July 2020 | Bomcas Canada Services

BOMCAS CANADA ACCOUNTING AND TAX PREPARATION SERVICES
Ednonton Alberta, St Albert
Sherwood Park, Alberta
780-667-5250
[email protected]

When it comes to Tax preparation and Filing BOMCAS Edmonton and Sherwood Park Accounting and Tax Services have you covered.

The Alberta Indian Tax Exemption (AITE) program consists of:

The AITE card is issued by Tax and Revenue Administration (TRA) to eligible consumers and bands. This card must be presented to the retailer or accommodation operator at the time of purchase to show the retailer that the fuel, tobacco or accommodation may be sold to the cardholder exempt from tax or levy.

You are an eligible consumer, and may apply for an AITE card, if:

No incorporated entity is eligible for the AITE program.

Fillable PDF forms do not open properly on some mobile devices and web browsers. If the form doesn’t open, or you can’t complete the form, or you see a “please wait” message, follow these steps to complete and save fillable forms from Tax and Revenue Administration (TRA):

In order to reduce the necessity for taxpayers and tax preparers to meet in person, TRA will recognize electronic signatures. This administrative measure applies to all prescribed forms administered by TRA. To add a digital signature, the form must first be downloaded or opened as a PDF.

Complete your forms and submit them to TRA.

Original Source: https://www.alberta.ca/alberta-indian-tax-exemption.aspx

BOMCAS CANADA ACCOUNTING AND TAX PREPARATION SERVICES
Edmonton Alberta
Sherwood Park, Alberta
780-667-5250
[email protected]

When it comes to Tax preparation and Filing BOMCAS Edmonton and Sherwood Park Accounting and Tax Services have you covered.

The Alberta Child and Family Benefit (ACFB) provides direct financial assistance to lower and middle-income families with children under 18.

To be eligible for the ACFB, you must:

ACFB payments are not taxable. If you receive Assured Income for the Severely Handicapped (AISH), Income Support or the Alberta child care subsidy, you are still eligible to receive the ACFB. Receiving the ACFB will not affect your eligibility for these programs.

The ACFB program is administered by the Canada Revenue Agency (CRA) on Alberta’s behalf. ACFB payments will be mailed or direct deposited by the CRA in 4 instalments. Payments are made in:

If you are eligible for amounts below $10 in any given quarter, then your payments could be consolidated and paid less frequently.

The amount your family receives under the ACFB will depend on your family’s income level and how many children under 18 you have.

The ACFB includes a base component and a working component. The ACFB’s base component is available to lower-income families with children, whether or not they earn any employment income.

Families are also eligible for the working component if their family employment income exceeds $2,760, with the amount received growing at a rate of 15% for every additional dollar of income earned over this threshold, until the maximum benefit is reached. As families work more they receive more benefits, encouraging them to join or remain in the workforce.

Use the child and family benefits calculator to find out how much you may be entitled to. Please note, you will need your income tax return to enter specific amounts.

The table below displays the maximum benefit amounts for a family receiving the ACFB. Benefit amounts for the base component and working component are reduced once family net income exceeds $24,467 or $41,000.

If your household’s status changes, your eligibility for the benefit may change. For example:

The Canada Revenue Agency (CRA) reassesses eligibility on a regular basis, as updated household information is received.

Original Source: https://www.alberta.ca/alberta-child-and-family-benefit.aspx

CONTACT US TODAY

BOMCAS CANADA ACCOUNTING AND TAX PREPARATION SERVICES
Edmonton
Sherwood Park, Alberta
780-667-5250
[email protected]



Accountants and accounting firms must fulfill specific obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations to help combat money laundering and terrorist financing in Canada. This means that you have obligations if you are a chartered accountant, a certified general accountant or a certified management accountant. You also have obligations if you are an accounting firm which is defined as an entity engaged in the business of providing accounting services to the public that has at least one partner, employee or administrator that is an accountant.
Accountants and accounting firms are subject to the PCMLTFA when they engage in any of the following activities on behalf of any individual or entity, or give instructions on behalf of any individual or entity in respect of:

You are subject to the requirements described further below when you engage in these activities, regardless of whether you receive fees or have a formal letter of engagement to do so. In other words, even if you carry out these activities on a voluntary basis, you are subject to the requirements of the PCMLTFA.
If you are paid for your accounting services, the receipt of the professional fees does not trigger associated obligations under the PCMLTFA.
When you give instructions for any of the triggering activities, it means that you actually direct the movement of funds. By contrast, when you provide advice to your clients, it means that you make recommendations or suggestions to them. Providing advice is not considered to be giving instructions.

