Tag: Professional Tax Accounting Services Edmonton & Sherwood Park Alberta

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BOMCAS LTD Edmonton and Sherwood Park Tax Accounting Services

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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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Edmonton Accounting Firm – Alberta Child and Family Benefit

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

The Alberta Child and Family Benefit (ACFB) provides direct financial assistance to lower and middle-income families with children under 18.

Eligibility

To be eligible for the ACFB, you must:

  • be a parent of one or more children under 18
  • be a resident of Alberta
  • file a tax return
  • meet the income criteria

ACFB payments are not taxable. If you receive Assured Income for the Severely Handicapped (AISH), Income Support or the Alberta child care subsidy, you are still eligible to receive the ACFB. Receiving the ACFB will not affect your eligibility for these programs.

Payments

The ACFB program is administered by the Canada Revenue Agency (CRA) on Alberta’s behalf. ACFB payments will be mailed or direct deposited by the CRA in 4 instalments. Payments are made in:

  • August
  • November
  • February
  • May

If you are eligible for amounts below $10 in any given quarter, then your payments could be consolidated and paid less frequently.

What you get

The amount your family receives under the ACFB will depend on your family’s income level and how many children under 18 you have.

The ACFB includes a base component and a working component. The ACFB’s base component is available to lower-income families with children, whether or not they earn any employment income.

Families are also eligible for the working component if their family employment income exceeds $2,760, with the amount received growing at a rate of 15% for every additional dollar of income earned over this threshold, until the maximum benefit is reached. As families work more they receive more benefits, encouraging them to join or remain in the workforce.

Use the child and family benefits calculator to find out how much you may be entitled to. Please note, you will need your income tax return to enter specific amounts.

Maximum benefit amounts

The table below displays the maximum benefit amounts for a family receiving the ACFB. Benefit amounts for the base component and working component are reduced once family net income exceeds $24,467 or $41,000.

Table 1. ACFB maximum benefit amounts

Number of
children		Base
component (max.)		Working
component (max.)
1 child$1,330$681
2 children$1,995$1,301
3 children$2,660$1,672
4 or more children$3,325$1,795

Changes in household status

If your household’s status changes, your eligibility for the benefit may change. For example:

  • if you have another child, your household may qualify for a greater benefit than you received
  • if your family leaves Alberta, you may have to return some of the money received for the months you were not living in the province
  • if your family moves to Alberta, you will become eligible in the month after you become a resident

The Canada Revenue Agency (CRA) reassesses eligibility on a regular basis, as updated household information is received.

  • If your household qualifies for a greater benefit than what was originally paid out, the CRA will issue an additional payment for the difference.
  • If your household qualifies for a smaller benefit, or no benefit, you will receive a letter from the CRA indicating that any amount received over your entitlement will have to be returned.

Original Source: https://www.alberta.ca/alberta-child-and-family-benefit.aspx

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Sherwood Park Accounting Firm, Edmonton Accounting Firm , Accountant and Accountants Alberta Canada

BOMCAS LTD Edmonton and Sherwood Park Tax and Accounting Services

BOMCAS LTD. Edmonton and Sherwood Park Tax Accounting Firm  with office in Sherwood Park Alberta. We serve clients across: North Edmonton, South Edmonton , East Edmonton and West Edmonton. We provide personal income tax preparation and filing,  Corporate Tax preparation and filing services, Bookkeeping Services Payroll services. We are a Full Service Accounting Firm therefore, there are many other services provided.
One of our priorities is customer happiness base on the quality of our service. Across Edmonton, Sherwood Park and Alberta our customers are very satisfy as our accountants take the time to understand our clients in better providing service that is in their best interest.
Call us today as we provide local and virtual accounting services across Alberta and Canada. We are one of Edmonton small business accountant, Serving our communities, helping each other out. Let us help you today, Sherwood Park,  Edmonton, St Albert, Leduc, and all the other communities of Edmonton. Our Accountants are professional and are qualify to provide the services they enjoy doing for over 15 years and more in Tax Services, Bookkeeping services, Personal income Tax preparation and filing Services, Corporate Tax return Services, Trust Accounting services, Payroll Services, Small and medium size business accounting services all here in Edmonton Alberta and Sherwood Park Alberta.
Edmonton Accounting Firm

Financial Transactions and Reports Analysis – Accounting Firm Alberta Canada

Accountants

Accountants and accounting firms must fulfill specific obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations to help combat money laundering and terrorist financing in Canada. This means that you have obligations if you are a chartered accountant, a certified general accountant or a certified management accountant. You also have obligations if you are an accounting firm which is defined as an entity engaged in the business of providing accounting services to the public that has at least one partner, employee or administrator that is an accountant.
Accountants and accounting firms are subject to the PCMLTFA when they engage in any of the following activities on behalf of any individual or entity, or give instructions on behalf of any individual or entity in respect of:

  • receiving or paying funds;
  • purchasing or selling securities, real properties or business assets or entities; or
  • transferring funds or securities by any means.

