Accounting and Tax Services - Canada Accountant

Nov

05

2022

Agriculture and Agri-Food Taxes Canada

The impact of agri-food taxes on the Canadian economy The Canadian economy depends on the agricultural sector to produce the food we consume. Canada's agriculture sector has long been a leader in the global marketplace and is known for high-quality, innovative products. It is also a driving force for international trade. As a result, agri-food taxes to help support the industry and help boost the economy in general. Canada's agri-food industry is highly integrated, which means most processing facilities are not highly reliant on international imports. Imports of fresh vegetables and fruits, for example, accounted for only 40 percent of…

Nov

05

2022

By Bomcas Canada Accountant

Payroll and Payroll Taxes in Canada

Accounting and Tax Services, Bookkeeping

Most payroll taxes and income taxes are federal, although the province of Quebec has its own laws on payroll taxation. There are employment tax resources available to guide employers through the legal requirements. In addition, the Canada Pension Plan (CPP) is federally operated and applies in all provinces, except for Quebec. Payroll If you are running a business in Canada, you will need to pay payroll taxes. Payroll taxes are determined according to federal laws, but the rules and regulations for each province and territory may differ. It is a good idea to consult an employment tax resource to guide…

Nov

05

2022

By Bomcas Canada Accountant

What is Bookkeeping?

Accounting and Tax Services, Bookkeeping

Bookkeeping is the process of recording financial transactions in a business or organization. It involves creating source documents for all business transactions, operations, and events. This is a vital part of any organization's accounting processes. In addition to recording financial transactions, bookkeeping also involves preparing financial statements. Ultimately, bookkeeping helps businesses manage their finances. Double-entry method The double-entry method of bookkeeping requires two entries for each transaction. Each of these entries describes how much money moves in or out of an account. The double-entry method is used by most businesses. However, some forward-thinking firms are using artificial intelligence and machine…

Nov

05

2022

By Bomcas Canada Accountant

Tax Implications For Self-Employed and Sole Proprietorships

Accounting and Tax Services, Business Services

Self-employed and sole proprietorships are similar in many respects, but they have distinct tax implications. For instance, sole proprietors must file separate tax returns. In addition, sole proprietors are required to report income and losses on their T1 tax return. These businesses must also file Canada Child Benefit and GST/HST credits. Tax implications of being a sole proprietor If you're a sole proprietor, you may be unsure of the tax implications of your business. As a sole proprietor, you are responsible for reporting and paying taxes on your professional income and any profits. This means you must keep records of…

Nov

05

2022

By Bomcas Canada Accountant

What Expense Cannot Be Deducted by a Sole Proprietor in Canada?

Accounting and Tax Services, Business Services

There are a few categories of expenses that a sole proprietor cannot deduct from their business income. First, they cannot claim their living expenses or salary. Next, they cannot deduct any expenses that are not related to their business. Finally, they cannot deduct any personal expenses that are not related to their business. This is an important distinction to make because it can save you money on taxes. Personal, living, or other expenses not related to the business cannot be deducted for tax purposes If you are a sole proprietor in Canada, you can only deduct business-related expenses. For example,…

Nov

05

2022

By Bomcas Canada Accountant

Can I Start a Business Without Registering it Canada?

Accounting and Tax Services, Business Services

There are a number of reasons to register your business. You may want to choose a unique name and incorporate your business on a federal or provincial level. You should also consider the costs involved in forming a company. This article will discuss the costs and benefits of registering a business. Costs of registering a business The cost of registering a business varies considerably between jurisdictions. The Australian Competition and Consumer Commission recently released a benchmarking study on the cost of business registration. The study looked at five different types of business registration and compared the costs and time involved.…

Nov

05

2022

By Bomcas Canada Accountant

Do I Need a Business Number As a Sole Proprietor Canada?

Accounting and Tax Services, Business Services

If you are planning to start a new business in Canada and want to be recognized by the government, then you must register your business with the government. There are several steps that you must follow to successfully register your new business. The first step is to acquire a business number. This number is required for federal programs administered by the Canada Revenue Agency. Getting a business number In Canada, it is essential for sole proprietors to have a business number. A business number is used for a variety of purposes. Some of these include payroll deductions, import-export taxes, and…

Nov

05

2022

By Bomcas Canada Accountant

Do I Need an Accountant For a Sole Proprietorship?

Accounting and Tax Services, Business Services

Sole proprietorships are common in Canada and can be started by anyone. Most sole proprietorships start out with freelance work. There are many advantages to starting a business as a sole proprietor, including tax implications. If you decide to start your own business, you'll want to find an accountant who is experienced in working with sole proprietors. Tax implications of operating a sole proprietorship There are many benefits to operating a sole proprietorship in Canada. For one, the accounting and tax reporting requirements are straightforward. In addition, a sole proprietorship does not need a separate tax account. Another great benefit…

Nov

05

2022

By Bomcas Canada Accountant

How Do I Pay Myself a Salary As a Sole Proprietor?

Accounting and Tax Services, Business Services

Paying yourself a salary is entirely irrelevant if you're running a sole proprietorship. Whether you pay yourself a salary for tax purposes is irrelevant if you have a government-run pension plan. In Canada, a sole proprietorship pays the owner no income tax. Whether or not you pay yourself a salary for tax purposes is irrelevant for sole proprietorships Paying yourself a salary for tax purposes is not mandatory for sole proprietorships, and there is no legal requirement to do so. However, you should follow certain guidelines to avoid getting into trouble with the IRS and other government agencies. The IRS…

Nov

05

2022

By Bomcas Canada Accountant

In Canada Is it Better to Incorporate Or Sole Proprietor?

Accounting and Tax Services, Business Services

Tax advantages of incorporation There are several tax advantages of incorporating a business. For starters, the income from the corporation can be tax-deductible. There are strict rules when it comes to split income, so careful planning is essential to take advantage of this tax shelter. Furthermore, the corporation provides a higher level of tax shelter for qualified pension and retirement plans than individuals do. Incorporating a business also allows for better structuring of real estate holdings. For example, incorporating a real estate holding could help you split income with other family members. However, it is important to note that the…

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