Sherwood Park and Edmonton Corporate Tax Accountants. Small & Medium Size Business
As an experienced accounting and tax company in Edmonton, Alberta, Canada, Bomcas Accounting and Tax Services offers the best value for money in proactive tax planning and error-free taxation preparation for both businesses and individuals. In the taxation business, we have established a renowned name for providing high-quality taxation services and outstanding customer service at reasonable rates via our constant dedication to quality and customer care. Visit the Bomcas Accounting and Tax Services website to learn more about why small businesses and individuals depend on them for Canadian tax preparation and filing services.
Individual Income Tax Returns: Preparation of Individual Income Tax Returns
To the contrary of popular belief, even the most recent tax preparation software does not offer you with all of the tools you need for successful income tax preparation. Consider the financial advantages of having your tax return completed by a skilled taxation professional with years of experience in preparing tax returns in Edmonton, Alberta, Canada..
Preparation of Corporation Income Tax Returns
We would be happy to assist you in ensuring that your company is taking advantage of all tax advantages available to it under the Income Tax Act, and that you are in conformity with the Income Tax Act and any applicable laws. A sensible tax plan will be implemented by us as part of our corporate tax preparation services to guarantee that your company does not overpay its taxes. It is our responsibility to make the necessary adjustments to your financial accounts for accounting reasons in order for them to be properly recorded into schedule 100 (Balance Sheet), schedule 125 (Profit and Loss Statement), and other sections of your financial statements (Income Statement). Using technology, we can submit your company returns online, ensuring that they are received as soon as possible after submission. For corporations, some of our tax planning considerations include determining the optimal mix of salary versus dividends, applying for and tracking loss carryforward and carryback, claiming and tracking Capital Cost Allowance (depreciation for tax purposes), section 85 rollover, winding up a business, related and associated corporations, adding and removing shareholders, and purchasing and selling a business.
Advice and Services in the area of Tax Planning
Tax credits and deductions for businesses and individuals are used to reduce the amount of taxes owing by combining them with other tax planning techniques in order to reduce the overall amount of tax payable to the government.
The Problem with the CRA Tax has been Resolve – Using our Expert Tax Accountants
We work directly with the Canadian Revenue Agency when it comes to tax issues. In the event that you are having tax difficulties, please contact us as soon as possible. The resolution of tax-related difficulties such as submitting back taxes, removing a lien or levied, lowering tax penalties, and other tax-related concerns are all things that we may help you with if you come to u
Sales Tax Applied (PST, HST, GST)
We can help you in establishing whether or not you are obliged to register for the HST, as well as in deciding the best course of action to take. You grant us permission to assist you in determining the frequency with which you should submit your papers depending on the requirements of your company. If you choose to use a fast or a regular method of payment, it is possible that this will have an effect on your company’s operating cash flow. We can assist you in determining what is eligible for use as an input tax credit and in ensuring that you claim the maximum amount of credit that is allowed under the laws in effect.
When do you have to submit your application for your ITCS award? What is the deadline?
As part of the process of filing their GST/HST returns for the reporting period during which they made their purchases, registrants are often required to claim their input tax credits (ITCs). It is conceivable, however, that you have ITCs that you did not claim when you submitted your tax return and that you should claim them.
It is possible to claim such ITCs if the majority of registrants do so in a later reporting period that takes place within four years after the reporting period in which the ITC was possibly first used to offset a tax obligation or other cost. A combination of circumstances has resulted in a reduction in the time limit for claiming ITCs from three years to two years. These reasons are as follows:
(With the exception of when the supply is coming from a business that is considered to be a financial institution because it has an election in effect to have certain supplies treated as exempt financial services; and when the supply is coming from a business that is considered to be a financial institution because it has an election in effect to have certain supplies treated as exempt financial services; and
The term “high-income people” refers to those who generated yearly income from taxable supply of goods and services in excess of $6 million in each of the two previous fiscal years.
Is it possible for you to tell me how long your books and records should be kept on hold?
Bookkeeping records, often known as “books and records,” are a collection of papers that provide information about your income and expenses. According to taxes regulations, you must usually retain all sales and purchase invoices, as well as other documents relevant to the operations of your business, as well as GST/HST records, for a period of not more than six years after the end of the fiscal year in question. Please bear in mind that we may need you to retain invoices on file for a period of time more than six years in certain cases.