You are subject to the requirements described further below when you engage in these activities, regardless of whether you receive fees or have a formal letter of engagement to do so. In other words, even if you carry out these activities on a voluntary basis, you are subject to the requirements of the PCMLTFA.
If you are paid for your accounting services, the receipt of the professional fees does not trigger associated obligations under the PCMLTFA.
When you give instructions for any of the triggering activities, it means that you actually direct the movement of funds. By contrast, when you provide advice to your clients, it means that you make recommendations or suggestions to them. Providing advice is not considered to be giving instructions.

  • Example of giving instructions: “Based on my client’s instructions, I request that you transfer $15,000 from my client’s account, account number XXX, to account number YYY at Bank X in Country Z.”
  • Example of providing advice: “For tax purposes, we recommend that you transfer your money into a certain investment vehicle.”

If you are an employee of an accountant or accounting firm, the requirements described further below are the responsibility of your employer, except with respect to reporting suspicious transactions and terrorist property, which is applicable to both you and the employer.
Accountants and accounting firms are responsible for providing FINTRAC with certain transaction reports, for implementing a compliance program and for keeping records that may be required for law enforcement investigations. Their obligations under the PCMLTFA and associated Regulations are described below.

Compliance program

A comprehensive and effective compliance program is the basis of meeting all of your obligations under the PCMLTFA and associated Regulations. During a FINTRAC examination, it is important to demonstrate that the required documentation is in place and that employees, agents, and all others authorized to act on your behalf are well trained and can effectively implement all the elements of your compliance program. A senior officer must approve the compliance program and the compliance officer must have the necessary authority to carry out the requirements of the program. You must:

  • Appoint a compliance officer responsible for the implementation and oversight of the compliance program;
  • Develop and apply written compliance policies and procedures that are kept up to date and approved by a senior officer;
  • Apply and document a risk assessment, including mitigation measures and strategies;
  • Develop and maintain a written training program for employees, agents, and others authorized to act on your behalf; and
  • Review your compliance program (policies and procedures, risk assessment and training program) every two years for the purpose of testing its effectiveness.

See Compliance program requirements, the Risk-based approach guide and the Risk-based approach workbook for accountants for more information on these obligations.

Know your client

As an accountant or accounting firm, you must verify the identity of clients for certain activities and transactions according to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR).  Part of knowing your client includes following the methods to identify clients, as well as conducting certain additional activities as listed below:

Reporting

Accountants and accounting firms are required to complete reports about certain transactions and property and submit them to FINTRAC. Financial transaction reports are critical to FINTRAC’s ability to analyze transactions in order to develop financial intelligence that is disclosed to law enforcement and partner agencies. Therefore, the quality of your reporting will be reviewed by FINTRAC in examinations.
Suspicious transactions: You must submit a suspicious transaction report (STR) as soon as practicable after completing the measures required to establish reasonable grounds to suspect that a transaction is related to the commission or the attempted commission of a money laundering/terrorist activity financing offence. The following STR guidance pieces explain how to identify and report suspicious transactions and should be read together. See What is a suspicious transaction report?, Reporting suspicious transactions to FINTRAC and Money laundering and terrorist financing indicators – Accountants.
Terrorist property:  When you know that property in your possession or under your control is owned, controlled by or on behalf of a terrorist or a terrorist group, you must submit a report without delay. You must also submit a report to the Royal Canadian Mounted Police (RCMP) and the Canadian Security Intelligence Service (CSIS). See Guideline 5: Submitting Terrorist Property Reports.
Large cash transactions:  When you receive $10,000 CAD or more in cash (including taxes or other fees) either in a single transaction or in multiple transactions within a 24-hour period, you must submit a report within 15 calendar days. See Guideline 7A: Submitting Large Cash Transaction Reports to FINTRAC electronically and Guideline 7B: Submitting Large Cash Transaction Reports to FINTRAC by paper.
If you have a computer and an internet connection, you must submit all reports to FINTRAC electronically, except Terrorist Property reports, which can only be submitted on paper.

Record keeping

You are responsible for keeping certain transaction and client identification records. These records are to be kept in such a way that they can be provided to FINTRAC within 30 days if required to do so. See Record keeping for accountants for details.

Penalties for non-compliance

Non-compliance with Part 1 or 1.1 of the PCMLTFA may result in criminal or administrative monetary penalties.
Original Source: https://www.fintrac-canafe.gc.ca/re-ed/accts-eng

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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

BOMCAS LTD Accounting and Tax Services(Opens in a new browser tab)

Edmonton and Sherwood Park Tax Credit(Opens in a new browser tab)

Personal and Corporate Tax Services locally and vierually(Opens in a new browser tab)

Trust income tax(Opens in a new browser tab)

Corporation – Income Tax Return(Opens in a new browser tab)

Personal income tax(Opens in a new browser tab)

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.

Personal income tax(Opens in a new browser tab)

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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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

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Tax Accounting and Bookkeeping Services

Edmonton Tax Accounting & Bookkeeping Services

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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

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Edmonton Accounting Services

Edmonton Accounting Firm BOMCAS LTD

    Bomcas Accounting Services in Edmonton Alberta is a&nbsp; full services Accounting Firm.

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We have over 15 years of accounting services experience.