Managing your finances can be a daunting task, especially when it comes to taxes and compliance with tax laws. That is where an accountant in Calgary comes in. An accountant can help you manage your finances, prepare your taxes, and plan for the future.

However, with so many accountants in Calgary to choose from, it can be challenging to find the best one for your needs. In this blog, we’ll discuss expert tips to engage the best accountant in Calgary.

Determine Your Needs

The first step in engaging the best accountant in Calgary is to determine your needs. Do you need help with bookkeeping, tax preparation, or financial planning? Once you know what services you require, you can begin your search for an accountant that specializes in those areas.

Look for Credentials

When searching for an accountant in Calgary, it is essential to look for credentials. The best accountants are Certified Public Accountants (CPAs) or Chartered Professional Accountants (CPAs), which indicates that they have the education and experience to provide high-quality accounting services.

Check for Experience

Experience is also an important factor when engaging an accountant in Calgary. Look for an accountant who has experience working with clients similar to your business or personal financial situation. An experienced accountant can provide valuable insights and advice that can help you achieve your financial goals.

Check References and Reviews

Before engaging an accountant in Calgary, it’s essential to check references and reviews. Reach out to other clients who have worked with the accountant and ask about their experience. You can also check online reviews on platforms such as Google or Yelp to get an idea of the accountant’s reputation.

Consider Communication Skills

Effective communication is key when working with an accountant in Calgary. Look for an accountant who communicates clearly, promptly, and effectively. You want an accountant who can explain complex financial concepts in a way that you can understand and who is responsive to your needs and concerns.

Look for Technology Integration

The best accountants in Calgary are those who have embraced technology to streamline their services. Look for an accountant who uses the latest accounting software, such as QuickBooks or Xero, to manage your finances efficiently. This not only saves you time but also ensures accuracy and transparency in your financial reporting.

Accountant in Calgary

Consider Pricing

Finally, when engaging an accountant in Calgary, it’s essential to consider pricing. Look for an accountant who offers transparent pricing and who is upfront about their fees. Some accountants charge by the hour, while others charge a flat fee for specific services. Make sure you understand how you’ll be charged and what services are included in the price.

To conclude, engaging the best accountant in Calgary requires careful consideration of several factors. If you are looking to engage the best accountant in Calgary, AM Accountants Professional Corporation is the name to trust. Connect with us to receive our expert support.

As a business owner or individual, managing your finances can be a challenging task. That is where a Chartered Professional Accountant (CPA) in Calgary comes in. A CPA is a trusted financial advisor who can help you manage your finances, prepare your taxes, and plan for the future.

This blog post discusses the benefits of working with a CPA in Calgary. Read on to learn more.

Expertise and Knowledge

A CPA is a highly trained financial professional who has completed rigorous education, training, and certification requirements. They have a deep understanding of tax laws, accounting principles, and financial management. This makes them an invaluable resource for individuals and businesses alike.

A CPA can provide you with expert advice on financial matters, making sure that you make informed decisions on financial matters that align with your financial objectives and goals.

Timing-Saving Solution

Managing your finances and preparing your taxes can be time-consuming, especially if you are not an expert in accounting and tax laws. By working with a CPA in Calgary, you can save time and focus on managing your business and other important aspects of your life.

Chartered Professional Accountant in Calgary

A CPA can handle all aspects of financial management, from bookkeeping to tax preparation, allowing you to focus on what you do best.

Compliance with Tax Laws

Tax laws can be complex and constantly evolving. A CPA in Calgary can help you ensure that you remain compliant with tax laws, avoiding any fines or penalties that could result from non-compliance.

A CPA can also help you take advantage of tax deductions and credits, maximizing your tax savings.

Financial Planning and Forecasting

A CPA in Calgary can help you plan for the future, whether it is for retirement, saving for a major purchase, or expanding your business. A CPA can help you develop a financial plan that aligns with your goals and objectives. This provides you with a roadmap to success.

Chartered Professional Accountant in Calgary

These experts can also help you forecast future revenue and expenses, allowing you to make informed decisions about investments and expenditures.

Attain Peace of Mind

Working with a CPA in Calgary can provide you with peace of mind as you know that your finances are in expert hands. A CPA can help you navigate complex financial situations, making sure you can make informed decisions that are in your best interest.

These professionals can also provide you with regular updates and reports, keeping you informed about the financial health of your business or personal finances.

Business Advice

If you are a business owner, a CPA in Calgary can provide you with invaluable business advice. They can help you develop a business plan, manage your cash flow, and make informed decisions about investments and expenditures.

A CPA can also help you with strategic planning, ensuring that your business remains competitive and profitable.

Personalized Service

A CPA in Calgary can provide you with personalized service tailored to your specific needs and goals. These experts can work with you one-on-one to understand your financial situation and develop a customized plan that meets your needs.

