Accounting and Tax Preparation Services in Edmonton

Whether you’re looking for professional help with your taxes, or need a tax preparer to handle your books, there are several Accounting and Tax Preparation Services in Edmonton. From a small business to a larger corporation, there are services available to fit your needs. Here, we take a look at a how BOMCAS Edmonton Accountants can help you.

What to Look For in Canadian Personal Tax Preparation

Before choosing a tax professional, you should know what to look for when it comes to Canadian Personal Tax Preparation. A tax advisor can help you understand your tax return and help you choose the best option for your situation. The tax year in Canada is similar to the tax year in the United States. Individuals and self-employed taxpayers must file their tax returns by April 30. Generally, no extensions are allowed.

BOMCAS Accounting and Tax Preparation Services in Edmonton

Bomcas Edmonton Accounting and Tax professionals specializes in personal tax preparation for both individuals and businesses. The team or accountants have many years of experience working with private businesses and high-net-worth individuals.

In today’s globalized business environment, companies must maintain a global perspective and understand the complex cross-border tax issues that arise from changing regulations, changes in business structure, geographic expansion, and cost reduction. As such, companies need to develop and implement cross-border tax strategies that are compliant with foreign tax authorities and manage the global structural tax rate.

The Edmonton accounting team provides full-service tax preparation for individuals and businesses. They also provide tax planning services and business consulting.

CRA

If you’re interested in getting help with your personal taxes, you’ve probably heard about the CRA’s new online tools. The new MyA service requires that taxpayers provide an email address. It’s an extra security measure to help protect taxpayers’ personal information. If you don’t provide your email address, you’ll be asked to confirm it before February, so it’s best to provide it now.

Online course

Whether you’re preparing a personal tax return for Canada or you’re just curious about how to do your own taxes, a Canadian personal tax preparation online course can be a great way to get started. Some of these courses cover all of the basics, including income taxation, personal property taxation, capital gains tax, and business income. They also teach you how to complete your personal tax returns, either manually or using tax preparation software. Once you’ve finished the course, you’ll be ready to file your taxes. For more information you can contact our professionals for guidance on completing you personal taxes

Fees

The cost of Canadian Personal Tax preparation varies depending on the complexity of the return and the number of slips or schedules to be completed. The fee for a basic T4 slip can be as low as $150, while fees for more complicated tax returns can range from $1,300 to more than $2,500. Clients are expected to provide all information and documents required for the tax return, and the tax preparer will return all documents and slips to the client upon the completion of the service.

Maximize Your Profits With Canadian Corporate Tax Preparation

If you’re wondering how to maximize your profits with Canadian corporate tax planning, you should be aware of the latest developments. On April 7, 2022, Deputy Prime Minister of Finance Chrystia Freeland tabled Canada’s federal budget. This will likely result in changes to Canada’s tax system and regulations.

Many businesses in Canada are choosing to use a professional tax preparation service to ensure that their taxes are done accurately and timely. Many of these services offer comprehensive tax planning, bookkeeping, and payroll services for companies. They also offer the requisite tools to help businesses comply with Canadian tax laws. The most reliable companies will also help you with GST, HST, PST, and QST filings. Bomcas Edmonton Accounting team is said to be one of the Best Accounting Firm in Edmonton, Alberta.

In addition to the federal tax system, there are provincial taxes that must be paid by Canadian corporations. These taxes are administered by the Canada Revenue Agency (CRA). Corporations with PEs in Quebec or Alberta, for example, must file a capital tax return. All tax returns must be filed within six months of the end of the corporation’s tax year. There is no way to extend the deadline.

Canadian corporations must file a tax return every year. The deadline for filing and paying the balance owed to CRA varies for different corporations. For example, most corporations have a two-month deadline to pay their tax balance, while Canadian Controlled Private Corporations have a three-month deadline.

Canadian Corporate Tax Preparation in Edmonton

If you have a business in Edmonton or anywhere in Canada, hiring a Canadian corporate tax preparation service can be a good idea. Not only will you get a high-quality service for a reasonable price, but you’ll also be able to rely on them to ensure that your business is operating within the legal guidelines of the Canadian tax laws. These accounting and tax professionals are able to handle everything from bookkeeping and payroll to GST, HST, PST, and QST.

CRA’s proposal to introduce a new corporate tax in Canada

The CRA’s proposal to introduce a corporate tax in Canada includes several significant changes to the existing tax regime. First, it would allow certain businesses to benefit from lower tax rates on their eligible income. This would apply to businesses that earn at least 10% of their gross revenue from certain activities. Secondly, it would extend the assessment limitation period and the eligibility period for certain CCA classes.

The CRA’s proposed new corporate tax in Canada would require certain corporations to report certain transactions, including those that are deemed abusive or interest-based. The CRA will provide descriptions of the “notifiable transactions” and the taxpayer will have 45 days to report them.

CRA’s proposed implementation date

The proposed new tax rules for corporations will be implemented in phases. The first phase would apply to tax years that start on or after January 1, 2022. Subsequently, the tax rate will be reduced to 30% of tax EBITDA for tax years that begin on or after January 1, 2024. However, there are certain exceptions to the new rules. In particular, corporations that do not have any foreign subsidiaries are exempt from the new rules.

The CRA has outlined how these new rules will work for businesses. One such measure is the deferral of the first calendar year information return deadline. This is aimed at allowing businesses to get used to the new reporting requirements. This means that businesses will not have to file an information return for the 2020 calendar year. However, the information return reporting requirement will still apply for all calendar years after that.

