Expert accounting and tax insights for Canadian individuals and businesses. Stay informed about CRA changes, tax planning strategies, and financial management best practices.
The 2024 tax year brings several important changes for Canadian taxpayers. From adjustments to the basic personal amount to new rules for the First Home Savings Account, staying informed is essential. BOMCAS Canada breaks down the key changes and what they mean for you.
Read More →Running a small business in Canada comes with significant tax responsibilities and opportunities. BOMCAS Canada shares the top 10 tax tips every small business owner should know to minimize their tax burden and stay compliant with the CRA.
Read More →The RRSP and TFSA are two of the most powerful tax-advantaged savings vehicles available to Canadians. But which one is right for your situation? BOMCAS Canada explains the key differences and helps you decide.
Read More →Receiving a CRA audit notice can be stressful, but being prepared makes all the difference. BOMCAS Canada explains what to expect during a CRA audit and how to prepare effectively.
Read More →Understanding GST/HST obligations is essential for every Canadian small business. BOMCAS Canada provides a comprehensive guide to GST/HST registration, collection, remittance, and input tax credits.
Read More →Self-employment offers freedom and flexibility, but it also comes with unique tax responsibilities. BOMCAS Canada provides a complete guide to tax obligations, deductions, and planning strategies for self-employed Canadians.
Read More →The BOMCAS Canada blog is your source for practical, up-to-date information on Canadian accounting, tax, and financial planning. Our team of qualified accountants regularly publishes articles, guides, and tips to help Canadians understand their tax obligations, identify tax saving opportunities, and make informed financial decisions.
Our blog covers a wide range of topics relevant to Canadian individuals and businesses, including personal income tax tips and strategies, corporate tax planning, GST/HST compliance, bookkeeping best practices, payroll management, CRA audit preparation, estate and trust tax, real estate tax, self-employment tax, new immigrant tax, cross-border tax, and much more. Whether you are an individual looking for tips on your personal tax return or a business owner seeking guidance on corporate tax planning, our blog has content that is relevant and useful to you.
The Canadian tax system is constantly evolving, with new legislation, CRA administrative policies, and court decisions being introduced regularly. Our blog keeps you informed about the most important changes and explains how they may affect your tax situation. We translate complex tax law changes into plain language that is easy to understand and act on.
To stay current with the latest accounting and tax insights from BOMCAS Canada, contact us at info@bomcas.ca to be added to our mailing list. We send regular newsletters with our latest blog posts, tax tips, and important deadlines. You can unsubscribe at any time.
Have a topic you would like us to cover? Contact us at info@bomcas.ca or call 780-667-5250 with your suggestion. We are always looking for ways to provide more value to our clients and the broader Canadian community.
The Canadian personal income tax system is a progressive system, meaning that higher income is taxed at higher rates. The federal government and each province and territory impose their own income taxes, so the total tax rate you pay depends on both your federal and provincial/territorial tax rates. For 2024, the federal tax rates range from 15% on the first $55,867 of taxable income to 33% on taxable income over $246,752.
In addition to the basic federal and provincial tax rates, the Canadian tax system includes a wide range of credits and deductions that can significantly reduce your tax payable. The most common credits include the basic personal amount, the spousal or common-law partner amount, the eligible dependant amount, the Canada caregiver credit, the disability tax credit, the medical expense tax credit, the charitable donation tax credit, and various education and tuition credits. The most common deductions include RRSP contributions, union and professional dues, childcare expenses, moving expenses, and business expenses for self-employed individuals.
The Registered Retirement Savings Plan (RRSP) is one of the most powerful tax-advantaged savings vehicles available to Canadians. Contributions to an RRSP are tax-deductible, meaning they reduce your taxable income in the year of contribution. Investment income earned within the RRSP grows tax-free until withdrawal. Withdrawals from an RRSP are included in income in the year of withdrawal, so the tax is deferred until retirement when you are typically in a lower tax bracket.
The annual RRSP contribution limit is 18% of your previous year's earned income, up to a maximum dollar amount that is indexed to inflation each year. For 2024, the maximum RRSP contribution limit is $31,560. Unused contribution room can be carried forward indefinitely, so if you have not maximized your RRSP contributions in previous years, you may have significant carry-forward room available.
