How to Choose an Accountant for a Small Business - BOMCAS CANADA

 

How to Choose an Accountant for a Small Business

There are a few important factors to consider when choosing an accountant for your small business. One of the most important is the amount of engagement, your accountant will provide. You want someone who understands your small business needs, offers relevant insight, and is willing to meet with you as often as you need to answer questions. However, different accountants offer different levels of engagement. It's important to establish a regular contact schedule with your accountant, as if you don't keep in touch, you'll find it difficult to ask questions or spot problems.

Background check potential accountants

The first step to hiring a new employee is to do a thorough background check. This is a crucial step because an unqualified employee can cost you thousands of dollars. Also, if you hire the wrong person, you'll be forced to replace him or her, which will cost you half his or her salary. In addition, it'll take time and paperwork to train a new employee.

There are many ways to perform a background check. One of the best options is to use a background check company. Some background check services are free, while others may require a fee. Some of the best sites also include a database of records. Checkr is one such resource. However, it only supports US-based companies, and it takes up to 10 days to perform the checks.

Another option is to use a specialist agency. These agencies can provide a background check, but they will need to be approved beforehand. Additionally, the fees charged by these services are higher than what you would pay with an individual background check. Additionally, these companies can't guarantee the accuracy of their findings.

A background check is vital for employers of all sizes, but it's even more important for small businesses. Choosing a reliable and trustworthy employee is essential for success. Hiring an unreliable employee could put your business at risk and cost you dearly in the long run. Background checks can give you peace of mind and help you make better hiring decisions.

Background checks can help protect your employees, customers, and company resources. Nobody wants to hire an employee with a criminal history. In addition, these checks improve the quality of your hire and ensure the candidate provided accurate information. A background check can save you a lot of time, money, and headache.

Determine if you need an outside or inside accountant

A small business owner often needs the help of an accountant to prepare and file income tax returns. They also prepare financial statements and help with budgeting. Sometimes, the business owner needs more than just annual financial statements; they want monthly and quarterly financial statements. The accountant also needs to know about the software you use to keep your books.

There are many types of accountants to choose from, and the type of service that you need depends on the size and complexity of your business. A general accountant may be all you need for a small business, while more specialized accountants may be necessary for larger companies. As a small business owner, you should consider your business size, industry, and budget when deciding whether or not to hire an accountant.

Before hiring an accountant, you should conduct a background check on him or her. You should ask for references, check their credentials, and look for any regulatory complaints or marks on their record. You can also try out a temporary accountant to assess your needs and make recommendations.

It is crucial for small businesses to have accurate and organized financial data. This will help owners make informed decisions and provide accurate information to investors and the government. An accountant can help you establish a centralized accounting system and ensure uniform procedures for data entry. In addition, they can oversee security and backup of your valuable financial data.

An accountant can also help you formulate a business plan. Without a plan, a business will fail. A business plan will help you set goals and achieve success. The accountant can also prepare financial reports and tax returns for you in a timely manner.

An accountant can also help you save money by preventing fraud. Fraud can occur when employees are allowed to take advantage of lax accounting. An outside accounting firm is more likely to catch employee fraud, due to its ability to look beyond the "expectations gap."

Find an accountant by word of mouth

Word of mouth is a powerful marketing tool for accounting firms. Asking clients for referrals and featuring positive testimonials on social media is a good start. Providing thought leadership and sharing best practices can also help you attract more clients. Both marketing strategies are applicable to small businesses and individuals. The difference lies in the type of customer you're trying to attract. For instance, if you're marketing to individuals, you'll likely have fewer competitors and a higher opportunity of being seen by people. Moreover, this method of marketing will require a higher time commitment.

One of the oldest forms of marketing is word of mouth. People are likely to refer people to the businesses they trust, especially in a trust-based industry like accounting. Clients entrust their accountants with their hard-earned money and want to be confident that they're partnering with the best. Hence, it's crucial to provide good service and do your best to earn their trust.

Word of mouth is a powerful tool to find the right accountant for your business. Ask friends, colleagues, and family members for recommendations. Many accountants will appreciate referrals from trusted friends. Incentives like discounts or gift cards are also a great way to reward your referrals.

Finding an accountant for your small business can be difficult, but word of mouth can be a great way to find one. Make sure that the accountant you hire is a good fit for you and your company. Make sure that you can trust them and that they have a good track record.

Another way to find an accountant for your small business is to attend local networking events. Make sure to pick events that are tailored to small businesses, as this will attract your ideal customer. Use sales networking techniques that don't involve selling, but focus on establishing rapport and building relationships.

