Sherwood Park and Edmonton Corporate Tax Accounting – Income Tax Preparation Edmonton Small Business Accountant

What is corporate tax?

A corporate tax is a type of direct tax that is levied by a jurisdiction on the profits or capital of corporations or other legal entities that are similar to corporations. It is also known as a corporation tax or company tax. This type of tax may also be referred to as a business tax or a corporate tax. Other names for this tax include a company tax. These kinds of taxes are levied at the provincial and federal levels in many countries, including Canada, and the United States is one of those countries. Canada is not the only country that does this; the United States is also one of those countries. Taxes can also be referred to as a tax on income or a tax on capital, depending on the circumstances in which they are being discussed. In the vast majority of instances, the taxation rate that applies to corporations and partnerships is distinct from one another.

Sherwood Park and Edmonton, Alberta, Professional Tax Accountants and Accounting Services.

We provide our services as small business and corporate tax accountants in Sherwood Park and Edmonton. BOMCAS CANADA is the best accounting firm in Sherwood Park and Edmonton, providing services such as small business bookkeeping, tax accountant, and accounting. PAYROLL; BOOKKEEPING; ACCOUNTING; BUSINESS ADVICE; CORPORATE TAX BOMCAS is a local small business tax specialist with offices in Edmonton and Albert. We are experts in all of the taxes that apply to your small business, including income tax, payroll tax, and others. Please contact us right away. Sherwood Park and Edmonton’s Finest Tax Accountants and Tax Preparation Services

Whether you’re just getting started or have been in business for a while, Bomcas Accounting and Tax Services will help you develop and thrive your firm. We would be delighted to meet with you and discuss your requirements in further detail.

It is impossible to overstate the value of planning and preparation for success.

We can handle all aspects of your business’s taxation, including full-cycle accounting, financial statements, annual tax returns, GST filing, T4 / T5 filing, payroll source deductions, identifying tax deductions, and other relevant services such as contact with the Canada Revenue Agency (CRA)

Taxes imposed on small Businesses and Enterprise.

Are you the owner of a small business or thinking about starting one? You’ve received a few inquiries! We can help you with the following problems: Is a Federal Tax Identification Number (FTIN) required for our US clients and a Social Insurance Number (SIN) required for our Canadian clients? Deductions are allowed for expenses incurred while working from home. Pay a family member’s earnings or salary if applicable. Is it better to incorporate or not to incorporate your business? Fill out an application for a GST number. Do you have a regular job, or do you work as a freelancer? What should you do if your company is forced to close?

The submission and filing your income tax return on time.

All resident companies (excluding Crown companies, Hutterite colonies, and registered charities) are required to submit a corporate income tax return with the Canada Revenue Agency (CRA) each fiscal year, even if no tax is due.

Here are some instances of what I mean:

Firms that are no longer in business include non-profit organizations, tax-exempt companies, and inactive businesses. Small firms have six months from the end of the fiscal year in which they operate to submit their company tax returns. Taxes, on the other hand, must be paid three months after the fiscal year has ended.

All of your company’s tax-related duties may be handled by Bomcas Accounting and Tax Services. Whether you’re just establishing a small company or have been in operation for a while. Any tax advice, we can assist. To get started, please contact us as soon as possible.

Corporate Tax and Accounting Services

The finances of a company might be difficult. The tax regulations in Canada are complicated. As experienced Canadian and Edmonton corporate tax accountants, Bomcas Canada focused on guiding clients on how to best operate within existing tax regulations to help your firm optimize tax savings now and in the future. We provide business consulting services, corporate tax planning, and succession planning to find the most effective means of minimizing your company taxes by creating a firm understanding of your business and its particular difficulties.

Call Us For All Your Corporate Tax Filing and Accounting, It will only take a minute.

Small Business Accountants Edmonton is waiting for your call. Call today. Whether you are looking for advice on your business plan or going through a tax audit, Bomcas Canada can help. Small Business Accounting Services.

Bomcas is a team of small business tax specialists who work together all year to reduce our clients’ GST and tax burden.
Bomcas handles all of the accounting, bookkeeping, and tax returns needed to file annual corporate taxes. A professional tax accountant is available to answer questions and explain tax planning for the upcoming year.