Chartered Professional Accountant

A CPA can also provide you with support and advice, ensuring that you remain on track to achieve your financial goals.

To conclude, working with a Chartered Professional Accountant in Calgary can provide you with a range of benefits. If you are looking to engage the best Chartered Professional Accountant in Calgary, AM Accountants Professional Corporation is the name to trust. Connect with us for a consultation.

Are you a business owner or a manager? Have you ever thought of hiring a tax consultant in Calgary? If not, you should! Why?

It is because Canadian corporate tax law is complex and vast. Not every ship can go through it without an experienced caption. How much do you know about it? When it comes to running a business, it is important to understand the various taxes that come with it.

In Canada, there are three main types of corporate taxes that every business owner should be aware of. These taxes can have a significant impact on your business’s financial health, so it’s important to understand them to make informed decisions. Today, we will be discussing the three types of corporate taxes in Canada, their benefits, and why you should hire a professional tax consultant.

Federal Corporate Tax

The federal corporate tax is a tax on the income of a corporation that operates within Canada. The tax rate for this type of tax is currently 15% for small businesses & 38% for large businesses. The following are the key features of federal corporate tax –

• It applies to all corporations operating within Canada, regardless of their size and industry
• The tax rate varies depending on the size of the corporation
• It is paid annually and calculated based on the corporation’s income for the previous year

Benefits

• Provides funding for government programs and services
• Encourages corporations to invest in Canada by offering lower tax rates for small businesses
• Supports economic growth by providing corporations with incentives to invest in research and development

Provincial Corporate Tax

The provincial corporate tax is a tax on the income of a corporation that operates within a specific province or territory. The tax rate for this type of tax varies depending on the province or territory in which the corporation operates. The following are the key features of PCT –

• It applies to corporations operating within a specific province or territory
• The tax rate varies depending on the province or territory
• It is paid annually and calculated based on the corporation’s income for the previous year

Benefits

• Provides funding for provincial programs and services
• Encourages corporations to invest in a specific province /territory by offering lower tax rates
• Supports economic growth by providing corporations with incentives to invest in the local economy

Payroll Tax

The payroll tax is a tax on the wages paid to employees by a corporation. This tax is split between the employer and the employee, with the employer being responsible for deducting and remitting the employee’s portion. The following are the key features of the payroll tax –

• It applies to all corporations with employees
• The tax rate varies depending on the province or territory in which the corporation operates
• It is paid monthly or quarterly, depending on the corporation’s remitting frequency

Benefits

• Provides funding for government programs and services
• Encourages corporations to create jobs by offering lower tax rates for small businesses
• Supports social programs such as employment insurance, which provides financial support for employees who lose their job

Consequences of Failing to Submit Corporate Taxes on Time

Failing to submit corporate taxes on time can result in significant consequences for a Canadian corporation. It is where an expert tax consultant plays a vital role. The professional can save your company from late filing penalties, interest charges on outstanding amounts, legal action by the Canada Revenue Agency, loss of reputation with stakeholders, etc.,

Get Our Expertise

At AM Accountants Professional Corporation, we understand the importance of corporate taxes and can help you navigate the complex tax system in Canada. We offer a range of tax services, including tax planning, compliance, and representation.  Talk to our tax consultant in Calgary.

Contact us today to learn more about how we can help you with all your corporate tax needs.

When it comes to managing your finances, it is crucial to have a skilled professional by your side. While accountants and Chartered Professional Accountants may seem similar, there are significant differences between the two. A chartered professional accountant in Calgary is way superior in terms of experience, skills, knowledge, and handling critical business situations.

If you are considering hiring a CPA, make sure you select the right professional. Here, we will be discussing the crucial factors that make a chartered professional accountant different from an accountant and why hiring a professional CPA is always a better choice.

chartered professional accountant

Education & Professional Designation

A chartered accountant must have a minimum of a bachelor’s degree in accounting or a related field. CPAs must pass a rigorous examination and meet strict criteria to earn their designation. CPAs are regulated by a professional body, which ensures that they meet specific standards and adhere to a strict code of ethics. Accountants do not have to meet the same requirements and do not have the same level of regulatory oversight.

Professional Development

CPAs are required to complete ongoing professional development to strictly maintain their designation. They have a more extensive knowledge base and expertise in accounting, taxation, and financial management than accountants. Accountants are not required to do so.

Business Decision-Making

An expert chartered professional accountant at AM Accountants Professional Corporation has a more significant understanding of business operations & can provide valuable advice beyond financial management. Above all, CPAs are skilled in analyzing financial data and providing valuable insights to aid in business decision-making.

Compliance & Risk-Management

CPAs are knowledgeable in tax and regulatory compliance, ensuring that businesses remain compliant with laws and regulations. They are skilled in identifying and managing financial risks, ensuring that businesses are protected from potential financial losses. CPAs are required to carry professional liability insurance, providing an added level of protection for clients.

Is Hiring A CPA Costly?

