Tax Tips - Accountants in Calgary

22 Feb 2025

Why Calgary Entrepreneurs Need Professional Bookkeeping in 2025

Bookkeeping, Corporate Tax, Payroll, Personal Tax, Tax Tips

The Importance of Bookkeeping for Calgary Entrepreneurs Calgary’s entrepreneurial landscape is thriving. From tech startups in East Village to energy consultants in the Beltline, the city is a hub of innovation and ambition. As an entrepreneur in 2025, you’re likely focused on growing your business, securing clients, and navigating Alberta’s dynamic economy. But amidst the hustle, one critical task often falls by the wayside: bookkeeping. At BOMCAS Canada, we’ve seen firsthand how neglecting this essential function can jeopardize your success. That’s why professional bookkeeping is non-negotiable for Calgary entrepreneurs this year. This article explores why Calgary’s business owners need expert…

22 Feb 2025

By dellendo

How to Prepare for the 2025 Tax Season in Calgary: A Guide for Individuals

Personal Tax, Tax Tips

Getting Ready for Tax Season in Calgary As the 2025 tax season approaches, Calgary residents are gearing up to file their personal income tax returns with the Canada Revenue Agency (CRA). Whether you’re a downtown professional, a suburban family, or a retiree enjoying life along the Bow River, preparing for tax season is a universal task that can feel overwhelming. But with the right plan, you can turn this annual obligation into an opportunity to maximize deductions, claim credits, and keep more of your hard-earned money. At BOMCAS Canada, your trusted Calgary accounting and tax service, we’re here to simplify…

22 Feb 2025

By dellendo

Top Tax Deductions for Calgary Small Businesses in 2025

Corporate Tax, Tax Tips

Maximizing Tax Savings for Calgary Small Businesses Running a small business in Calgary, Alberta, comes with its unique challenges and opportunities. As an entrepreneur in this vibrant city, you’re likely juggling operational costs, payroll, and growth strategies—all while keeping an eye on your tax obligations. In 2025, understanding the top tax deductions available to Calgary small businesses can make a significant difference in reducing your tax burden and freeing up capital for reinvestment. At BOMCAS Canada, we specialize in helping Calgary-based businesses navigate the complex world of federal and provincial tax rules to maximize savings. This comprehensive guide explores the…

22 Nov 2023

By dellendo

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…

01 Apr 2023

By dellendo

Tax Planning for Professionals in Calgary: Strategies and Tips

Tax Tips

As a professional in Calgary, tax planning should be an essential part of your financial management. Tax planning involves analyzing your financial situation, identifying tax-saving opportunities, and taking action to minimize your tax liabilities. By implementing effective tax planning strategies, you can reduce your tax burden and keep more of your hard-earned money. In this article, we will explore some of the best tax planning strategies and tips for professionals in Calgary. We will also include relevant long-tail keywords to help readers find this article easily. 1. Maximize Your RRSP Contributions One of the most effective tax planning strategies for…

10 Dec 2022

By dellendo

Harmonized Sales Tax in Canada

Tax Tips

Whether you live in Canada or outside of it, you should know about the Harmonized sales tax. This tax is a tax on the sale of goods and services that applies to employees as well as employers. It is a consumption tax that is administered by the Canadian Revenue Agency. Canadian Revenue Agency administers the HST Among the federal government's major taxes, the Harmonized sales tax is a value added tax that is applied to taxable goods and services in Canada. The tax is administered by the Canadian Revenue Agency (CRA) and consists of a provincial and federal component. The…

10 Dec 2022

By dellendo

Understanding Goods and Services Tax in Canada

Tax Tips

Whether you are a businessperson or an individual, you must understand the Goods and Services Tax (GST) in Canada. This tax is part of the federal government's plan to create a modern and prosperous economy, and it applies to most businesses and individuals. Arm's length transaction Using the most effective transfer pricing method to determine a transaction's true value is a complex process that requires the use of various methods. There are several pitfalls to avoid, so be sure to perform a detailed analysis of your transfers to determine the most appropriate transfer pricing method. For instance, the most effective…

10 Dec 2022

By dellendo

Income Tax Deducted in Canada

Tax Tips

Basic personal amount Depending on the province or territory you live in, you may pay more or less in income taxes. This can depend on a number of factors, including the amount of gross income you receive and the cost of living in your area. In addition to the federal tax, you may also have to pay provincial income taxes. These are usually in different amounts. There are many deductions and credits available to reduce your taxes. Some are refundable and some are non-refundable. The Basic Personal Amount (BPA) is a tax exemption for low-income earners in Canada. This tax…

10 Dec 2022

By dellendo

The Basics of Taxation in Canada

Tax Tips

Whether you are a Canadian resident or not, it is important to understand the basics of taxation in Canada. There are many factors that influence how much you will pay in taxes. Besides your income tax, you will also pay for taxes on your property, goods, and services, and Harmonized sales tax. This article will discuss the main components of taxation and how they are calculated. It will also help you calculate how much government spending on taxation affects an average Canadian family. Property taxes Using the information available, a study was conducted to compare the basic features of property…

10 Dec 2022

By dellendo

The Profession of Accounting in Canada

Tax Tips

Whether you are a recent graduate or an accounting professional looking to further your career, the accounting profession in Canada offers many opportunities. There are a number of different aspects of the profession, such as the CPA designation, the history of the profession, and the relationship between accountants and their clients. History Historically speaking, the history of accounting in Canada is relatively new. The first official meeting of North American accountants was held in Montreal in June 1879. There are three major associations in the country, with the Canadian Institute of Chartered Accountants (CIC) being the largest. In addition, the…

Category: Tax Tips