What is a Joint Venture?

Did you know that the streaming site HULU is a joint venture between NBC and Disney?

Or have you ever noticed how there is a Starbucks at every Barnes & Noble?

These are examples of popular and successful joint ventures.

Any two businesses can enter into a joint venture in order to make a profit, diversify a product line or to simply become competitive in their industry.

These types of business alliances are growing in popularity and are gaining importance in the market.

If you are a business owner, and curious about how a joint venture works, here is a quick guide that will help you out:

What is a Joint Venture?

A joint venture is a business arrangement, such as a new project or other business activity, that involves two or more parties pooling resources.

Each of the participating individuals or entities are jointly responsible for any profits, costs and losses associated with the venture.

However, the venture itself is considered its own entity and is separated from any of the participants’ business interests.

For example, Google Earth is a well-known venture between Google and NASA. If some sort of litigation was brought against Google Earth, for whatever reason, both Google and NASA’s interests would be protected.

The same goes for BMW and Toyota, who created a joint venture to research hydrogen fuel cells, vehicle electrification and lightweight materials.

When To Consider a Joint Venture

Even though joint ventures are technically “partnerships”, they can for any legal structure.

For example, corporations, partnerships and LLCs can all be used to form a joint venture and, although joint ventures are typically formed for production or research, they can also be created for a continued purpose.

Joint ventures can also be used to combine large and smaller companies in order to complete one big project or deal or several big or little ones.

Here are some reasons why you may want to consider forming a joint venture:

  • You can leverage resources. By combining the resources of both companies, you can leverage the strengths of both entities. For example, such as Google Earth, Google had the coding and programming technology while NASA had the satellites.
  • It will save you on costs. When you partner up with another business, you can split costs such as advertising and labor.
  • You can combine expertise. A joint venture can certainly benefit from the unique skills and expertise each party can bring to the table.

If you’re looking at developing a product or business that can benefit from having another party involved, it may be worth looking into a joint venture.

The Pros and Cons of a Joint Venture

As with any business venture, there are benefits and risks. Here are some pros and cons of forming a joint venture:

Pros of a Joint Venture:

  • Joint ventures are not a partnership. Therefore, separate business assets are protected from liability.
  • Joint ventures enable fast business growth by achieving maximum profitability through shared resources.
  • Joint ventures can be temporary. This means that individual parties can benefit from the agreement and then go their separate ways after achieving business goals and sharing profits.

Cons of a Joint Venture:

  • Joint ventures often involve different management styles. These differences may create friction and impact operations.
  • Joint ventures can end up like school projects. You may end up with one party who is unable (or unwilling) to contribute equally.
  • Joint ventures can fail if clear goals are not defined. With unclear goals, it’s difficult to assign responsibilities to all parties involved.

Are You Ready for a Joint Venture?

While joint ventures provide exciting business opportunities, no agreement should be stepped into lightly.

Our professionals accountants at Liu & Associates can help clarify the financial implications of a joint venture as well as help you determine whether incorporating this venture is in your best interest.

If you are considering forming a joint venture, please contact our experts for more information!

Writing a Business Plan: Do I Need an Accountant?

Are you starting a small business?

Have you thought about hiring an accountant?

Probably not, since you are likely focusing your time and energy on the growth of your business – but accountants are trained to do a lot more than payroll and taxes.

A professional accountant can help you develop your small business from writing a business plan to the official formation of your company.

While you don’t need to hire a full-time accountant to help you out, a couple of hours can make the difference in getting your small business off the ground.

Creating the Business Plan

An accountant will be able to help you write a business plan based on realistic information. You don’t want to risk a failed business plan based on optimistic assumptions and not current market conditions.

While optimism and risk tolerance can be beneficial to starting a business, an accountant can help you to balance the plan.

Experienced and expert accountants can use their knowledge to ensure your business plan is financially cohesive and realistic.

Forecasting Your Costs

When you create a business plan, you will be expected to forecast the various costs involved in starting and building your business. For first time business owners, this can be both daunting and confusing.

