24 Apr 2024
By dellendo
How Much Does Accountant Charge for Personal and Corporate Tax Preparation in Calgary?

How Much Does Accountant Charge for Personal and Corporate Tax Preparation in Calgary?

Bookkeeping, Corporate Tax, Personal Tax
Navigating the financial complexities of a small business can be daunting, particularly when it comes to accounting and tax preparation in Calgary. The cost of enlisting a small business accountant for these services is influenced by a myriad of factors. These include the spectrum of responsibilities undertaken by the accountant, the type of services required—ranging from basic bookkeeping to comprehensive tax compliance—and the professional experience and reputation of the accounting firm employed. Notably, BOMCAS Calgary Accountants emerges as a leading option, providing Personal and Corporate Tax preparation services at the best cost, underscoring their competitive edge in offering top-tier professional…
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24 Apr 2024
By dellendo
How a Tax Accountant in Calgary Can Maximize Your Capital Gains

How a Tax Accountant in Calgary Can Maximize Your Capital Gains

Corporate Tax, Personal Tax
In navigating the complexities of capital gains tax, many overlook the strategic advantage that a tax accountant in Calgary can provide. With capital gains tax levied only on the profit from the sale of assets above their purchase price, understanding the nuances between short-term and long-term gains—taxed at varying rates—becomes crucial. Especially in Canada, where only 50% of a capital gain is taxable, an informed approach can significantly impact one's financial wellbeing. This pivotal role of tax management underscores the importance of professional guidance in maximizing capital gains while ensuring compliance with Canadian tax laws. Emphasizing the value of local…
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22 Nov 2023
By dellendo
Recent Updates in Canadian Tax Laws

Recent Updates in Canadian Tax Laws

Corporate Tax, Personal Tax, Tax Tips
Canada's tax laws have seen some significant changes recently. Here's a look at the latest updates: Limiting Income Tax Deductions on Short-Term Rentals In an effort to ease the severe rental housing shortage, Canada has introduced tax measures that limit income tax deductions on short-term rentals on services such as Airbnb Inc and VRBO. This move aligns Canada with many other countries that have enacted similar laws. https://bomcas.ca/accounting-and-tax/ Upcoming 2024 Tax Changes The 2023 Budget announced certain changes for the 2024 tax year. One of the key changes is related to intergenerational transfers of family corporations under Bill C-208. The…
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05 Oct 2023
By dellendo
What documents are required to prepare a T2 corporate income tax return?

What documents are required to prepare a T2 corporate income tax return?

Corporate Tax
To prepare a T2 corporate income tax return in Canada, you need to gather all the necessary documents such as financial statements, receipts, invoices, and other supporting documents. The documents required vary depending on the corporation, but the following are a good place to start the gathering process: Company name, registered address, and Business Number Names and addresses of all shareholders Whether shareholders hold shares in other companies or if the company is bound or associated with other companies Financial statements (income statement, balance sheet, cash flow statement) General ledger Bank statements Accounts receivable and payable Payroll records Capital asset…
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05 Oct 2023
By dellendo
How to Prepare and File Corporate Tax in Canada

How to Prepare and File Corporate Tax in Canada

Corporate Tax
Filing corporate taxes in Canada can be a complex process, but with the right information and preparation, it can be a smooth process. Here are the steps to prepare and file corporate tax in Canada: Step 1: Gather all the necessary documents Before filing your taxes, you need to gather all the necessary documents such as financial statements, receipts, invoices, and other supporting documents. You can use a tax checklist to make sure you have all your information in one place, which will make filing taxes fast and accurate. Step 2: Determine your tax filing obligations You need to determine…
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10 Dec 2022
By dellendo
The Alberta Corporate Tax – Calgary Corporate Accounting Services

The Alberta Corporate Tax – Calgary Corporate Accounting Services

Corporate Tax
Whether you're an individual or a small business in Calgary, the Alberta Corporate Tax can be one of the most important taxes you need to pay. The Alberta Corporate Tax is a tax on all income earned by a private Canadian corporation. Small business tax rate Generally, there are two types of taxable income: personal income and business income. The rate of taxation varies from zero to three percent. There are also different rates for manufacturing and retail businesses. Some provinces have their own limits on business income. In most provinces, a small business is defined as a corporation that…
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