If you are an employee of an accountant or accounting firm, the requirements described further below are the responsibility of your employer, except with respect to reporting suspicious transactions and terrorist property, which is applicable to both you and the employer.
Accountants and accounting firms are responsible for providing FINTRAC with certain transaction reports, for implementing a compliance program and for keeping records that may be required for law enforcement investigations. Their obligations under the PCMLTFA and associated Regulations are described below.

A comprehensive and effective compliance program is the basis of meeting all of your obligations under the PCMLTFA and associated Regulations. During a FINTRAC examination, it is important to demonstrate that the required documentation is in place and that employees, agents, and all others authorized to act on your behalf are well trained and can effectively implement all the elements of your compliance program. A senior officer must approve the compliance program and the compliance officer must have the necessary authority to carry out the requirements of the program. You must:

See Compliance program requirements, the Risk-based approach guide and the Risk-based approach workbook for accountants for more information on these obligations.

As an accountant or accounting firm, you must verify the identity of clients for certain activities and transactions according to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR).  Part of knowing your client includes following the methods to identify clients, as well as conducting certain additional activities as listed below:

Accountants and accounting firms are required to complete reports about certain transactions and property and submit them to FINTRAC. Financial transaction reports are critical to FINTRAC’s ability to analyze transactions in order to develop financial intelligence that is disclosed to law enforcement and partner agencies. Therefore, the quality of your reporting will be reviewed by FINTRAC in examinations.
Suspicious transactions: You must submit a suspicious transaction report (STR) as soon as practicable after completing the measures required to establish reasonable grounds to suspect that a transaction is related to the commission or the attempted commission of a money laundering/terrorist activity financing offence. The following STR guidance pieces explain how to identify and report suspicious transactions and should be read together. See What is a suspicious transaction report?, Reporting suspicious transactions to FINTRAC and Money laundering and terrorist financing indicators – Accountants.
Terrorist property:  When you know that property in your possession or under your control is owned, controlled by or on behalf of a terrorist or a terrorist group, you must submit a report without delay. You must also submit a report to the Royal Canadian Mounted Police (RCMP) and the Canadian Security Intelligence Service (CSIS). See Guideline 5: Submitting Terrorist Property Reports.
Large cash transactions:  When you receive $10,000 CAD or more in cash (including taxes or other fees) either in a single transaction or in multiple transactions within a 24-hour period, you must submit a report within 15 calendar days. See Guideline 7A: Submitting Large Cash Transaction Reports to FINTRAC electronically and Guideline 7B: Submitting Large Cash Transaction Reports to FINTRAC by paper.
If you have a computer and an internet connection, you must submit all reports to FINTRAC electronically, except Terrorist Property reports, which can only be submitted on paper.

You are responsible for keeping certain transaction and client identification records. These records are to be kept in such a way that they can be provided to FINTRAC within 30 days if required to do so. See Record keeping for accountants for details.

Non-compliance with Part 1 or 1.1 of the PCMLTFA may result in criminal or administrative monetary penalties.
Original Source: https://www.fintrac-canafe.gc.ca/re-ed/accts-eng

Provincial revenue is projected to be $50 billion in 2020-21, or $1 billion lower than forecast in 2019-20.

Revenue is forecast to stay relatively stable in 2021-22 and then grow to $58.1 billion in 2022-23, mainly by increasing income taxes and bitumen royalties.

Table 1: Budget 2020 Revenue (millions of dollars)

Source: Treasury Board and Finance

Non-renewable resource revenue is estimated to decrease due almost entirely to decreased bitumen royalties from a wider light-heavy oil price differential, reflecting more expensive rail transportation costs.

Revenue from non-renewable resources is forecast at $5.1 billion in 2020-21, growing to $8.5 billion by 2022-23.

For more information, see the updated economic and energy price assumptions on the Economic Outlook page.

Table 2: Non-renewable resource revenue (millions of dollars)

Source: Treasury Board and Finance

Tax revenue is forecast to be higher in 2020-21, due to increases in personal income tax, corporate income tax, education property tax and other tax revenue. These are offset by a reduction due to the elimination of the carbon tax.

Tax revenue in 2020-21 is estimated at $22.9 billion, and forecast to reach $25.9 billion by 2022-23.

Personal income tax revenue is estimated at $12.6 billion in 2020-21, an increase of $747 million, or 6.3% from 2019- 20. Revenue in 2019-20 was $171 million less than the Budget 2019 estimate after revised 2018 assessment data was lower than expected.

The decrease lowers the prior-years’ adjustment to $17 million, which was added to 2019-20 revenue to account for revisions to 2017-19 and 2018-10 revenue already reported in the government’s financial statements. This also reduces the base used to forecast personal income tax revenue for future years, including 2019 and 2020.

