Blog – Calgary Tax Accountants

Personal Tax Preparation in Calgary

By BOMCAS CANADANov 10, 2022

Tax residency in Canada If you live in Calgary and wish to claim Canada tax benefits, you must determine whether you are a tax resident. There are several factors to consider when determining your tax residency status. In many cases, this determination is based on your postal address. The Canadian Revenue Agency will consider your mailing address if you have a Canadian business or home. The CRA will also consider the address you use on your business cards and magazine subscriptions. If you are living in Calgary or anywhere in Canada for at least 183 days out of the year, you are…

Personal Tax

Corporate Tax Preparation in Calgary

By BOMCAS CANADANov 10, 2022

The BOMCAS provides corporate tax preparation in Calgary. Your professional tax accountant Calgary will discuss the administration of corporate income tax (CIT), GAAR (generally accepted accounting principles), and GAAR for CCPCs. While most corporations pay their taxes in Canadian dollars, certain corporations have the option to determine their Canadian tax amounts in their functional currency. BOMCAS provides corporate tax preparation in Calgary BOMCAS provides corporate tax preparation in Calgary surrounding areas. The company offers innovative tax planning for corporations, including the nil return process for inactive and dormant corporations. BOMCAS Calgary corporate tax accountants also make sure that a corporation's…

Corporate Tax, Tax Preparation

Costs of Hiring a Calgary Bookkeeper and Tax Preparer

By BOMCAS CANADANov 10, 2022

There are many benefits of bookkeeping, both for individuals and businesses. It can help you to claim tax deductions, spot errors, and project your company's future financial performance. It also helps you determine if you owe anyone money. Whether you need help or want to hire an accountant or bookkeeper, there are many options available. Cost of hiring a bookkeeper Hiring a bookkeeper can be costly for a small business, but it can be a worthwhile investment. Bookkeeping services are essential to running a successful business, and the right bookkeeper can save you from making costly mistakes. Costs of hiring…

Bookkeeping

Why Choose Calgary Accounting For Tax Preparation?

By BOMCAS CANADANov 10, 2022

If you are thinking of pursuing a career in tax preparation, there are many benefits to this career path. It is an applied field that provides valuable assistance for companies and families, from calculating annual expenditures to personal income taxes. In Calgary, accounting professionals are needed by all businesses and organizations, no matter how small. Challenges of tax preparation Accounting for tax preparation can be a challenging business. With varying tax laws in various jurisdictions, it can be difficult to prepare a client's return accurately. In addition, cross-border services may make it difficult to value data and interpret tax laws.…

Accounting

The Costs of Tax Preparation in Calgary

By BOMCAS CANADANov 10, 2022

In Calgary, the Tax Preparation Services industry provides various tax preparation services to consumers and small businesses. The industry's main offerings include tax planning services, client income preparation services, and review of tax returns. In addition, the industry offers a variety of products to make tax preparation easier. In Calgary, individuals and small businesses are required to file a tax return every year. The cost of tax preparation Whether you're preparing your own income tax return or seeking help from a professional, it is important to understand the costs of tax preparation. The cost of tax preparation is usually determined…

Tax Preparation

What is Personal Tax in Canada?

By BOMCAS CANADAOct 31, 2022

Personal tax rates vary in Canada according to the income of an individual. People with lower incomes pay lower rates, while higher-income individuals to pay higher rates. The amount of taxable income is the total income less the allowable deductions and exemptions. This amount is then used to calculate taxes owed. Foreign tax credits are calculated by each source country/jurisdiction Foreign tax credits are tax breaks for Canadian residents who earn income outside of their home country. The credit can be up to 15% of the foreign taxes withheld. However, the credit cannot exceed the total amount of Canadian tax…

Business

Corporate Tax in Canada

By BOMCAS CANADAOct 31, 2022

Corporate taxes in Canada are regulated by the Canada Revenue Agency. The net tax rate for corporations is fifteen percent, after general tax reductions. Smaller companies, however, pay a lower rate. A business that has fewer than 500 employees is taxed at nine percent. Despite these relatively low rates, many businesses still struggle to make ends meet. Branch tax A corporation that runs a branch in Canada is subject to corporate tax, even if it is not a resident. Under the Income Tax Regulations, all payments received by a non-resident entity must be withheld and remitted to the Canada Revenue…

Business

What Is Bookkeeping?

By BOMCAS CANADAOct 31, 2022

Bookkeeping is the process of keeping records of financial transactions for a business. It is an integral part of the accounting process in a business or other organization. It involves preparing source documents for all business transactions, events, and operations. Bookkeepers prepare and maintain financial statements to track business growth and profitability. It helps businesses measure growth and profitability Business owners need to measure growth and profitability to ensure that they are making the best decisions for their businesses. Using an income statement to measure growth and profitability is one of the best ways to do this. It will give…

Business