Author: dellendo

Self-employed Canadians must pay their fair share towards the Canada Pension Plan (CPP) in order to receive a pension. The rate is based on the amount of pensionable employment income, which must exceed $3,500. Regular workers also contribute to CPP, with a percentage of their wages above $3,500 up to an annual maximum. Their employer also contributes the same amount. The CPP rates are updated annually. Self-employed individuals don't have an employer deducting CPP from their pay, but they must pay their employer's share. Federal Income Tax Rates for Self-Employed Canadians Non-residents pay an additional 48% of basic federal tax…

Registering a Sole Proprietorship is a relatively simple process in Canada. It is not necessary to get a business number, but there are some taxes that sole proprietorships are required to pay. Read on to learn how to register. The process can be straightforward, and there are a few important steps you should consider. How to Register a Sole Proprietorship in Canada Business name registration There are certain requirements for registering a business name for a sole proprietorship in Canada. First, business name registration must be renewed every five years. The Government of Canada will not send reminder notices for…

Sole proprietorships in Canada must report all of their business income to the CRA. This income is included in the owner's personal tax return. While this article will focus on federal taxes, there are also provincial taxes that sole proprietors need to consider. You can read about those taxes in the Government of Canada's guide to provincial taxes. Alberta Tax Accountant and Accounting Services Self-employed sole proprietorship pays personal income tax If you are the sole proprietor of a small business, you'll need to know how to file your personal income tax in Canada. Generally, the tax amount you owe…

There is a diverse range of companies operating in Canada, each of which could gain something from the assistance of an accounting firm in Edmonton. Employing an accountant to keep accurate records of a company's income, expenses, and tax obligations can assist any type of business, from brand-new start-ups to well-established family businesses, in realising their full potential. This is true for businesses of all stages, from conception to maturity. The following are five reasons why any company, regardless of size or industry, should seriously consider the possibility of contracting the bookkeeping duties to an established accounting firm. Give your…