Reducing the corporate income tax rate increases competitiveness and attracts investment by reducing the cost of doing business in Alberta, as suggested by the MacKinnon Panel.

Corporate income tax is forecast at $4.5 billion in 2020-21, an increase of $294 million or 7% from 2019-20. Continued growth in corporate income tax is forecast, based on improving oil prices, expanding oil production, achievement of market access as well as growth in manufacturing and exports and rising economic activity.

Table 3: Tax revenue (millions of dollars)

BOMCAS LTD. Edmonton and Sherwood Park Tax Accounting Service. Feel Free to contact us regards getting your tax completed. One of our accountant will be happy to assist you all the way through. BOMCAS LTD. Income Tax Preparation Service in Edmonton Alberta will be happy to help you.  Call us Today You Will Be Happy You Did
The rates are based on the following income tax brackets:

The dividend tax credit rate for dividends paid out of income taxed at the general corporate income tax rate (eligible dividends) will be adjusted on January 1, 2021, corresponding with the acceleration of the general corporate income tax rate reduction announced June 29, 2020 in Alberta’s Recovery Plan.

Beginning on July 1, 2020, the Alberta Child Benefit (ACB) and the Alberta Family Employment Tax Credit (AFETC) are being consolidated into a single program, the new Alberta Child and Family Benefit (ACFB), with the first payment issued in August 2020. The new ACFB will provide more benefits to lower-income families while streamlining administration.
Final payments for the ACB and AFETC programs have already been issued, although the Canada Revenue Agency (CRA) will continue to issue retroactive payments for previous benefit years, if applicable. Households who previously received the AFETC will no longer receive a payment in July, as those that qualify will now receive one combined quarterly ACFB benefit payment starting in August.

Alberta’s personal income tax system is administered by the Canada Revenue Agency (CRA). The following forms are commonly used and are available from the CRA:

Original Source: https://www.alberta.ca/personal-income-tax.aspx

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BOMCAS LTD. Your local Accounting Firm in Sherwood Park Alberta Providing Tax and Accounting Services in Sherwood Park and Edmonton Alverta with over 15 years of Accounting and Tax Services. We are professional Tax Accountants Sherwood Park, Edmonton Alberta,  Small Business Tax Accounting. Experienced Tax Accountant serving Sherwood Park, Edmonton, St. Albert, Leduc, Stony Plain and Beaumont Alberta. Specializing in Small Business Tax, Accounting  and Bookkeeping.Personal and Corporate Tax Services locally and vierually(Opens in a new browser tab)

Feel free to contact us regards all your Tax, Accounting, Bookkeeping and Payroll needs. One of Our Accountant will be happy to work with you. 

Find Below information regards corporation tax for Alberta.

Canadian-controlled private corporations not in an associated group may claim a small business deduction on active business income (i.e., non-investment income), up to the small business threshold of $500,000. Canadian-controlled private corporations in an associated group share the maximum small business threshold.

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For more information about the small business deduction:

Bill 20, the Fiscal Measures and Taxation Act, 2019 received Royal Assent on December 5, 2019, and Alberta’s Scientific Research and Experimental Development Tax Credit (SR&ED) is being eliminated. For more information, see Special Notice Vol. 5 No. 54, Budget 2019 Elimination of Corporate Tax Credits.

Alberta’s Scientific Research and Experimental Development Tax Credit (SR&ED) program provides a refundable tax credit to corporations for SR&ED expenditures carried out in Alberta by the corporations.

More information and forms:

A corporation may be entitled to claim an Alberta Foreign Investment Income Tax Credit if it received foreign investment income and is entitled to claim a foreign tax credit under the federal Act relating to foreign income or profits tax paid on income from foreign non-business sources. Foreign investment income is income earned outside Canada that is not reasonably attributable to the carrying on of the corporation’s business. See the following schedule:

Bill 20, the Fiscal Measures and Taxation Act, 2019 received Royal Assent on December 5, 2019, and the Alberta Investor Tax Credit, Community Economic Development Corporation Tax Credit, Capital Investment Tax Credit, and Interactive Digital Media Tax Credit are being eliminated. For more information, see Special Notice Vol. 5 No. 54, Budget 2019 Elimination of Corporate Tax Credits, or the Budget 2019 Tax Plan (PDF, 7.5 MB).

Together with Alberta Economic Development, Trade and Tourism, Tax and Revenue Administration administers the following tax credits:

Unless it is exempt, a corporation is required to file an Alberta corporate income tax return (AT1) if it had a permanent establishment in Alberta at any time during the taxation year.