The Tax-Free Savings Account (TFSA) is another powerful tax-advantaged savings vehicle that allows Canadians to earn investment income tax-free. Unlike the RRSP, TFSA contributions are not tax-deductible, but withdrawals are completely tax-free. The annual TFSA contribution limit for 2024 is $7,000, and unused contribution room accumulates from year to year. If you were 18 years old or older in 2009 when the TFSA was introduced, and have never contributed to a TFSA, your total available contribution room in 2024 is $95,000.
The TFSA is particularly useful for saving for short-term goals, for individuals in lower tax brackets who may not benefit as much from RRSP deductions, and for retirees who want to earn investment income without affecting their eligibility for income-tested government benefits like OAS and GIS.
Real estate is one of the most significant assets for many Canadians, and the tax implications of owning, renting, and selling real estate are complex. The principal residence exemption allows Canadians to sell their home tax-free, but the rules around what qualifies as a principal residence and how the exemption is calculated have become increasingly complex in recent years. The 2022 introduction of the residential property flipping rule, which treats profits from the sale of properties held for less than 12 months as business income rather than capital gains, adds another layer of complexity for real estate investors and frequent sellers.
Rental property owners must report their rental income and can deduct a wide range of expenses, including mortgage interest, property taxes, insurance, repairs and maintenance, and capital cost allowance (depreciation). However, the rules around rental property deductions are complex, and it is important to work with a qualified accountant to ensure you are claiming all allowable deductions while remaining compliant with CRA requirements.
Whether you have questions about your personal tax situation, your business taxes, or any other accounting and tax matter, BOMCAS Canada is here to help. Our team of qualified accountants brings extensive experience in all areas of Canadian tax, and we are committed to providing accurate, professional, and genuinely helpful advice. Contact us at 780-667-5250 or info@bomcas.ca to schedule a free consultation.
BOMCAS Canada has built a reputation as one of Canada's most trusted and reliable professional accounting firms. Our commitment to excellence, integrity, and genuine client service sets us apart from other accounting firms. We understand that accounting and tax matters can be stressful and confusing, and we work hard to make the process as smooth and straightforward as possible for every client we serve.
Our team of qualified accountants brings decades of combined experience in all areas of Canadian accounting and tax. We stay current with the latest changes in tax law, CRA administrative policies, and accounting standards, ensuring that our clients always receive advice and services that reflect the most current requirements and best practices. We invest heavily in professional development and technology to ensure that we can deliver the highest quality of service efficiently and accurately.
BOMCAS Canada offers one of the most comprehensive ranges of accounting and tax services available from a Canadian accounting firm. Our services span personal income tax preparation, corporate T2 filing, GST/HST compliance, bookkeeping, payroll administration, financial statement preparation, CRA audit representation, tax planning, business advisory, and specialized services for specific industries and client types. Whether you need help with a simple personal tax return or a complex corporate restructuring, BOMCAS Canada has the expertise and resources to serve you.
BOMCAS Canada leverages the latest technology to deliver our services more efficiently and accurately. We use leading cloud-based accounting and tax software, secure client portals for document sharing, electronic signature tools, and advanced tax research tools. Our technology infrastructure allows us to serve clients anywhere in Canada through our fully remote service model, without any compromise in the quality or security of our services.
BOMCAS Canada believes in transparent, fair pricing. We provide clear fee quotes before beginning any work, so you always know what to expect. Our fees are based on the complexity of your situation and the scope of work required, not on arbitrary hourly rates that can balloon unexpectedly. We believe that the value we deliver far exceeds the cost of our services, and we are confident that you will agree.
While BOMCAS Canada is based in Edmonton, Alberta, we serve clients across all of Canada. Our team has experience with the tax rules and economic conditions in every province and territory, allowing us to provide advice and services that are genuinely relevant to your specific location and situation. We serve clients from Victoria, British Columbia to St. John's, Newfoundland and Labrador, and from Windsor, Ontario to Whitehorse, Yukon.
At BOMCAS Canada, we put our clients' interests first in everything we do. We take the time to understand your specific situation, goals, and challenges, and we develop customized solutions that address your needs and support your objectives. We communicate clearly and promptly, we deliver on our commitments, and we treat every client with the same level of attention and respect regardless of the size of their account.
