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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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Accounting and Tax Specialists in Edmonton and Sherwood Park

PAYROLL PROCESSING AND COMPLIANCE

There’s more involved in payroll than just sending a check to your employees on payday. We offer a comprehensive payroll solution.

Payroll Administrator

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Automation

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WE HAVE YOUR BUSINESS TAXES COVERED

Never worry about taxes again. Our team of small business accountants has experience with all types of business taxes, and we know how to help you stay IRS-compliant.

A Dedicated Accountant

Rest easy knowing you have a tax expert on your side, familiar with the nuances of your state and industry.

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We advise you throughout the year on tax strategies to help you save thousands.

Transparent Pricing

All of our services are billed at a flat-rate. You’ll never see any surprises on your invoice – no matter how often you reach out to us.

Your Maximum Refund

Your Dedicated Accountant will comb through tax codes to make sure you claim every possible deduction and receive your maximum refund

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BOMCAS LTD EASY, AFFORDABLE WAY TO DO YOUR BOOKS

BOMCAS LTD  bookkeepers take the hassle out of day-to-day bookkeeping. Get unlimited support and seamlessly organize your business transactions with our easy-to-access platform. Save time and get peace of mind.

  • Dedicated Bookkeeper

    Unlimited support to help get you started and answer your questions.

  • Transparent Pricing

    Flat pricing with no hourly rates or hidden fees. No surprises.

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

 

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Small Business Accountant in Edmonton: Your Partner for Expert Financial Management

In the vibrant business landscape of Edmonton, small enterprises play a crucial role in driving the local economy. As a small business owner in this dynamic city, efficient financial management is paramount to your success. This is where the expertise of a skilled Small Business Accountant in Edmonton, like Bomcas Edmonton Tax Services, comes into play. In this article, we’ll explore the pivotal role of a Small Business Accountant in Edmonton and how they can assist your venture in navigating the complexities of financial management.

Why Your Small Business Needs an Accountant in Edmonton

  1. Expert Financial Insight: A proficient Small Business Accountant possesses in-depth knowledge of financial regulations, tax codes, and accounting practices specific to Edmonton. This expertise ensures accurate financial records, maximizing your tax deductions and optimizing your financial strategy.
  2. Time-Efficient Operations: By outsourcing your accounting tasks to professionals, you free up valuable time to focus on core business activities. This enhanced productivity translates into growth opportunities for your small business.
  3. Compliance and Risk Management: Edmonton’s financial regulations can be intricate. A skilled Small Business Accountant ensures your business adheres to local financial laws, reducing the risk of penalties or legal issues.
  4. Strategic Financial Planning: Collaborating with an accountant allows you to create a well-structured financial plan that aligns with your business goals. From budgeting to forecasting, their insights can guide your growth trajectory.

Why Choose Bomcas Edmonton Tax Services

  1. Tailored Solutions: Bomcas Edmonton Tax Services understands that each small business is unique. Their team crafts customized financial solutions that cater to the specific needs and goals of your venture.
  2. Local Expertise: With years of experience serving Edmonton’s business community, Bomcas Edmonton Tax Services possesses a deep understanding of the local economic landscape and the challenges small businesses face.
  3. Comprehensive Services: From bookkeeping and tax preparation to financial reporting and advisory services, Bomcas Edmonton Tax Services offers a comprehensive suite of solutions designed to streamline your financial operations.
  4. Personalized Guidance: Bomcas Edmonton Tax Services works closely with you to demystify financial jargon and provide clear, actionable insights. They become a partner in your success journey, offering guidance at every step.

Client Success Story: Growing a Local Retail Business

Bella’s Boutique, a local fashion retailer in Edmonton, faced challenges in managing its finances effectively. Bomcas Edmonton Tax Services stepped in to revamp their accounting processes. Through meticulous financial analysis, Bomcas identified cost-saving opportunities and helped Bella’s Boutique optimize their inventory management. With accurate financial reports, the boutique made informed decisions that led to a 20% increase in revenue within a year.

Conclusion

As a small business owner in Edmonton, partnering with a Small Business Accountant like Bomcas Edmonton Tax Services can be a game-changer. With their localized expertise, comprehensive solutions, and personalized guidance, you can focus on growing your business while leaving the complexities of financial management in capable hands. Embrace the advantage of a skilled Small Business Accountant in Edmonton and set your business on a path to sustainable success.

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Edmonton and Sherwood Park Trust income tax

Services and information

Trust Income Tax Return

Determine whether a trust should file a Trust Income Tax Return (T3), and where and when to a file a T3.

Trust Information returns – slips and summaries

Determine when a trust has to complete and distribute T3 slips, filing methods for T3 slips, and due dates.

Trust types and codes

Differentiate between testamentary and inter vivos trusts, and get the code numbers for different types of trusts.

Specified investment flow-through trust income and distribution tax

Determine what a SIFT trust is, and get the tax calculation formula for SIFT trusts.