To determine if your corporation is exempt, complete the Exemption Criteria section in AT100, Preparing and Filing the Alberta Corporate Income Tax Return (PDF, 312 KB).

Additional information on who is not required to file, who is exempt and the definition of a permanent establishment are outlined in Information Circular CT-2, Filing Requirements.

Returns are due within 6 months from the end of a corporation’s tax year end.

Using certified software, taxpayers or service providers can use net file to electronically submit an Alberta corporate income tax return, including reassessments or amended returns. Net file provides the user with immediate receipt confirmation, faster processing and the convenience of filing from anywhere.

There is no access code or registration required.

Net file is available Monday to Saturday, 07:00 to 24:00 MST and on Sunday 17:30 to 24:00 MST.

To file a corporate income tax return (AT1) using net file, the corporation must meet all of the following criteria:

For returns for taxation years ending after December 31, 2017, any corporation whose gross revenue exceeds $1 million is required to net file its Alberta AT1 Returns.

The following are exceptions where the corporation is not required to net file:

For returns for taxation years ending after December 31, 2017, a tax preparer is required to net file AT1 Returns in circumstances where the tax preparer accepts consideration to prepare more than 10 returns.

The following are exceptions where the tax preparer is not required to net file:

The return must be generated and submitted using TRA-certified tax return preparation software.

For a list of certified software offering net file capability, see Software Certified for AT1 Net File Return Format for 2008 and Subsequent Taxation Years.

Refer to each software product for specific system requirements, instructions, and procedures on preparation and submission of returns in net file format.

If you have a February tax year end with an amount owing, instruct the payment to be applied to the same tax year end date on your tax return. For example, if your Tax Year End Date is February 29, 2020, ensure that the payment is instructed to be applied to February 29, 2020 as well.

Instalment payments are due the last day of each month, and the remaining balance, if any, is due as follows. If the due date falls on a weekend or holiday, then the due date is the next business date.

See Information Circular CT-3, Alberta Corporate Tax Instalments, for more information.

TRA Client Self-Service (TRACS) is a secure online system for authorized clients to conveniently conduct business with TRA. You can do the following tasks in TRACS:

For more details, instructional videos and to log in to your TRACS account, see TRACS information.

Direct deposit is a convenient, reliable, and secure way to receive a refund from TRA.

These documents discuss procedural matters and administrative policies and practices for programs administered by TRA. They are updated as necessary and a revision number assigned.

These documents explain legislation and provide specific information related to Alberta Corporate Income Tax. Interpretation bulletins are updated as necessary and a revision number assigned.

These documents are used to announce changes to the legislation administered by TRA, or changes to administrative policies and practices carried out by TRA. These notices are time-specific, and meant to be transitory in nature. The information may eventually be incorporated into other publications, such as information circulars or web content.

Fillable PDF forms do not open properly on some mobile devices and web browsers. If the form doesn’t open, or you can’t complete the form, or you see a “please wait” message, follow these steps to complete and save fillable forms from Tax and Revenue Administration (TRA):

In order to reduce the necessity for taxpayers and tax preparers to meet in person, TRA will recognize electronic signatures. This administrative measure applies to all prescribed forms administered by TRA. To add a digital signature, the form must first be downloaded or opened as a PDF.

Complete your forms and submit them to TRA.

Original Source: https://www.alberta.ca/corporate-income-tax.aspx

 

Personal Tax Returns Edmonton and Sherwood Park AB. BOMCAS is Edmonton and Sherwood Park Personal Tax Return Accountants. Edmonton Accountants When it comes to accounting, you need dedicated professionals that understand your personal needs. We build personal relationships with all our clients, because every personal and business tax situation is unique.CONTACT US TODAY – CLICK HERE

You provide us with your Sherwood Park and Edmonton Personal Tax Accounting Firm with your tax forms and documentation, and our tax experts will take it from there. They’ll ensure everything is in order, prepare, review everything with you, and then file your taxes for you. You get to sit back and relax, knowing your taxes are in expert hands.

Our tax professionals are experts in the ever-changing tax laws and benefits, as well as the nuances of your specific tax situation. Rest easy knowing your taxes are done right every time.

Upload your documents OR use your smartphone to take photos and send to us. Take it easy as we prepare, review, and file your tax forms.

Even if it’s not tax time, we’re always available to answer your questions as it relates to your Tax and accounting.Talk to an Expert Now

Alberta’s tax system supports low- and middle-income households while promoting opportunity and investment.On this page:

Alberta has the highest basic personal and spousal tax amounts in Canada. This means that Albertans are able to earn more before they have to start paying provincial income tax. When all taxes are taken into consideration, Albertans across all income ranges generally pay lower overall taxes compared to other provinces.

