The tax laws in Canada are incredibly complicated. The Income Tax Act spans more than 3,000 pages. It is without a doubt the biggest piece of legislation in Canada, and there are entire pages that define terms. The ability of you as a business owner to acquire someone who is knowledgeable about this extensive and complex piece of legislation depends on the success of your company, your peace of mind, and ultimately your capacity to secure your money.
Uncomfortable as it may be, business owners are accountable for following the Income Tax Act. You must rely on our tax consultant Calgary advice because it is difficult for you to fully understand the Income Tax Act without the training we've undergone.
However, not all accountants are created equal, and the regulators will hold you accountable if you receive improper advice. Choose your accountant wisely and find out from the accountant how frequently the audits their clients and how far along they have come in their tax-related education.
Additionally, you must never heed any tax advice supplied by a person who is not a licenced tax advisor. People may actually be experts in their subjects and feel themselves to be so. However, it is impossible for them to be knowledgeable about the Income Tax Act of Canada and how it applies to your business and personal situations. You should only listen to your tax expert when it comes to tax planning.
We offer tax consultant Calgary services to business owners who want to revitalise their operations while relieving unneeded stress and anxiety. From the beginning, our staff works closely with you to get to know you, your family, your business, and your sector in order to offer individualised guidance and tax solutions.
We look at ways to decrease tax through strategies like corporate reorganisations, estate preparation, succession planning, and, if necessary, cross-border tax planning. In order to ensure that corporation tax has always been treated equitably, we also go back in time. Although there is no time restriction on how far the CRA can go back, in situations of fraud or misrepresentation, it usually only goes back three years. We need to make sure you've been treated fairly in the past in order to protect you, so if we have any concerns, we'll look into it. We ensure that your company complies with laws governing items like transfer pricing and sales taxes.
Give the stress to our tax professional and move on
Despite their complexity, we can understand taxes. You are in charge of making decisions, but you will base them on the factual information given to you by a group of knowledgeable advisors.
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Do you want to have Alberta (or any other province) as your jurisdiction or is it better to have a federal jurisdiction?
Versatile Accounting provides professional corporate tax services in Calgary to corporations large and small. We also provide bookkeeping services for corporations and well as other small business structures.
The law will consider you and your business to be the same entity.
Likewise, anyone who is hurt either while on the job in your workplace or there as a customer or visitor will be able to sue you personally for damages.
This sort of “unlimited liability” is commonly seen as the most important “downside” to a sole proprietorship for a company that works with a large market, has lots of employees, and provides lots of services to the general public.
If you do not expect any liability issues, want to deduct early financial losses from your personal income for tax purposes, and want to keep initial costs down, pick a sole proprietorship.
Management can be “by committee” or one partner can be the manager.
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