Another way to promote your business is through the Internet. Posting your services on popular websites can help you gain new customers. Additionally, you can give away free accounting advice to people who need it. By offering free consultations to past and current customers, you can gain new leads for your accounting services.

You can also contact other small business owners for referrals. The chamber of commerce may be able to refer you to reputable accountants. The chamber may also partner with accounting firms to provide discounted rates for small businesses. Once you have found a few, interview each candidate to determine if you want to work with the person you've been talking to. Discuss your business needs and accounting procedures with them.

A referral from an existing customer or an adviser is the best way to find an accountant for your small business. There are many advantages to using word of mouth.

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Bomcas Canada Accounting & Tax Service Can Help You Understand Tax Rules Affecting Cross-Border Transactions

 

Canada Accounting & Tax Service Can Help You Understand Tax Rules Affecting Cross-Border Transactions

Canada Accounting & Tax Service can help you understand the tax rules and regulations affecting cross-border transactions. Our experienced tax advisors can provide you with the information you need to make informed decisions regarding your tax obligations. They can also help you determine how much tax you will have to pay on a business transaction.

GST/HST

GST/HST is a tax on imported goods and services. It also applies to intangible personal property such as creative works, patents and industrial designs. In some cases, it also applies to the transfer of property. For example, if you import a bus, you will be liable for GST if you use it for personal or business purposes.

GST/HST is applicable to all sales to Canadians, including sales of digital goods. Digital platform operators and non-resident vendors must register and collect the tax from customers. They must account for this tax on their customs accounting documents. If they have sales of $30K or more in a year, they are required to collect and remit the tax.

GST/HST is applicable to most goods imported into Canada. Non-residents may not have to pay GST if the goods are destined for a participating province. However, they may have to pay the federal part of the tax when they register in the province.

When it comes to GST/HST reporting, a business usually has an annual reporting period. However, there is also an option of filing more frequently. If your revenue from taxable supplies exceeds a certain threshold, you must file a return more frequently.

Insurance companies levied by municipalities and provinces

Municipalities and provinces levy various taxes to fund the operations of insurance companies. Some of these taxes are specifically designated for health insurance, while others are not. Most government contributions go towards a provincial workers compensation program. However, some provinces also levy premiums on certain types of insurance contracts.

Compensation tax on insurance premiums

The compensation tax on insurance premiums is a tax that insurance companies are required to pay. It is a 2% to 5% tax on the cost of premiums. This tax is also included in the amount the insurance company pays to administer the policy. However, some provinces do not have this tax, such as Quebec.

Gross premiums are defined as amounts written for coverage under a policy during a calendar year. These premiums may be satisfied by cash, note, or loan, as provided in the policy contract. These premiums may also be satisfied by other means, such as dividends or the return of premiums. Other deductions include fees and assessments, which may be required to adjust a policy rate, and surrender and cancellation fees.

Small business deductions

Small business deductions, also known as SBD's, are tax benefits that small businesses can take advantage of to reduce their overall taxable income. In order to qualify for this deduction, you must own a private corporation in Canada and have active business income of under $500,000. To claim this benefit, you must keep track of all business expenses and document them accordingly.

One of the largest tax deductions for small businesses in Canada is depreciation on capital assets. While these costs are not deductible in one year, they are written off over time based on a specific rate of depreciation. You can claim up to half of the cost of a capital asset in the first year of ownership, but you must make the purchase before the end of the tax year.

Small business owners can also deduct up to 50% of their meals and entertainment expenses, as long as they provide receipts. However, you cannot use credit card statements to claim these deductions. It is a good idea to keep all receipts and write down the names of the attendees of these meetings, as credit card statements are not acceptable to the Canada Revenue Agency. Additionally, you can deduct the cost of tools purchased for business purposes. However, you will need to take into account the depreciation of these tools and equipment before claiming them.

Another important type of deduction for a small business is prepaid expenses. You can claim this deduction if you have paid for them in advance. If you pay for an expense in advance, you can use the accrual method of accounting to claim it. However, you should remember that some types of expenses are not deductible. In order to make sure that you are getting all the deductions that you are entitled to, you should work with an accountant or bookkeeper who can help you understand the tax code.

Income tax rates for corporations

If you are a business owner in Canada, it is important to know your income tax rates and business limits. In addition to federal taxes, income tax rates for corporations differ by province and may be lower in your home province than in the province where you do business. If you are unsure of the corporate tax rates in your province, contact a professional accountant today.

You may be surprised to know that there are various tax exemptions and deductions available for companies. One example is the dividend tax credit. This credit is equal to 65% (Partially Integrated System) or 100% (Small and Medium Enterprises System) of corporate tax paid by the company. Further, profits of corporations subject to the 40% global complementary tax rate will be eligible for an additional 5% tax credit.