T2 form

To file a T2 form for Canadian corporate tax preparation, you’ll need to use a certified Corporation Internet Filing software program or CRA-approved software to file your return. Filing your return electronically is advantageous for many reasons, including faster processing, lower mailing costs, and less paper consumption. You can also attach supporting documents to your return by using the T2 Attach-a-doc service. While this feature is not mandatory for CRA-certified software products, software companies must make it clear to their customers.

In Canada, corporations must file their annual return by the last day of the month following the tax year. However, if your corporation is located in another country, you must file your return by the last day of the sixth month after the end of the tax year. This deadline is governed by the CRA, so it’s important to make sure you file early! To make filing your corporate tax return easy, the CRA has a mobile application that lets you know when to file your return and remind you of the due date.

EFILE process

If you prepare Canadian corporate taxes, you will have to file your return electronically through the EFILE process. In order to do this, you must use a tax preparation software certified by the Canada Revenue Agency. You should check if your software is certified before applying for the program. To find out if your software is certified, visit the Corporation Internet Filing website.

Normally, corporations with a gross revenue over CAD 1 million are required to file their federal CIT returns electronically. In addition, information return filers with more than 50 annual returns must e-file their returns via the Internet to avoid penalties. Corporations are required to pay their Canadian corporate tax instalments on the last day of the month. However, certain CCPCs can remit these payments quarterly if certain conditions are met.

How to Choose a Bookkeeping Service

Bookkeeping is an important service that adds tremendous value to a business. To be successful, bookkeepers should offer a combination of services to a client, including maintaining a ledger and linking accounting software to a client’s bank account. They also need to double-check their work and double-check their clients’ accounts on a regular basis.

There are several different types of bookkeeping services available, and each service offers different levels of support. Some are more affordable than others, while others are more comprehensive. Be sure to look for software options that meet your specific needs and budget. Many bookkeeping services run on QuickBooks, but some may support other programs, like Xero. Before selecting a service, consider how well it integrates with your current software.

Bookkeeping services help small businesses by handling the financial aspects of running a business. They help maintain accounts, create financial and performance reports, and track customer deposits and overdue accounts. Some bookkeeping services can also help maintain good relationships with suppliers. If you have a business, you can outsource your bookkeeping to BOMCAS bookkeeping service.

When choosing a bookkeeping service, make sure they offer references from current clients and have a set schedule for bookkeeping. Additionally, make sure they offer customized financial reports. These can help you track your business’s financial performance and help it grow.

5 Reasons to Use a Bookkeeping Service

Hiring a Bookkeeping Service is a great way to reduce the hassles and expenses of handling your books. While an in-house bookkeeper is ideal for small businesses, an outsourced service can give you the same personalized human service for a reasonable monthly rate. In addition, an outsourced service also helps you avoid the costs and hassles of managing and training a full-time staff. However, before you decide to hire a Bookkeeping Service, make sure to carefully consider your business’s circumstances and unique requirements.

Accounting

If you have trouble keeping track of your company’s finances, it might be time to consider hiring a bookkeeping service. They can double-check all of your financial data and ensure that the figures are accurate, which helps you make sound decisions. They will also keep track of the movement of money in and out of your business. The results will be comprehensive financial reports that can help you formulate a strategy and plan for your business. These services can help you run your business more efficiently and sustain its success for a longer time.

Payroll

Using a Payroll bookkeeping service has many benefits. These include ease of operation, fewer errors, and increased employee productivity. A bookkeeping service can also help you transfer rewarded employees.

HR

A Bookkeeping service for HR can offer a range of services that help a business manage its human resources department. They can help manage payroll, benefits, and even manage workers’ compensation payments. Many also offer recruiting and regulatory compliance services. They can also help your business with monthly reporting. These services can help your business process payments more quickly than you would, and keep information updated.

Payroll processing

Hiring a bookkeeping service to process your payroll can help you save time and money. While many companies handle payroll processing in-house, others prefer to outsource the process. Payroll processing is a crucial part of running a successful business, and a poor system can lead to higher turnover and frustration among employees. Outsourcing your payroll processing to a bookkeeping service can ensure accurate results.

Tax preparation

If you want to make the most of your tax preparation dollars, you may want to consider using a bookkeeping service. A bookkeeper is the person who handles your finances and manages the books on a daily basis. They also have a deep understanding of your business, which allows them to provide more detailed answers to your questions regarding tax implications. Hiring a bookkeeping service for tax preparation can also help you avoid costly mistakes.

Payroll tracking

Whether your company is a small start-up or a larger corporation, payroll tracking and bookkeeping services can help you keep track of your employees’ activities. With these services, you can keep track of employee pay, leave records, and much more. These tools help you organize and track employee expenses, and they help automate bookkeeping transactions.

Summary

Whether you need assistance with tax preparation, bookkeeping, or accounting, Bomcas Tax Preparation & Accounting in Edmonton can help. With their combined knowledge of tax laws and practices, they are able to provide you with the best possible service at an affordable price. They specialize in providing services that will ensure you get the best return on your investment and avoid penalties.

Bomcas Edmonton Tax Preparation & Accounting is a professional tac accounting office with a team of dedicated professionals who provide accounting and tax preparation services to both individuals and businesses. Their services include corporation income tax preparation and individual tax preparation. They have many years of experience in the industry and are qualified to file electronic returns, so you can receive your refund as quickly as possible.

Tax preparation and accounting is a complicated process. A firm that specializes in the preparation of the best returns in Edmonton will be able to sort out the numbers and math to get your refund as quickly as possible. You can even email them to discuss your financial situation, while a tax professional will review your tax return and make any necessary changes. Contact BOMCAS Edmonton Today.