Did you hear that there are new tax brackets for the 2022 tax year?
The Canadian government has adjusted tax brackets to help individuals keep up with the high level of inflation. Hopefully for you this change may mean paying a lower rate on more of your income!
The new brackets and tax rates are as follows: • Up to $50,197 of income is taxed at 15%. • Income between $50,197 and $100,392 is taxed at 20.5%. • Income between $100,392 and $155,625 is taxed at 26%. • Income between $155,625 and... more
Posted at 12:08 PM
Monday, February 13, 2023
Starting your own business is a huge leap and huge accomplishment — but at times, the initial set-up and financial side of things can be overwhelming — especially if you don't have a background in accounting or finance, or experience starting a business in the past.
That's where our experts come in.
We can help you navigate the set-up and incorporation process, and help support you through all of the other accounting and financial consulting services you may need. (Such as book keeping, tax preparation,... more
Posted at 04:04 PM
Friday, February 10, 2023
Don't make the mistake of not filing your business' annual returns on time. The Government of Canada website states:
"Your corporation may be dissolved if it fails to file its annual returns. We have an obligation to make sure that corporate information is up to date. If your corporation is not filing its annual returns, we will assume that it is not operating and we will take steps to dissolve it (that is legally end its existence). Dissolution can have serious repercussions, including not having the legal capacity... more
Posted at 01:45 PM
Monday, February 6, 2023
If you're considering moving your business from another province to Alberta, you are likely starting to realize the paperwork headache that can come with it.
Let our experts help.
Our team of experienced Accountants can assist you through the transition in the most seamless way possible and and get your business registered in Alberta. Please contact us today if you would like to learn more and get started!
OAS is a program created by the government of Canada to provide retired people with a source of income to help throughout their retirement. However, seniors who make too much income are sometimes asked to pay some of their OAS back.
The new 2022 tax year thresholds are: • Minimum income recovery threshold: $80,761. • Maximum recovery thresholds for ages 65-74: $134,626. • Maximum recovery threshold for ages 75 and above: $137,331.
The Canadian government has adjusted tax brackets for the 2022 tax year to help individuals keep up with the high level of inflation. Each bracket saw a slight increase from 2021 thresholds. In turn, for some, this change may mean paying a lower rate on more of your income.
The new brackets and tax rates are: • Up to $50,197 of income is taxed at 15%. • Income between $50,197 and $100,392 is taxed at 20.5%. • Income between $100,392 and $155,625 is taxed at 26%. • Income... more
Posted at 01:48 PM
Wednesday, January 11, 2023
Are you struggling with the increased financial pressures from inflation?
Seniors, families with children under 18, and Albertans on benefit programs can get $600 to help with the rising cost of living! You have to have an Alberta Digital ID for this one and apply monthly starting January 18, 2023 and closing June 30, 2023.
Are you aware of the Canadian tax changes that might affect you in 2023?
Yahoo Finance recently shared an article with 7 Canadian 2023 tax changes and factors that you may want be aware of. They are:
1. New tax brackets. 2. Basic personal amount increase. 3. First-time Home Buyers' Tax Credit doubled. 4. Old Age Security income limits changed. 5. Canada Pension Plan earning and contribution increase. 6. RRSP dollar limit increase. 7. COVID-19 benefit... more
Did you hear that there are new tax brackets for the 2022 tax year?