As a business owner, it is important to know that the corporate tax rates in Canada can change every year by 0.5% or 2%. Although a business limit of $500 000 has been the standard in Canada for over a decade, recent changes have caused some provinces to increase this limit. In 2008, general corporations and CCPCs paid the highest rates. The combined federal and provincial tax rate for corporations in Ontario and New Brunswick is expected to be 29% by 2020. These rates are still relatively low, especially when compared to the U.S. past, where the average combined federal and Maine state rate for corporations is over 43%.

While the federal government's income tax rates for corporations are similar to those for individuals, Canadian businesses must consider other tax issues when establishing a branch in the U.S.

Tax planning for cross-border transactions

If you're looking to expand your business into the United States, tax planning is of the utmost importance. Not only must you minimize your tax liabilities, but you also have to make sure that you're compliant with all laws and regulations, especially when it comes to transfer pricing. With Canada Accounting & Tax Service, you can take advantage of cross-border tax planning to ensure that you're doing the right thing.

Tax compliance services include corporate tax compliance, sales and use tax compliance, and business information reporting. In addition, they offer transfer pricing strategies and documentation, and are available to assist with tax controversy. Their services are available to clients from small businesses to large multinational corporations. In addition to providing tax compliance services, they also offer dispute resolution, audit defense, and voluntary disclosures.

Whether you're a Canadian citizen, own a business in the U.S., or are planning to buy property in the U.S., the tax laws on both sides of the border are complex and evolving. You can expect a tax professional from Canada Accounting & Tax Service to create a customized cross-border tax planning strategy based on your unique business circumstances. They'll also regularly review and update it to reflect any new tax legislation.

Transfer pricing is the process by which a multinational group entity must price transactions with foreign subsidiaries. This ensures that their profits are properly reported in Canada. As a result, transfer pricing planning is essential to ensuring that your business is compliant with Canadian tax laws.

Accounting and Tax Preparation Services in Edmonton, Alberta - BOMCAS CANADA

 Accounting and Tax Preparation Services in Edmonton | BOMCAS CANADA

https://bomcas.ca/accounting-and-tax-preparation-services-in-edmonton/

Accounting and Tax Preparation Services in Edmonton

Whether you’re looking for professional help with your taxes, or need a tax preparer to handle your books, there are several Accounting and Tax Preparation Services in Edmonton. From a small business to a larger corporation, there are services available to fit your needs. Here, we take a look at a how BOMCAS Edmonton Accountants can help you.

(46) Accounting and Tax Preparation Services in Edmonton - YouTube

What to Look For in Canadian Personal Tax Preparation

Before choosing a tax professional, you should know what to look for when it comes to Canadian Personal Tax Preparation. A tax advisor can help you understand your tax return and help you choose the best option for your situation. The tax year in Canada is similar to the tax year in the United States. Individuals and self-employed taxpayers must file their tax returns by April 30. Generally, no extensions are allowed.

BOMCAS Accounting and Tax Preparation Services in Edmonton

Bomcas Edmonton Accounting and Tax professionals specializes in personal tax preparation for both individuals and businesses. The team or accountants have many years of experience working with private businesses and high-net-worth individuals.

Accounting and Tax Preparation Services in Sherwood Park, Alberta

Accounting and Tax Preparation Services in Sherwood Park, Alberta | BOMCAS CANADA

Accounting and Tax Preparation Services in Sherwood Park, Alberta

If you need an accounting or tax preparation service in Sherwood Park, Alberta, then you’ve come to the right place. Bomcas Canada Personal, Corporate and small business Tax and Accounting Services. The Sherwood Park team of Accountants of many years of experience in accounting, tax preparation, and bookkeeping, and is a team of expert to work with you in helping your business maximize its profits and efficiency. We works with a variety of industries, including small businesses and trades. We serves clients in Fort Saskatchewan, Ardrossan, Edmonton, St Albert and Sherwood Park.

How to Prepare Your Canadian Taxes

Before filing your Canadian taxes, it’s a good idea to organize your documents. Keep all receipts, invoices, and other documents to prove your deductions. You’ll also need original copies of paper documents to submit to the Canadian Revenue Agency (CRA). Using a checklist is a good way to stay organized and track deductions. Our Accountants in Sherwood Park provides assist in this process.

There are new tax credits for certain financial situations. For example, if you’re self-employed and earn a significant amount of income in foreign currency, you can claim foreign tax credits to reduce your taxable income. Also, the small business tax rate for self-employed expatriates in Canada was reduced from 10.5% to 9% at the start of 2019.