For more information, see:

The rates are based on the following income tax brackets:

Source: Treasury Board and Finance

The dividend tax credit rate for dividends paid out of income taxed at the general corporate income tax rate (eligible dividends) will be adjusted on January 1, 2021, corresponding with the acceleration of the general corporate income tax rate reduction announced June 29, 2020 in Alberta’s Recovery Plan.

Beginning on July 1, 2020, the Alberta Child Benefit (ACB) and the Alberta Family Employment Tax Credit (AFETC) are being consolidated into a single program, the new Alberta Child and Family Benefit (ACFB), with the first payment issued in August 2020. The new ACFB will provide more benefits to lower-income families while streamlining administration.

Final payments for the ACB and AFETC programs have already been issued, although the Canada Revenue Agency (CRA) will continue to issue retroactive payments for previous benefit years, if applicable. Households who previously received the AFETC will no longer receive a payment in July, as those that qualify will now receive one combined quarterly ACFB benefit payment starting in August.

Alberta’s personal income tax system is administered by the Canada Revenue Agency (CRA). The following forms are commonly used and are available from the CRA:

If you have questions about your own personal income taxes, or you are mailing a personal income tax return:

Original Source: https://www.alberta.ca/personal-income-tax.aspx

Since the 1940s, all incorporated businesses with a permanent establishment (e.g., office, mine, farm, oil well, etc.) in Alberta at any time in a taxation year pay income tax on the portion of their taxable income allocated to Alberta.

Tax and Revenue Administration (TRA) administers the Alberta Corporate Tax Act that provides the calculation of Alberta corporate income tax, including the Alberta small business deduction and tax credits.

The Alberta calculation of taxable income parallels the federal calculation, although taxpayers may claim different discretionary deductions such as capital cost allowance for federal and provincial purposes.

Canadian-controlled private corporations not in an associated group may claim a small business deduction on active business income (i.e., non-investment income), up to the small business threshold of $500,000. Canadian-controlled private corporations in an associated group share the maximum small business threshold.

For more information about the small business deduction:

Bill 20, the Fiscal Measures and Taxation Act, 2019 received Royal Assent on December 5, 2019, and Alberta’s Scientific Research and Experimental Development Tax Credit (SR&ED) is being eliminated. For more information, see Special Notice Vol. 5 No. 54, Budget 2019 Elimination of Corporate Tax Credits.

Alberta’s Scientific Research and Experimental Development Tax Credit (SR&ED) program provides a refundable tax credit to corporations for SR&ED expenditures carried out in Alberta by the corporations.

More information and forms:

A corporation may be entitled to claim an Alberta Foreign Investment Income Tax Credit if it received foreign investment income and is entitled to claim a foreign tax credit under the federal Act relating to foreign income or profits tax paid on income from foreign non-business sources. Foreign investment income is income earned outside Canada that is not reasonably attributable to the carrying on of the corporation’s business. See the following schedule:

Bill 20, the Fiscal Measures and Taxation Act, 2019 received Royal Assent on December 5, 2019, and the Alberta Investor Tax Credit, Community Economic Development Corporation Tax Credit, Capital Investment Tax Credit, and Interactive Digital Media Tax Credit are being eliminated. For more information, see Special Notice Vol. 5 No. 54, Budget 2019 Elimination of Corporate Tax Credits, or the Budget 2019 Tax Plan (PDF, 7.5 MB).

Together with Alberta Economic Development, Trade and Tourism, Tax and Revenue Administration administers the following tax credits:

Unless it is exempt, a corporation is required to file an Alberta corporate income tax return (AT1) if it had a permanent establishment in Alberta at any time during the taxation year.

To determine if your corporation is exempt, complete the Exemption Criteria section in AT100, Preparing and Filing the Alberta Corporate Income Tax Return (PDF, 312 KB).

Additional information on who is not required to file, who is exempt and the definition of a permanent establishment are outlined in Information Circular CT-2, Filing Requirements.

Returns are due within 6 months from the end of a corporation’s tax year end.

Using certified software, taxpayers or service providers can use net file to electronically submit an Alberta corporate income tax return, including reassessments or amended returns. Net file provides the user with immediate receipt confirmation, faster processing and the convenience of filing from anywhere.

There is no access code or registration required.

Net file is available Monday to Saturday, 07:00 to 24:00 MST and on Sunday 17:30 to 24:00 MST.

To file a corporate income tax return (AT1) using net file, the corporation must meet all of the following criteria:

For returns for taxation years ending after December 31, 2017, any corporation whose gross revenue exceeds $1 million is required to net file its Alberta AT1 Returns.

