Because of the constant shifting of laws and regulations, tax compliance has become increasingly complex to monitor. In addition to having the resources and knowledge necessary to ensure that our clients remain compliant, our tax professionals also keep up to date with new developments. Our accounting and tax team is deeply involved in the work we undertake, and they bring a wealth of industry knowledge to bear in order to assist our teams in resolving our clients' most difficult problems.
Bomcas Canada provides services to a diverse spectrum of businesses, ranging from small to large corporations across the country. Every client is different, and as a result, we customise our methods to match their specific requirements.. The fact that so many of our professionals have expertise in more than one area of domestic taxation enables us to deliver fully integrated, multidisciplinary tax services and to solve various client issues at the same time for our clients. Our ability to respond quickly, even in the case of particularly intricate circumstances is as a result of this. Our services include the following: Taxation of commercial and private businesses. Personal Income Tax. Bookkeeping Services for small and larg businesses. Payroll services. Trust, Estate, and Succession Planning.
Small businesses in Canada might benefit from tax planning tactics. Owners of small businesses that want to lower their tax liability may want to consider incorporating their business. Tax savings may be available to you if you incorporate your firm, depending on the kind of your company and the province in which it operates. The incorporation of your firm allows you to take advantage of tax benefits that unincorporated enterprises do not have access to, such as income tax splitting and capital gains exemptions when you sell your company.
A big advantage of incorporating your business is the reduced rate of corporate tax that is applicable. The net tax rate for privately held Canadian-controlled corporations that utilise the small business deduction is 9 percent in this case.
To discover more about how we can be a good fit for the financial future of your organisation, schedule a consultation with Bomcas Canada Accounting and Tax Services today.