Accounting and Tax Preparation Services in St Albert, Alberta

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When you’re looking for a reputable Accounting and Tax Preparation Service in St Albert, AB, look no further than BOMCAS Canada. This firm has been in the business for a long time and has a reputation for exceptional service and client care. They utilize a comprehensive, personalized approach to meet their clients’ needs. This means they spend time learning about their clients’ financial situation and life circumstances. This ensures they are fully aware of any changes, so they can minimize the tax effects.

Accounting and Tax Preparation Services in Calgary - BOMCAS Canada

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Accounting and Tax Preparation Services in Calgary

When it comes to choosing an Accounting and Tax Preparation Service in Calgary, there are several factors to consider. Some of these factors include the type of service you require, whether it is bookkeeping or a tax return. The professionals at BOMCAS Canada Accounting offer strategic, organized services that are tailored to your business needs. The staff is experienced and k

HOW TO FILE YOUR TAX RETURNS IN ALBERTA - BOMCAS CANADA

HOW TO COMPLETE YOUR TAX RETURNS IN THE PROVINCE OF ALBERTA

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The time of year when tax returns have to be submitted can be a very stressful time of year, but this does not have to be the case. When you contact BOMCAS Canada Accounting as your small company's accountant, we will assist you with anything from investment income and capital gains to write-offs, charges, deductions, and income splitting. This is just a sampling of the services that we provide. Because everything will be handled on your behalf, there is no need for you to be concerned about anything at all. In this blog, we provide information on who should file, when to file your Alberta taxes, and the many alternatives for filing. We also discuss who should file, when to file, and what options are available. We also talk about who should file and when they should file it. Please do not hesitate to get in touch with us at any time if you have any more questions and we will be happy to assist you.

Note: If you want to ensure that the information you are using to file your provincial taxes in Alberta is up to date with the most recent information available, visit the website of the Government of Alberta or get in touch with Bomcas Accounting.

Corporations are required to submit their tax returns.

Every single firm that conducts business in the Canadian province of Alberta is obligated, on a yearly basis, to file what is referred to as a T2 return, which is also referred to as the federal company income tax return. In addition, an AT1 Alberta corporate income tax return is required to be filed by any and all enterprises that operate in the province in any capacity, regardless of whether or not they have a physical location there. In the event that your company does not owe any taxes, you are still required to file the federal tax return even though you do not owe any taxes.

The only two Canadian provinces that are responsible for collecting their own taxes are Alberta and Quebec. The collection of tax income for all of the other provinces and territories in the country is the responsibility of the federal government.

When and how to file your taxes for your corporation

Your income tax return needs to be filed within the first six months after the end of your company's fiscal year at the very latest. You have the choice of submitting it in either electronic or paper format (but net file is preferred).

filing tax returns for a firm utilizing an electronic file known as a net file

In order to electronically file an Alberta corporate tax return, taxpayers and service providers in the province of Alberta are permitted to use certified software. This pertains to both reassessments as well as returns that have been modified.

If you want to be able to submit tax returns using the net file method, your corporation has to have a corporate account number that is still active in the province of Alberta (CAN). On the Alberta Certificate of Incorporation, you should be able to locate this CAN, which is also referred to as the Corporate Access Number. The subject of both names is the same item.

It is mandatory to prepare and submit the return using tax return preparation software that has been approved by the TRA. Consult the website of the Alberta Government to obtain a list of the tax preparation programs that have been authorized.

Beginning with the tax year that begins on December 31, 2017, you will be required to submit a net return for Alberta if your corporation's yearly gross revenue is more than one million dollars. There are a few situations in which this rule is not adhered to, such as when your company is categorized as an insurance corporation or when it is a non-resident corporation. In these instances, the rule does not apply

filing tax returns for commercial enterprises using paper forms

You can acquire a list of the Alberta Corporate Income Tax Return and Schedules by going to the website of the Provincial Government of Alberta.

Create a connection with the Canadian  Tax and Revenue Administration (also known as the CRA Canada Revenue Agency).

The business is open from 8:15 in the morning until 4:30 in the afternoon (open Monday to Friday, closed statutory holidays)

Performing one's own personal tax preparation duties.

You can view and print off your Alberta tax forms on the CRA website. These forms are for the province of Alberta.

The majority of Canadians have until May 2, 2022 to file their personal income tax and benefit return for the year 2021, which is the deadline for doing so. The return in question is for the year 2021. If either of you are self-employed, the deadline is June 15, 2022, and it applies to both you and your spouse or common-law partner, if either of you are in that position.

You can choose to file your taxes either online or on paper, or you can hire someone else to handle it for you for a fee. All three options are available to you. On the website of the Canada Revenue Agency (CRA), you could discover instructions on how to file your personal income taxes.