The following are exceptions where the corporation is not required to net file:

For returns for taxation years ending after December 31, 2017, a tax preparer is required to net file AT1 Returns in circumstances where the tax preparer accepts consideration to prepare more than 10 returns.

The following are exceptions where the tax preparer is not required to net file:

The return must be generated and submitted using TRA-certified tax return preparation software.

For a list of certified software offering net file capability, see Software Certified for AT1 Net File Return Format for 2008 and Subsequent Taxation Years.

Refer to each software product for specific system requirements, instructions, and procedures on preparation and submission of returns in net file format.

If you have a February tax year end with an amount owing, instruct the payment to be applied to the same tax year end date on your tax return. For example, if your Tax Year End Date is February 29, 2020, ensure that the payment is instructed to be applied to February 29, 2020 as well.

Instalment payments are due the last day of each month, and the remaining balance, if any, is due as follows. If the due date falls on a weekend or holiday, then the due date is the next business date.

See Information Circular CT-3, Alberta Corporate Tax Instalments, for more information.

TRA Client Self-Service (TRACS) is a secure online system for authorized clients to conveniently conduct business with TRA. You can do the following tasks in TRACS:

For more details, instructional videos and to log in to your TRACS account, see TRACS information.

Direct deposit is a convenient, reliable, and secure way to receive a refund from TRA.

These documents discuss procedural matters and administrative policies and practices for programs administered by TRA. They are updated as necessary and a revision number assigned.

These documents explain legislation and provide specific information related to Alberta Corporate Income Tax. Interpretation bulletins are updated as necessary and a revision number assigned.

These documents are used to announce changes to the legislation administered by TRA, or changes to administrative policies and practices carried out by TRA. These notices are time-specific, and meant to be transitory in nature. The information may eventually be incorporated into other publications, such as information circulars or web content.

Fillable PDF forms do not open properly on some mobile devices and web browsers. If the form doesn’t open, or you can’t complete the form, or you see a “please wait” message, follow these steps to complete and save fillable forms from Tax and Revenue Administration (TRA):

In order to reduce the necessity for taxpayers and tax preparers to meet in person, TRA will recognize electronic signatures. This administrative measure applies to all prescribed forms administered by TRA. To add a digital signature, the form must first be downloaded or opened as a PDF.

Complete your forms and submit them to TRA.

Original Source: https://www.alberta.ca/corporate-income-tax.aspx

The basic rate of Part I tax is 38% of your taxable income, 28% after federal tax abatement.

After the general tax reduction, the net tax rate is 15%.

For Canadian-controlled private corporations claiming the small business deduction, the net tax rate is:

Generally, provinces and territories have two rates of income tax – a lower rate and a higher rate.

The lower rate applies to the income eligible for the federal small business deduction. One component of the small business deduction is the business limit. Some provinces or territories choose to use the federal business limit. Others establish their own business limit.

The higher rate applies to all other income.

The following table shows the income tax rates for provinces and territories (except Quebec and Alberta, which do not have corporation tax collection agreements with the CRA). These rates are in effect January 1, 2020, and may change during the year.

  For more information, go to Dual tax rates.

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Original Source: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/corporations/corporation-tax-rates.html

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CCPCs exempt from instalments

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AT1: Alberta Corporate Income Tax Return and Schedules

