Corporate Tax Filing Edmonton, Corporation and Small Business Tax Filing Services in Canada
Small business experts from Bomcas Edmonton Accounting and Corporate Tax Filing team work together throughout the year to minimize the amount of GST and taxes that are owing to the CRA by our customers. They give customers a checklist of receipts and other documents that they have to hand in to us once every three months in order to ensure that the customers are making the most of their business. The Bomcas Edmonton Corporate Tax Filing team will create your financial statements while they handle the filing of your annual corporation taxes. An accountant is available to discuss the process of preparing your taxes for the future year and to answer any questions that you might have.
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Obtaining a GST Number
After your business has been incorporated, the accountants at Bomcas Edmonton will offer you the necessary assistance in obtaining your business number, which will also serve as your GST number. They will do this on your behalf.
If you don’t have someone with experience putting things up, there is a good chance that you will make a number of errors that are rather typical. Take, for example, making a decision on the reporting period or year end for the current year that is incorrect. Many people also use their own personal GST number when they establish their firm. This is becoming increasingly common. Bomcas Edmonton Accountants is able to lend a hand in the resolution of any of these issues, so don’t worry about it.
You will be able to avoid making a considerable number of these frequent mistakes if you collaborate with a corporate tax filing team in Edmonton that specializes in providing assistance to small businesses.
Formation of a Business / Business Incorporation
- Comparison of a Sole Proprietorship to a Corporation
If you choose to operate your company as a sole proprietorship, any earnings that the company generates are subject to taxation at your personal tax rate, which rises in proportion to the amount of money you bring in. You, as an individual shareholder in a corporation, are subject to personal tax rates on the money that is paid to you by your company. On the other hand, the company itself is subject to corporate tax rates on the money that it makes, which do not increase as the company’s income does. These rates apply to the money that the company makes.
- Protection from Legal Obligations
Incorporating a corporation offers a number of benefits, one of the most significant of which is protection from legal liability. In the event that a claim is brought against your sole proprietorship, the person bringing the suit will have access to all of your personal assets, including your home. If a lawsuit is filed against your corporation, the plaintiffs can only pursue the assets that are legally considered to be those of the corporation. This is due to the fact that your corporation is a distinct entity from you as an individual.
When Should You Form a Corporation?
When the annual gross income of your sole proprietorship is larger than $50,000 to $60,000, you will, on average, begin to realise significant tax savings. Gross revenue is the amount of money earned before expenses are deducted from the total amount earned. Should you hold off on moving forward till then? no.
Incorporate your business as soon as you can if you believe that it will have yearly income of more than fifty thousand dollars and you want to protect your legal rights.
How to Establish a Company in the Province of Alberta
You are most likely thinking that it is going to be a difficult and perplexing process for you to go through. And it may be, in especially if you choose to stand in line at a registrar and fill out a significant number of forms that the government mandates.
There is a method that is less complicated to follow. You can take part in this activity without even getting off the couch, as there is no requirement to do so. Make sure to get in touch with us today.
Payroll Services
When the time comes, the specialized small business team at Bomcas Edmonton Accountants will guide you through the steps of setting up a payroll account. Even if the company currently does not have any employees who need to be paid, it is a good idea to open a payroll account just in case.
Payroll professionals are available at Bomcas Edmonton Accounting, and these professionals can manage all of your organization’s paystubs, T slips, and record of employment (ROE) slips. We will finish the electronic filing of your employees’ T4s and notify you when they are ready to be picked up.
Bookkeeping Services
On a quarterly basis, the accounting team at Bomcas Edmonton provides small businesses and subcontractors with bookkeeping and reporting services. In addition to the quarterly phone calls serving as a reminder, we now offer a mobile pickup service for your convenience.
We provide our customers with a list of the documents, receipts, and notes that are required, in addition to any other advice that may be required, to ensure that they have all they need to maximise the amount of tax write-offs they are eligible to claim for themselves. We input all of the pertinent information into our program not just for the filing of GST but also for corporate taxes. This applies to both of these types of tax filings.