Accountants, however, can help you understand these costs by walking you through the numbers to create an accurate forecast for your business.

Determining Your Business Structure

When you start a small business, you can choose to incorporate it or run it as a sole proprietor. Both business structures have their own pros and cons, and are better suited to specific situations.

If you’re not sure about which way to go with your small business, an accountant can help you make the right choice by laying out the legal and tax advantages of incorporating your business – as well as the risks and pitfalls.

It’s a very important decision no small business owner would make lightly.

Registering Your Business

Do you know which programs you need to register with when starting a small business?

An accountant can help you out by making sure that your business is registered properly. For example, you may be required to register for GST/HST, payroll and your province’s WorkSafe entity.

Some business structures are not required to register for as many programs as others. Talk to an accountant about which programs are necessary for your small business.

Hiring an Accountant After Starting a Business

If you missed out on hiring an accountant to help you set up your small business, it’s not too late to benefit from their help!

In addition to the ways an accountant can help you get your small business off the ground, they can also help with many other aspects of your small business including:

  • Bookkeeping
  • Payroll
  • Taxes
  • Government Audits

So, even if your business is up and running, an accountant is a valuable asset when it comes to guiding and growing your business – as well as giving you back your time.

Ready to Get Started?

Our professional accountants at Liu & Associates are ready to help you get your small business started!

Contact us today to find out how we can help you write your business plan as well as guide you on the path to growing your small business into a huge success.

You can learn more about our business accounting services here.

Financial Considerations for Divorce 

Did you know that 41% of first marriages in Canada end in divorce?

While many couples divorce for a variety of legitimate and understandable reasons, the procedure is not simply a straightforward dismantling of a wedding certificate.

There are many financial considerations when filing for divorce, and the more prepared you are for that portion of the proceedings, the less you will have to worry about when the divorce is finalized.

Here are some financial aspects you should pay close attention to while proceeding with a divorce:

Marital Assets

When it comes to divorce, financial assets such as cash, bank accounts, stocks, mutual funds and savings bonds must be considered carefully.

Especially because not all assets created equal. It’s impossible to simply split everything down the middle.

Rushing into a settlement without careful consideration can be a financially and emotionally difficult situation to deal with after the divorce is finalized.

Real estate also needs to be addressed when filing for a divorce. This includes your marital house as well as other houses and properties, vacation properties, timeshares, rental properties and business properties.

Because a home is as much a financial investment as an emotional one, it can be difficult to negotiate how the property will be split, whether it is sold or one spouse buys out the other in order to keep the house.

Debt

Even if one spouse agrees to assume responsibility for debts such as mortgage, this does not mean the other spouse has no financial obligation to the joint debt.

Ultimately, both names on the debt, loan or mortgage are held accountable for paying it. Therefore, if the spouse that keeps the home defaults on mortgage payments, both parties suffer the resulting consequences.

A divorce decree cannot terminate financial obligations to creditors.

The only way to protect yourself if your spouse is assuming responsibility for a debt is to contact the lender and determine if he or she can refinance the loan under his or her name.

Otherwise, you have to place trust that he or she will keep up with the payments.

Bank Accounts

Most married couples establish a joint bank account in which all incomes are combined and all expenses are paid from it.

If your income is automatically deposited into a joint account, you will want to have it switched to a personal account in your name only.

Be sure to also take your name off the joint accounts to avoid liability if the account becomes overdrawn.

Although most divorces are amicable, should you suspect that your spouse is going to clear out the account, take your entitled half and put it in a separate account.

Taxes

There are a number of refundable and non-refundable tax credits that are based on the size of your “family net income”. When you’re married, this means the income of both spouses.

Therefore, when you divorce, your family net income is based on only one income. This means that you may become eligible for an increase in tax credits.

For this reason, it’s crucial that you update the CRA (Canada Revenue Agency) immediately after the divorce is finalized so that the recalculations can be done as soon as possible.

If you are separating in lieu of divorcing, you will have to live apart for at least 90 days before you notify the government.

Get the Help You Need

While you may be tempted to navigate the waters of divorce on your own, it is recommended that you seek guidance from a tax professional or accountant.