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  • An exemption from taxes and levies for eligible consumers and bands at the time of purchase on:
  • A refund of the Alberta fuel tax and carbon levy on fuel to fuel sellers when the fuel is sold or delivered to eligible consumers on reserve in Alberta.
  • A refund of the Alberta tobacco tax on tobacco products sold by retailers to eligible consumers on reserve in Alberta.
  • A refund of the Alberta tourism levy to operators that provide accommodation on reserve to eligible consumers.
  • Information for tobacco wholesalers and fuel suppliers that provide products to registered retailers making tax-exempt sales to eligible consumers.
  • you are an “Indian”, as defined in the Indian Act (Canada), who is 16 years of age or older
  • you are a “band”, as defined in the Indian Act (Canada), whose reserve is partially or totally located in Alberta
  • you are a band whose band office is located in Alberta
  • be a parent of one or more children under 18
  • be a resident of Alberta
  • file a tax return
  • meet the income criteria
  • August
  • November
  • February
  • May
  • if you have another child, your household may qualify for a greater benefit than you received
  • if your family leaves Alberta, you may have to return some of the money received for the months you were not living in the province
  • if your family moves to Alberta, you will become eligible in the month after you become a resident
  • If your household qualifies for a greater benefit than what was originally paid out, the CRA will issue an additional payment for the difference.
  • If your household qualifies for a smaller benefit, or no benefit, you will receive a letter from the CRA indicating that any amount received over your entitlement will have to be returned.
  • receiving or paying funds;
  • purchasing or selling securities, real properties or business assets or entities; or
  • transferring funds or securities by any means.
  • Example of giving instructions: “Based on my client’s instructions, I request that you transfer $15,000 from my client’s account, account number XXX, to account number YYY at Bank X in Country Z.”
  • Example of providing advice: “For tax purposes, we recommend that you transfer your money into a certain investment vehicle.”
  • Appoint a compliance officer responsible for the implementation and oversight of the compliance program;
  • Develop and apply written compliance policies and procedures that are kept up to date and approved by a senior officer;
  • Apply and document a risk assessment, including mitigation measures and strategies;
  • Develop and maintain a written training program for employees, agents, and others authorized to act on your behalf; and
  • Review your compliance program (policies and procedures, risk assessment and training program) every two years for the purpose of testing its effectiveness.
  • For taxation years ending on or before March 31, 2012. This form has been developed for calculating the Grind. Claimants are to use it with AT1 Schedule 9.
  • an insurance corporation defined in subsection 248(1) of the federal Income Tax Act,
  • a non-resident corporation,
  • a corporation reporting in functional currency as defined in subsection 261(1) of the federal Income Tax Act, or
  • a corporation that is exempt from taxation under section 35 of the Alberta Corporate Tax Act and section 149 of the federal Income Tax Act.
  • a type of return for which the tax preparer has applied for and received permission from TRA to file by another method,
  • a type of return that TRA does not accept by electronic filing, or
  • a return for the following types of corporations:
  • an insurance corporation defined in subsection 248(1) of the federal Income Tax Act,
  • a non-resident corporation, or
  • a corporation reporting in functional currency as defined in subsection 261(1) of the federal Income Tax Act.
  • on or before end of the third month following the taxation year
  • on or before the end of the second month following the taxation year
  • total tax is due by the end of the third month following the taxation year end
  • total tax due by the end of second month following the taxation year end
  • confirm receipt and completion of submitted returns
  • view status of prior assessments, financial details and notices of assessment and reassessment
  • access financial information and view account period balances
  • update address and contact information
  • delegate account access to other employees or authorized individuals
  • set up direct deposit for corporate income tax refunds
  • Log in to your TRACS account and select ‘Manage Direct Deposit’.
  • Enter your banking and contact information and submit.
  • For an instructional video, see TRACS videos.
  • see below for Alberta Scientific Research and Experimental Development (SR&ED) Tax Credit forms
  • For taxation years ending on or before March 31, 2012. This form has been developed for calculating the Grind. Claimants are to use it with AT1 Schedule 9.
  • For taxation years ending on or before March 31, 2012. This form has been developed for calculating the Grind. Claimants are to use it with AT1 Schedule 9.
  • an insurance corporation defined in subsection 248(1) of the federal Income Tax Act,
  • a non-resident corporation,
  • a corporation reporting in functional currency as defined in subsection 261(1) of the federal Income Tax Act, or
  • a corporation that is exempt from taxation under section 35 of the Alberta Corporate Tax Act and section 149 of the federal Income Tax Act.