Original Source: https://www.canada.ca/en/services/taxes/income-tax/trust-income-tax.html

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Personal income tax

Services and information

Doing your taxes

This page sets out everything you need to know to do your taxes.

Your tax obligations

Determine your tax obligations and whether you need to file a tax return.

Tax slips

Review the slips you may receive from your employer, payer, or administrator.

Personal income

Determine what has to be reported as income on your personal income tax return.

Tax deductions, credits, and expenses

Claim tax deductions, credits, and expenses to reduce the amount of tax you must pay.

Tax refunds

Check the status of your refund, and when you can expect to receive your refund.

Tax payments

Make a tax payment, get information on paying by instalments, paying arrears, and payment arrangements.

Notices of assessment

Understand your notice of assessment (NOA) and find out how to get a copy.

Personal income tax rates

View the current and previous years’ tax rates for individuals.

More personal income tax

Get additional information about filing your personal income tax.

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

What is Income Tax Preparation?

You provide us with your tax forms and documentation, and our tax experts will take it from there. They’ll ensure everything is in order, prepare, review everything with you, and then file your taxes for you. You get to sit back and relax, knowing your taxes are in expert hands.

SHERWOOD PARK PERSONAL TAX MADE EASY

EXPERT HELP

Our tax professionals are experts in the ever-changing tax laws and benefits, as well as the nuances of your specific tax situation. Rest easy knowing your taxes are done right every time.

ONLINE ACCESS

Upload your documents to our Secure cloud-based application. Take it easy as we prepare, review, and file your tax forms.

YEAR-ROUND SUPPORT

Even if it’s not tax time, we’re always available to answer your questions as it relates to your Tax and accounting.

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Accounting

Accounting methods

On this page:

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

Note for professionals

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

Accrual method

When you use the accrual method you must:

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

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

For special rules, go to Prepaid expenses.

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

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

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

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

Note for farmers and fishers

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

Cash method

Note for farmers

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

When you use the cash method you must:

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

For special rules, go to Prepaid expenses.

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

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

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

Note

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

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

Note for farmers

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

Change your reporting method

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

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

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

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

Forms and publications

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

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BOMCAS LTD Accounting and Tax Services

Edmonton and Sherwood Park Personal Income Tax Preparation and Filing Services

At BOMCAS Sherwood Park, Edmonton Accounting and Tax Services, our tax experts are dedicated to remaining current with the constantly changing Canadian tax laws. We take the time to understand the unique situation of each of our clients and ensure they are following the latest tax laws, while paying the least amount of tax possible.

  • Individual Canadian Tax Return Preparation
  • Personal Tax Planning
  • Immigration and Emigration Tax Planning
  • T3 – Trust Income and Information Return
  • Final Income Tax Returns for Deceased Taxpayers
  • Estate Planning
  • Voluntary Disclosures for unreported income or information forms not filed

Edmonton and Sherwood PARK Corporate Income Tax Preparation and Filing Services

At BOMCAS Accounting & Tax Services we bring our tax expertise to assist both domestic and multi-national corporations with services that include, but are not limited to:

  • Corporate income tax returns
  • GST/HST compliance
  • Financial statement preparation
  • Tax dispute resolution consultations
  • Assistance with design & implementation of international tax programs
  • Payroll planning and remittance – domestic and cross-border
  • Tax treaty review

Edmonton and Sherwood Park Bookkeeping Services

We provide continuing bookkeeping maintenance in the background while you focus on your core business operations.  As experienced bookkeeping and tax professionals, we’ll help you with all the data entry and bank reconciliations that are required, all on a remote basis. Contact us today and see how we can help you.

Edmonton and Sherwood Park Payroll Accounting Services

Our bookkeeping advisers provide Canadian payroll processing services for growing businesses, assisting in government remittances and year end T4 filings. With years of experience, our experts have the knowledge and expertise and qualification needed to handle any situation.

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Personal and Corporate Tax Services locally and vierually

WHAT IS INCOME TAX PREPARATION?

You provide us with your tax forms and documentation, and our tax experts will take it from there. They’ll ensure everything is in order, prepare, review everything with you, and then file your taxes for you. You get to sit back and relax, knowing your taxes are in expert hands.

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.

CONTACTS US TODAY WE WILL BE HAPPY TO HELP YOU

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

File income tax, get the income tax and benefit package, and check the status of your tax refund.

Services and information

Your tax obligations

Determine your tax obligations and whether you need to file a tax return.

Tax slips

Review the slips you may receive from your employer, payer, or administrator.

Personal income

Determine what has to be reported as income on your personal income tax return.

Tax deductions, credits, and expenses

Claim tax deductions, credits, and expenses to reduce the amount of tax you must pay.

Tax refunds

Check the status of your refund, and when you can expect to receive your refund.

Tax payments

Make a tax payment, get information on paying by instalments, paying arrears, and payment arrangements.

Notices of assessment

Understand your notice of assessment (NOA) and find out how to get a copy.

Personal income tax rates

View the current and previous years’ tax rates for individuals.

More personal income tax

Get additional information about filing your personal income tax.

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