Planning & Preparation Services – Small Business & Corporate Tax Preparation Services

We can manage all aspects of your company’s taxes, including:

• Full cycle bookkeeping
• Financial Statements
• Annual Tax Returns
• GST Filing
• T4 / T5 Filing
• Payroll Source Deductions
• Finding deductions to minimize your taxes
• Correspondence from Canada Revenue Agency
• Personal Tax Preparation and Electronic Filing
• T2 Corporate Tax Preparation and Electronic Filing

Small Business Tax & Accounting Services

Do you own a small company or are you considering starting one? You’ve got questions! We can help you with anything listed below:

• Do you need a Business Number?
• Deductions for home office expenses
• Pay salary / wage to a family member
• Incorporate or not?
• Register for a GST number
• Are you an employee or self-employed?
• Your business stops operating – what to do?
• General ledger & financial statement preparation.
• Bookkeeping (Monthly / Quarterly / Annual).
• GST Preparation & Electronic Filing
• Payroll, T4 / T5 Slip Preparation.
• Accounting system setup for new businesses.
• Compilation of Financial statements.
• Corporate Year End Preparation.

Filing your taxes on time

Even if no tax is owed, all resident companies (excluding Crown corporations, Hutterite colonies, and registered charities) are required to submit a corporate income tax return each tax year. This includes the following:

• non-profit organizations.
• tax-exempt corporations, and
• inactive corporations.

Corporate tax returns are required to be filed within six months of the end of the fiscal year for all businesses, including small businesses. On the other hand, taxpayers are expected to pay their taxes three months after the end of the fiscal year.

We are Bomcas Canada Accounting and Tax Services, and we provide tax preparation for both individuals and businesses, as well as accounting and bookkeeping services, tax returns, the filing of annual returns for corporations, and taxes for small businesses. Our services are available in Edmonton, Alberta, Canada. If you would like additional information regarding the taxation of corporate income, please click here. Income Tax Preparation for Corporations and Small Businesses Utilizing the Professionals at Bomcas Accounting

Frequently Asked Questions

1. What services do corporate tax accountants provide?

   Corporate tax accountants provide a range of services including tax preparation and filing, GST preparation and filing, business accounting, CRA audits, bookkeeping, payroll, and financial reporting.

2. How can corporate tax accountants help small businesses?

   Corporate tax accountants help small businesses by ensuring compliance with tax laws, identifying tax deductions, managing financial records, and providing strategic tax planning to minimize tax liabilities.

3. Why is corporate tax preparation complex?

   Corporate tax preparation is complex due to the multiple types of tax returns required, such as T2, T4, and T3 forms, and the need for thorough knowledge of tax laws and regulations to accurately calculate taxes.

4. What is the difference between corporate tax and personal tax?

   Corporate tax is a direct tax levied on the profits of a corporation, while personal tax is levied on an individual's income. Corporate taxes are more complex and require different forms and compliance measures.

5. How can Bomcas Canada help with CRA audits?

   Bomcas Canada assists with CRA audits by managing the audit process, ensuring compliance with tax regulations, and providing expert representation to address any issues that may arise during the audit.

6. What are the benefits of hiring a corporate tax accountant?

   Hiring a corporate tax accountant offers benefits such as expert tax advice, accurate financial reporting, strategic tax planning, compliance with tax laws, and peace of mind knowing that tax matters are handled professionally.

7. What should I look for in a corporate tax accountant?

   Look for a corporate tax accountant with experience in your industry, a thorough understanding of tax laws, a track record of successful tax planning, and strong communication skills to ensure they can effectively manage your tax needs.

8. How often should a corporation file taxes?

   Corporations are required to file taxes annually. In Canada, corporate tax returns must be filed within six months of the end of the fiscal year, with taxes due three months after the fiscal year ends.

9. What is the process for preparing corporate tax returns?

   The process for preparing corporate tax returns involves gathering financial records, identifying tax deductions and credits, completing required forms, and ensuring compliance with tax laws. It often involves consultation with a tax professional to optimize tax outcomes.

10. Can Bomcas Canada help with tax planning for new businesses?

    Yes, Bomcas Canada provides tax planning services for new businesses, helping to establish tax-efficient structures, identify potential tax savings, and ensure compliance with all tax regulations from the outset.