We invite you to contact BOMCAS Canada to learn more about how we can help you with your accounting and tax needs. Call us at 780-667-5250, email us at info@bomcas.ca
BOMCAS Canada is a full-service professional accounting firm serving individuals and businesses across all of Canada. Our team of qualified accountants brings decades of combined experience in Canadian personal and corporate tax, bookkeeping, payroll, financial statement preparation, GST/HST compliance, CRA audit representation, and business advisory services. We are committed to delivering accurate, professional, and genuinely helpful services that make a real difference in our clients' financial lives. We take a client-centred approach to every engagement. We start by taking the time to understand your specific situation, goals, and challenges, and we develop customized solutions that address your needs and support your objectives. We communicate clearly and promptly, we deliver on our commitments, and we treat every client with the same level of attention and respect regardless of the size of their account. At BOMCAS Canada, we are guided by the values of integrity, excellence, client focus, and continuous improvement. We are committed to maintaining the highest standards of professional ethics and conduct in everything we do. We strive for excellence in every engagement, delivering work that is accurate, thorough, and genuinely useful. We put our clients' interests first in every decision we make. And we are always looking for ways to improve our services, our processes, and our team. Every year, millions of Canadians must file their personal income tax returns with the CRA. For many, this is a straightforward process — but for others, it involves navigating complex rules around self-employment income, rental income, investment income, capital gains, foreign income, and various federal and provincial tax credits and deductions. BOMCAS Canada simplifies this process for individuals across Canada. Our personal tax accountants review your complete financial picture to prepare an accurate T1 return that maximizes your refund and minimizes your tax payable. BOMCAS Canada provides comprehensive corporate tax services to corporations of all sizes across Canada. From newly incorporated small businesses to established corporations with complex multi-jurisdictional structures, our team has the expertise to handle your corporate tax needs efficiently and accurately. Our corporate tax services include T2 corporate income tax filing, corporate tax planning, identification of all available deductions and credits, and representation during CRA audits and reviews. Accurate, up-to-date bookkeeping is the foundation of every successful business. BOMCAS Canada provides professional bookkeeping services using leading cloud accounting platforms, including QuickBooks Online, Xero, and Sage. We maintain accurate records, reconcile accounts, manage payables and receivables, and provide regular financial reports so you always know where your business stands financially. Managing payroll is a time-consuming and compliance-intensive task that many Canadian businesses prefer to outsource to professionals. BOMCAS Canada provides comprehensive payroll services, including calculation of employee pay, deduction of income tax, CPP contributions, and EI premiums, preparation and remittance of payroll deductions to the CRA, issuance of T4 and T4A slips at year end, and management of Records of Employment when employees leave. Most Canadian businesses are required to register for GST/HST and file regular returns. BOMCAS Canada handles all aspects of your GST/HST compliance, including registration, preparation and filing of returns, claiming of input tax credits, and representation during CRA audits of GST/HST accounts. We ensure that your returns are accurate and filed on time, avoiding the costly penalties and interest charges that result from late or inaccurate filing. If you or your business receives a CRA audit notice, BOMCAS Canada is here to help. We provide comprehensive CRA audit representation services, working with the CRA auditor on your behalf, responding to information requests, preparing documentation, and negotiating settlements where appropriate. Our experience with CRA audits allows us to navigate the process efficiently and effectively, protecting your interests throughout. Proactive tax planning is one of the most valuable services we offer. Rather than simply reacting to your tax situation at year end, we work with you throughout the year to identify tax saving opportunities and implement strategies that reduce your overall tax burden. This may include income splitting strategies, timing of income and deductions, optimal use of RRSP and TFSA contribution room, corporate restructuring, and other planning techniques that are appropriate for your situation. Beyond accounting and tax, BOMCAS Canada provides a range of business advisory services to help our clients achieve their business goals. We assist with business planning, financial projections, cash flow forecasting, budgeting, incorporation advisory, and strategic financial advice. Our business advisory services are grounded in a deep understanding of the financial realities facing Canadian businesses, and we provide practical, actionable advice that you can actually use. While BOMCAS Canada is based in Edmonton, Alberta, we serve clients across all of Canada. Our team has experience with the tax rules and economic conditions in every province and territory, allowing us to provide advice and services that are genuinely relevant to your specific location and situation. We offer both in-person services at our Edmonton office and fully remote services for clients anywhere in Canada. Contact us at 780-667-5250 or info@bomcas.ca to get started.
BOMCAS Canada: Professional Accounting Services Across Canada
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Personal Tax Services
Corporate Tax Services
Bookkeeping and Accounting
Payroll Services
GST/HST Compliance
CRA Audit Representation
Tax Planning
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Serving All of Canada
