Earnings on employed or net self-employed income in excess of $3500, maybe pensionable and need to remit CPP contributions. If you have CPP eligible earnings you are required to file a tax return including all worldwide income. You are required to pay taxes on income greater than the basic exemption amount. Filing a tax return lets you take advantage of the social programs available to you and/or family.
Every business is required to keep reliable and accurate bookkeeping records and keep source documents for 10 years. Having good financial information and reports will allow management to make optimal business decisions, cut-down costs, plan cash flow, develop business growth, and minimize taxes. Every business is also required to ensure the corporate minute book is kept up-to-date every year in accordance to the Business Corporations Act.
Now is the time to plan for the 2016-2017 taxation year for both personal and corporate taxes. Wonder how? Call us and we can assist you with a tax plan.
We are able to assist you in completing the information returns as well
we are authorized by CRA to electronically file the information returns
to CRA on your behalf.
It’s that simple. RESOURCES Alberta Chartered Professional Accountants Act