Amount: Parents can claim this credit for each eligible child under the age of 18.
Medical Expenses: Certain medical expenses can be claimed, such as prescription medications and medical supplies not covered by insurance.
Advantages of Claiming Alberta Personal Tax Credits
Increased Take-Home Pay: By accurately claiming your tax credits, you can reduce the amount of tax withheld from your paycheck, leading to higher take-home pay throughout the year.
Preventing Overpayment: Filling out the Alberta Personal Tax Credits Return accurately can prevent you from overpaying taxes and waiting for a refund during tax season.
Financial Planning: Claiming the right tax credits can positively impact your financial planning and help you manage your monthly budget more effectively.
Filling Out the Form
Download the Form: Obtain the Alberta Personal Tax Credits Return form from the CRA website or your employer’s payroll department.
Provide Accurate Information: Fill out the form accurately, providing details such as your name, social insurance number, and the number of eligible dependents.
Calculate Credits: Follow the instructions on the form to calculate the appropriate tax credits based on your situation.
Conclusion
The Alberta Personal Tax Credits Return offers taxpayers the opportunity to optimize their finances by ensuring the correct amount of tax is withheld from their income. By understanding the eligibility criteria and the various tax credits available, you can make informed decisions to enhance your take-home pay and manage your tax obligations efficiently. Remember that while this article provides general information, it’s always advisable to consult a tax professional for personalized guidance related to your specific financial situation.
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