  • a type of return for which the tax preparer has applied for and received permission from TRA to file by another method,
  • a type of return that TRA does not accept by electronic filing, or
  • a return for the following types of corporations:
  • an insurance corporation defined in subsection 248(1) of the federal Income Tax Act,
  • a non-resident corporation, or
  • a corporation reporting in functional currency as defined in subsection 261(1) of the federal Income Tax Act.
  • on or before end of the third month following the taxation year
  • on or before the end of the second month following the taxation year
  • total tax is due by the end of the third month following the taxation year end
  • total tax due by the end of second month following the taxation year end
  • confirm receipt and completion of submitted returns
  • view status of prior assessments, financial details and notices of assessment and reassessment
  • access financial information and view account period balances
  • update address and contact information
  • delegate account access to other employees or authorized individuals
  • set up direct deposit for corporate income tax refunds
  • Log in to your TRACS account and select ‘Manage Direct Deposit’.
  • Enter your banking and contact information and submit.
  • For an instructional video, see TRACS videos.
  • see below for Alberta Scientific Research and Experimental Development (SR&ED) Tax Credit forms
  • For taxation years ending on or before March 31, 2012. This form has been developed for calculating the Grind. Claimants are to use it with AT1 Schedule 9.
  • 9% effective January 1, 2019
  • 10% effective January 1, 2018
  • 10.5% before 2018
  1. Right-click on the form link and select “Save Target As” or “Save Link As”, and save the form to your computer.
  2. Launch Adobe Reader.
  3. Open the PDF from within Adobe Reader. You can now fill and save your form.
  1. Accounting Services
  2. Bookkeeping
  3. Corporation Tax
  4. Personal Tax
  5. Cash Flow and Budgeting Analysis
  6. Financial Forecasts and Projections
  7. Financial Statements, Reviews & Compilations
  8. Federal and Provincial Sales Tax (GST, HST, PST and QST)
  9. Accounting Software Selection & Implementation
  10. Business Consulting, Business Succession Planning
  11. Business Valuations
  12. Information Technology Consulting
  13. Accounting Software selection for Startup and business upgrades
  14. Computer networking consultation and implementation
  15. Business and Tax Consulting Services
  16. Debt and Financing Services
  17. Estate Planning
  18. Management Advisory Services
  19. Estate and Trust Tax Preparation
  20. Tax Planning and Preparation
  21. Tax Planning
  22. Tax Preparation
  23. Tax Services
  24. Personal Debt Management
  25. Mergers and Acquisitions
  26. Purchase and Sale of Business
  1. Right-click on the form link and select “Save Target As” or “Save Link As”, and save the form to your computer.
  2. Launch Adobe Reader.
  3. Open the PDF from within Adobe Reader. You can now fill and save your form.
  1. Right-click on the form link and select “Save Target As” or “Save Link As”, and save the form to your computer.
  2. Launch Adobe Reader.
  3. Open the PDF from within Adobe Reader. You can now fill and save your form.
Revenue sources 2018-19 Actual 2019-20 Forecast 2020-21 Estimate 2021 Target 2022-23 Target
Income and other Taxes 23,578 21,826 22,887 24,380 25,864
Non-renewable resource revenue 5,429 6,671 5,090 6,705 8,536
Transfers from Government of Canada 8,013 9,054 9,110 9,533 9,784
Investment income 2,349 3,525 2,630 2,889 3,070
Net income from government business enterprises 2,582 2,378 2,357 2,419 2,565
Premiums, fees and licences 3,911 3,947 4,194 4,299 4,407
Other 3,745 3,547 3,711 3,811 3,835
Total revenue 49,607 50,948 49,979 54,036 58,061
Resource revenue 2018-19 Actual 2019-20 Forecast 2020-21 Estimate 2021-22 Target 2022-23 Target
Bitumen royalty 3,214 4,707 3,211 4,492 6,146
Crude oil royalty 1,149 1,228 1,135 1,267 1,302
Natural gas & by-products royalty 536 438 429 597 743
Bonuses & sales of Crown leases 360 133 177 218 223
Rentals and fees/coal royalty 170 164 137 130 122
Total resource revenue 5,429 6,671 5,090 6,705 8,536
  2018-19 Actual 2019-20 Forecast 2020-21 Estimate 2021-22 Target 2022-23 Target
Personal Income tax 11,874 11,819 12,566 13,426 14,315
Corporate income tax 4,871 4,245 4,539 4,985 5,360
Education property tax 2,441 2,457 2,559 2,652 2,766
Carbon tax 1,324 185 – – –
Other taxes 3,066 3,120 3,223 3,317 3,423
Total 23.576 21,826 22,887 24,380 25,864
Tax Rate Tax Bracket
10% Up to $131,220
12% $131.220.01 to $157,464
13% $157,464.01 to $209,952
14% $209,952.01 to $314,928
15% $314,928.01 and up
Tax Rate Tax Bracket
10% Up to $131,220
12% $131.220.01 to $157,464
13% $157,464.01 to $209,952
14% $209,952.01 to $314,928
15% $314,928.01 and up
Province or territory Lower rate Higher rate
Newfoundland and Labrador 3% 15%
Nova Scotia 3% 16%
New Brunswick 2.5% 14%
Prince Edward Island 3% 16%
Ontario 3.2% 11.5%
Manitoba nil 12%
Saskatchewan 2% 12%
British Columbia 2% 12%
Nunavut 3% 12%
Northwest Territories 4% 11.5%
Yukon 2% 12%

Alberta Farming and agriculture Returns Tax and Accounting…Edmonton Tax Accounting and Accountants ServicesAlberta Real Estate AccountantAlberta Farming & Agriculture ReturnsAlberta Personal Income Tax ServicesAlberta Corporate TaxAlberta Bookkeeping ServicesAlberta Accounting and Tax ServicesTax Accountants Edmonton & Sherwood Park, Small Business…Accounting and Tax Services

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Source: Treasury Board and Finance