Blog - Accountants in Calgary

24 Apr 2024

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…

24 Apr 2024

By dellendo

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…

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…

05 Oct 2023

By dellendo

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…

05 Oct 2023

By dellendo

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…

05 Oct 2023

By dellendo

How to Prepare and File Personal Tax in Canada

Personal Tax

Filing personal taxes in Canada can be a daunting task, but with the right information and preparation, it can be a smooth process. Here are the steps to prepare and file personal tax in Canada: Step 1: Gather all the necessary documents. Before filing your taxes, you need to gather all the necessary documents such as T4 slips, 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 your…

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…