Bomcas Canada Accounting and Tax Insights

During times of recession and economic downturns, demand for accounting services increases. This is because of increased demand for business owners and entrepreneurs to monitor and manage their finances. There is also an increase in competition for accountants. Demand for accounting services increases during economic downturns During an economic downturn, the need for high-performance accounting services increases. Businesses with better financial operations are better prepared to weather the storm, scale up, and take advantage of opportunities. If you want to make sure that your business does not make any unhealthy business decisions during a downturn, you may want to work…

Choosing the right accounting service is important for business owners. There are many to choose from but choosing a service that specializes in your specific industry can save you time, money, and headaches. Here are some things to look for in an accounting service. Bomcas Accounting  Many years ago, Bomcas Accounting Online began providing bookkeeping services for small to medium-sized businesses. They have a home base in Sherwood Park, Alberta Canada, and work with clients across Canada. They offer several tiers of bookkeeping services. Their pricing is customized to suit your needs. They also offer hourly rates for their services.…

Having an accountant is a very important task, and it is not always easy to find one who will serve your needs. However, what are the factors that can help you find a reliable accountant? Read on to learn more. Knowledge Generally speaking, an accountant in Canada can provide you with a range of services and knowledge. However, when it comes to providing the customer with a satisfying experience, you will need to understand what they are looking for, as well as where you can invest your time and money to achieve this. In this article, we'll look at a…

There are two types of business in Canada - sole proprietorships and partnerships. Owners and partners of a partnership are considering self-employed and pay no income tax. However, some regulations apply to partnerships. In some cases, owners and partners must register their business name in the province and have a business tax account with the CRA. Tax Filing Requirements For a Sole Proprietor in Canada - Edmonton Accountant & Tax Services (edmontontaxservices.ca) Tax rates for sole proprietorships and partnerships in Canada In Canada, a sole proprietor is an individual who owns and operates a business. They file a T1 General…

A corporate tax return is a legal document that needs to be filed with the Canadian Revenue Agency. Corporations have a variety of options for filing, including Pay-as-you-go and Free-filing options. For more information about filing a corporate tax return, please contact us today for all you corporate tax filling needs. Contact us Today CRA's risk-assessment process to prevent unwarranted and fraudulent GST/HST refund and rebate claims The Canada Revenue Agency is increasing audits of large businesses and high-risk industries in an effort to uncover fraud and unwarranted claims. This includes auditing the GST/HST New Housing Rebate and is increasing…

There's a lot to know when it comes to taxes. Whether you're an individual or a small business, you'll need to be aware of tax due dates to avoid penalties and interest. By knowing what you'll need to pay, you can better manage your finances and avoid unnecessary tax headaches. Profits It's not easy to figure out how much profit to expect from a small business. Profit margins are influenced by industry, product, and services. Many small businesses take 18 to 24 months before they begin to generate profits. When starting out, it is helpful to seek advice from experienced…

Canada Corporate Tax Guide is a comprehensive, step-by-step guide for Canadian taxpayers. It's written in an intuitive and easy-to-use manner and is structured to mirror the corporate tax return and tax provision preparation process. It features quick-reference tables and text boxes that highlight key concepts. It includes references to relevant sources, court cases, corporate tax return schedules, and page and line numbers. It's also available on Taxnet Pro. A capital loss is deductible against taxable capital gains In the United States, a capital loss can be deducted against taxable capital gains. The deduction is based on the amount of capital…

If you're an average Joe or Jane, there's a good chance you are wondering how to file your personal taxes. The good news is that there's a Canada Personal Tax Guide that will help you figure out the basics of your taxes. You'll learn about RRSPs, RRIFs, and deductions, as well as how to file withholding taxes. RRSP The first thing to remember when you plan to withdraw money from your RRSP is that the money will be included in your taxable income for the year you withdraw it. In addition, part of the withdrawal will be taxed as a prepayment of…

As a restaurant owner, it's important to keep an eye on your financial records. With an industry-specific accounting solution, you can maintain accurate bookkeeping while managing cash flow. You'll also need an accountant who understands the intricacies of running a restaurant. Bookkeeping As the owner of a restaurant, you have to keep your bookkeeping accurate and up-to-date. There are many moving parts to this process, and it can be difficult to get it right. Fortunately, there are many resources out there to help you get started. With the use of QuickBooks Online App, you can easily keep track of income…

If you want to learn about cybersecurity in Canada, start by gaining a basic understanding of how cybersecurity law works. Cybersecurity law focuses on preventing attacks, preventing data breaches, and enforcing applicable laws. This chapter also addresses cybersecurity issues specific to specific sectors, including data breaches and ransomware. CIS Controls drive cyber security in Canada There are several CIS Controls that can help drive cyber security in Canada. These controls address a variety of different topics, including the general operations of an IT system, incident response and wider training programs. They can also help prevent unauthorized access to a company's…