Hiring a chartered professional accountant can be more expensive than hiring an accountant due to their advanced education, professional designation, ongoing professional development, and regulatory oversight. However, the value it can provide in terms of financial management, compliance, risk management, and business advisory services can far outweigh the cost. Ultimately, it depends on your specific needs and budget.

Hiring a Professional CPA Is Always a Better Choice

While accountants can provide valuable financial management services, hiring a professional chartered professional accountant offers numerous benefits, including –

• A higher level of education and professional designation
• Regulatory oversight to ensure adherence to professional standards and ethics
• Ongoing professional development to maintain knowledge and expertise
• An extensive knowledge base in accounting, taxation, and financial management
• A greater understanding of business operations and decision-making
• Professional liability insurance to provide added protection for clients
• A focus on compliance and risk management to protect businesses

Want To Get Rid Of CRA Tax Audits?

A tax audit is an examination of an individual or business’s financial records and tax returns to ensure compliance with tax laws and regulations. A chartered professional accountant can provide valuable guidance and support during a Canada Revenue Agency tax audit. With their knowledge and expertise, they can help you prepare for the audit, represent you during the audit process, and negotiate any disputes or issues that arise. A CPA can also help you implement sound financial management practices to reduce the likelihood of a tax audit in the future.

Get Your Accounting Problems Solved

AM Accountants recognizes the utmost importance of having a knowledgeable and experienced chartered professional accountant on your side. A full range of financial management services, including tax planning and preparation, accounting and bookkeeping, and financial advisory services, are offered by our team of qualified CPAs. Get in touch with us right now to find out more about how we can meet all of your financial management needs.

Bookkeeping plays a significant role in running a business. It consists of recording different types of transactions such as sales, revenue, expenses, purchases and many more.

 Expenses are an important part of a business due to which they need to be recorded accurately and error-free. Recording all these important things can be overwhelming and time-consuming if you decide to do this yourself instead of hiring a professional accountant.

To make this aggravating process a little easier, we have made this article, which consists of several ways to help you perform bookkeeping efficiently.

Set-Up a Filing System

A system should be established for bookkeeping. This should help you keep track of all the receipts, transactions, expenses, and revenues. The system should then be updated consistently so that the books are up to date and you don’t lack behind.  This can be accomplished manually or by using accounting software such as QuickBooks.

Separation of Business and Private Finances: –

Business expenses should be kept separate from personal expenses. This provides a more accurate record of transactions made for business. This plays an important role in taxes. There are many ways to achieve this, such as getting a business credit card and keeping receipts sorted.

Avoid cash: –

We suggest using credit cards over cash. It is often hard to keep track of cash transactions. When a credit card is used, all the transactions can be easily retrieved from the credit-card statements. This will save much time during bookkeeping since all the transactions are in one place.

Store Receipts

Receipts are necessary as they validate transactions on a company’s books. These can serve as proof in the future for audits and tax purposes. Storing all the receipts can also make the bookkeeping process easier as you can compare the records with the receipts if an error arises.

Accuracy The bookkeeping process should be done precisely to avoid negative consequences in the future. Accuracy can be achieved by carefully recording all the transactions and reviewing them, so they are error-free.

Many of us lend money to our friends and family if they are in need. We often don’t consider the tax consequences associated with it if the loan is not repaid.  The information below briefly consists of several ways to approach this situation if you are a money lender or provided a loan to a corporate/small business.

Capital Loss Election
Suppose you are within the money-lending business and are treating the loan to your friends/family professionally. In that case, you have rights as a creditor to receive a loan repayment is taken into account a capital property. If a loan becomes uncollectible, you can consider it to dispose of for nil proceeds hence triggering a financial loss on your taxes. You can then use that loss to offset any capital gains you earned either within the same taxation year or in any future year.

     To preserve your ability to claim a capital loss on a loan to your family/friends, the loan must be interest bearing. The rate of interest is often nominal, and report the interest earned on your tax return.

Loan to a Corporation
If you lent money to a family/friend’s company, which is a Canadian-controlled private corporation also known as a small business corporation (where 90% or more of its assets are measured by fair market price are used principally in a lively business carried on primarily in Canada), and the loan wasn’t repaid, the financial loss would be considered a business investment loss. In this case, half of the loss could be deducted against the debtor’s income from any source, including capital gains.

The rules here require that either the debtor is a small business corporation at the time election is formed in respect of the loan receivable or at any time within the 12 months before the disposition. Therefore, you should consider the debtor’s corporation’s status to correctly claim the losses on your tax return.

Summary

The above information consists of different ways through which you can recover from the loss. But most of us are not money lenders or did not pay attention to the status of the debtor’s company. This is why it is essential to consult a professional tax accountant and lawyer while lending money to avoid negative consequences. We can provide you with in-depth consultation and solutions that can prevent problems that might arise in the future and save you on taxes.