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Nov
05
2022
By Bomcas Canada Accountant
How to File Your Income Tax as a Sole Proprietor in Canada

How to File Your Income Tax as a Sole Proprietor in Canada

Accounting and Tax Services, Business Services
When it comes to determining whether or not your business is a sole proprietorship, you'll need to make certain considerations before filing your income tax return. For example, you'll need to determine whether or not your business is eligible to apply for a business number with the federal government. In addition, you'll need to consider paying sales taxes and applying for various permits from various government agencies. Fortunately, the government of Canada has created a platform called BizPal, which will help you identify what types of permits you'll need to operate your business. It also allows you to apply for…
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Nov
05
2022
By Bomcas Canada Accountant
Sole-Proprietorship Taxes in Canada

Sole-Proprietorship Taxes in Canada

Accounting and Tax Services, Business Services
There are two ways to file Sole-proprietorship Tax returns in Canada. One option is to file Form 5471 and include it with your personal income tax return. If you're a non-resident, the benefit is that you'll only be required to pay 9% more tax than if you were a Canadian-controlled corporation. Form 5471 Unlike Form 1120, Form 5471 requires an individual to present financial data on a balance sheet in U.S. dollars, including income statements and tax payments. This form also requires the presentation of certain foreign assets and liabilities on a straight-line basis. The IRS is strictly enforcing its…
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Nov
05
2022
By Bomcas Canada Accountant
How to Register for a GST HST Account in Canada

How to Register for a GST HST Account in Canada

Accounting and Tax Services, Business Services
If you have a business in Canada and plan to sell products or services, you should know how to register for a GST/HST account. This type of account is required if your business's gross sales are over $30,000. Small suppliers do not need to register, but larger businesses, non-residents, charities, public institutions, and taxi operators must register. You should consult a CPA if you have any questions or need assistance in registering. Business Registration Online If you have a business and you're interested in getting a GST HST account in Canada, you've come to the right place. The CRA website…
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Nov
05
2022
By Bomcas Canada Accountant
Tax Benefits For Farmers in Canada

Tax Benefits For Farmers in Canada

Farm Tax, Accounting and Tax Services
Canada is a country that is home to many farmers. They contribute to our economy and to the health of the population. The Canada Revenue Agency is trying to make filing tax returns easier for farmers. Here are some benefits that farmers can receive. These benefits can be found by submitting a benefit claim. Corporate tax rates are lower than personal tax rates As a farmer, you can benefit from corporate tax rates that are lower than personal tax rates. If you are incorporated as a farmer, you will pay a lower rate and defer your taxes for a longer…
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Nov
05
2022
By Bomcas Canada Accountant
How to Register a Business in Canada

How to Register a Business in Canada

Accounting and Tax Services, Business Services
Limited partnership In order to form a limited partnership, you will need to file a certificate with the appropriate regulatory body. A limited partnership is a business with a single general partner and one or more limited partners. The general partners have unlimited liability, while the limited partners have limited liability. Limited partners can be Canadian citizens or non-residents. The registered office for a limited partnership must be in the province of registration. Once your application is approved by the Registrar, your Limited Partnership will be established and operational. The declaration expires after five years, so make sure you file…
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Nov
05
2022
By Bomcas Canada Accountant
Cash Flow Management Tips For Non-Profit Businesses In Canada

Cash Flow Management Tips For Non-Profit Businesses In Canada

Accounting and Tax Services
Cash flow is vital to daily operations and strategic planning. Learning how to manage it can help you cope with unanticipated changes in your business. It is a skill you can take with you into other endeavors. Here are some tips to help you manage your cash flow. Cash flow is essential to daily operations A nonprofit organization's cash-flow management is vital to its daily operations. Cash-flow management can help nonprofits meet their daily expenses and strategic plans. However, it is not just about knowing how much money is coming in and going out. It can also help nonprofits avoid…
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Nov
04
2022
By Bomcas Canada Accountant
Common Types Of Legal Structure For Businesses In Canada

Common Types Of Legal Structure For Businesses In Canada

Accounting and Tax Services
There are many different types of legal structure for businesses in Canada. These include corporations, limited partnerships, sole proprietorships, and trusts. Each has their own legal and business advantages and disadvantages. To learn more about the different types of legal structures, read on. Listed below are common types of businesses in Canada. Corporations There are two common types of legal structure for businesses in Canada: corporations and partnerships. A corporation is a legal entity separate from its owners and can carry on business throughout Canada, although the Canadian Business Corporations Act requires that the head office and a quarter of…
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Nov
04
2022
By Bomcas Canada Accountant
Which Accounting Softwares Are the Best?

Which Accounting Softwares Are the Best?

Accounting and Tax Services
There are many different accounting softwares available in Canada. The features and functionalities vary considerably, so choosing the right one for your business is crucial. Some of the features you should look for in a software package include accounts receivable, inventory tracking, and integration with your bank accounts. Accounts receivable There are many different accounting softwares available for small businesses, and it's important to choose the one that best meets your business needs. While some systems may be more advanced than others, most are capable of managing basic financial data and handling invoicing and reporting. In addition, many systems can…
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Nov
04
2022
By Bomcas Canada Accountant
Guide to Filing Your Corporate Tax in Canada

Guide to Filing Your Corporate Tax in Canada

Corporate Tax
If you have a Canadian corporation, you need to know the steps for filing your corporate tax. The CRA requires corporations with annual gross revenues over $1 million file electronically. However, they also like to make exceptions. Corporations in Canada pay their tax in quarterly or monthly installments. If you are a new corporation, you may not have to make installments at all. Form RC4649 If you run a company or business, then you need to know about the requirements for filing your corporate tax in Canada. You must file your corporate tax if you have a gross revenue of…
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Nov
04
2022
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By Bomcas Canada Accountant
A Guide to Filing Your Personal Tax in Canada

A Guide to Filing Your Personal Tax in Canada

Personal Tax
When filing your personal tax return in Canada, it is essential to understand your responsibilities and obligations. It is also important to understand your deductions and credits. These depend on your particular tax situation. Some common deductions include medical and childcare expenses. In addition, you should include details about the market value of any assets you brought to Canada. If you decide to sell an asset, capital gains will be calculated based on the market value. Form T2125 Before moving to Canada, you should learn about the different taxes you'll be responsible for. In Canada, there are several types of…
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