Blog

Nov
26
2022
By Bomcas Canada Accountant
What CPA Ontario Does

What CPA Ontario Does

Public Accounting
Whether you're looking to become a CPA or you're an existing member, it's important to know what CPA Ontario does. They regulate the practice and professional conduct of individuals who are CPAs. They also investigate and discipline any complaints that are made about CPAs. Protecting the public interest Chartered Professional Accountants of Ontario (CPA Ontario) is a regulatory body that sets the standard for CPAs and accounting firms in the province. The CPA Ontario council, composed of four individuals appointed by the Lieutenant Governor in Council, is responsible for the licensing of Chartered Professional Accountants (CPAs) and the regulation of…
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Nov
26
2022
By Bomcas Canada Accountant
What Does a Professional Accountant Do in Canada?

What Does a Professional Accountant Do in Canada?

Public Accounting
Having an accountant can help you keep your finances in order. If you have a business, your accountant will be able to work with you to help you minimize your tax liabilities. Prepare financial statements Regardless of whether you're running a small business or managing a large corporation, you will need to prepare financial statements as a professional accountant in Canada. These statements are essential to assess the health of your business and make smarter decisions. The most basic type of financial statement is a notice to the reader, or NTR. This type of statement relies on the information provided…
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Nov
26
2022
By Bomcas Canada Accountant
CPA Alberta – The Professional Organization For Accountants

CPA Alberta – The Professional Organization For Accountants

Public Accounting
Whether you are an accountant looking to become a CPA or a CPA in Alberta, there are many things to consider before making the leap. The Association of Certified Professional Accountants in Alberta is a professional organization that is dedicated to providing members with valuable resources, such as job boards, podcasts, and membership benefits. These services can be invaluable to accountants looking to make a name for themselves in the Alberta profession. Accreditation Chartered Professional Accountants of Alberta (CPA Alberta) is a professional regulatory body that represents accountants in Alberta. The organization was created in 2015 by merging the former…
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Nov
26
2022
By Bomcas Canada Accountant
What Is CPA Canada?

What Is CPA Canada?

Public Accounting
Chartered Professional Accountants of Canada (CPA Canada) represents the interests of the CPA profession. It is a national organization that provides services to members. It also provides information about the education required to become a CPA, and the Code of Professional Conduct. It also has a research fund for members. Chartered Professional Accountants of Ontario (CPA Ontario) Chartered Professional Accountants of Ontario (CPA Ontario) is an organization that regulates CPAs in Ontario. It protects the public interest and upholds high standards of integrity in the CPA profession. Chartered Professional Accountants of Ontario is a member-based association. Members must complete a…
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Nov
26
2022
By Bomcas Canada Accountant
What is Public Accounting in Canada?

What is Public Accounting in Canada?

Public Accounting
Chartered Professional Accountants in Canada provides a variety of professional services to individuals and companies. Their services are also regulated, and the Public Accountants Act in Newfoundland and Labrador, among other provincial and territorial laws, requires them to meet certain professional standards. Chartered Professional Accountants and Public Accountants Act of Newfoundland and Labrador Chartered Professional Accountants and Public Accountants Act of Newfoundland and Labrador are an Act enacted on May 16, 2012. It is also known as the Chartered Professional Accountants and Public Accountants (CPA) Act. In Newfoundland and Labrador there are about 1,880 financial auditors and accountants. The Act…
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Nov
05
2022
By Bomcas Canada Accountant
Agriculture and Agri-Food Taxes Canada

Agriculture and Agri-Food Taxes Canada

Accounting and Tax Services, Farm Tax
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…
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Nov
05
2022
By Bomcas Canada Accountant
Payroll and Payroll Taxes in Canada

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…
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Nov
05
2022
By Bomcas Canada Accountant
What is Bookkeeping?

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…
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Nov
05
2022
By Bomcas Canada Accountant
Tax Implications For Self-Employed and Sole Proprietorships

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…
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Nov
05
2022
By Bomcas Canada Accountant
What Expense Cannot Be Deducted by a Sole Proprietor in Canada?

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,…
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