Our expert and experienced accountants at Liu & Associates can provide you with professional advice when it comes to sorting out your finances during a divorce.

If you are preparing for divorce proceedings, or simply have questions about your finances, don’t hesitate to contact us today!

How to Save Money When Your Income Temporarily Shrinks

Pandemics and recessions – at this point in time it seems our society has seen it all. And the financial impacts on businesses and families is undeniable.

While our world is currently suffering the detrimental effects of COVID-19, experiencing an economic downfall is not unique to this situation.

This pandemic has certainly been unprecedented but families and individuals should always be prepared for a decline in their income.

If you were not concerned about saving money before the downturn on our economy, you are certainly trying to find ways now.

Luckily, our accountants at Liu & Associates are focused on helping people avoid financial disaster.

Here, we’ve put together ways that you can save money even when your income has temporarily shrunk:

Create a Spending Plan

The first step in creating any sort of saving plan is to take control of how you spend your money.

A spending plan is different from a budget: it’s a tool to help you feel in control of your financial decisions. It will also help you find extra income that you can safely tuck away into a savings.

First, look at your reduced income – pay attention to what is coming in and what has to go out. Expenses such as these include rent/mortgage payments, bills and necessities like groceries and gas.

Next, focus on the things you are spending money on that are necessary. Do these things make your life better? If not, consider getting rid of them (such as monthly subscriptions) or stop buying them.

This may seem difficult at first but, remember, you are creating a habit and that takes time.

Start a Rainy Day Savings

A rainy day savings is money that you put aside “just in case”. This phrase likely originated from the days of agriculture when farmers had to set aside provisions for the rainy days in which they couldn’t work.

It seems like lately our society has hit many rainy days.

For this reason, it seems more important now than ever that you put aside some money in case you run into unforeseen difficulty, trouble or need.

This will help you avoid taking on more debt to handle unforeseen situations.

This form of savings should be your top priority. Ideally, you should have at least 6 months of expenses saved away.

However, for many people this can be impossible. Instead, focus on tucking away whatever free money you can find after creating your spending plan.

Long Term Savings

Even with a shrinking income, if you are able to continue to contribute to your longer term savings and investments, continue to do so.

You may not see the point since fluctuating interest rates are making these savings less rewarding than before, but think about these investments as a long term goal.

If you’re tempted to play around with your portfolio during this economic downswing, it is advisable that you speak with a financial expert.

Recessions Don’t Last Forever

Today’s financial atmosphere may seem hopeless, but history has proven that, despite economical hardship, society always comes out the other side.

One of the defining features of a recession is that they don’t last forever.

The future is always uncertain, as we can all contest to looking back only a few months ago. However, no matter the current global condition of the economy, you should always be prepared to weather the storm.

If you are worried or stressed about your current financial situation, our expert accountants at Liu & Associates are happy to help answer any of your questions.

Please don’t hesitate to contact us today.

Does Paying My Taxes Late Affect My Credit Score?

It’s no secret that paying your taxes late comes with consequences including interest and penalties that could negatively affect your finances. Is a negative impact on your credit score another possible impact?

It’s easy to assume that any debts or money owing will be held against your credit score. When it comes to late taxes, it works a little differently.

Does the CRA Report to Canada’s Credit Bureaus?

In general, the Canada Revenue Agency will not report to Canada’s credit bureaus if you owe a small amount in income taxes, paid your taxes late, or received any basic penalties.

The CRA’s privacy policy restricts the amount of information they are able to share with outside organizations, including Canada’s credit bureaus. However, there is on exception: in the event that you owe enough in taxes for there to be a court case and a collection agency becomes involved, CRA is able to put a tax lien on your credit report. If your debts owing become public information via a court case or collections, your taxes owing will impact your credit score.

What Should I Do If I Owe Taxes?

Most of the time, an individual ends up paying taxes late if they are not in a financial position to pay taxes on time. In order to avoid  late taxes affecting your credit, it’s best to deal with them immediately before the debt becomes too large. Ignoring the problem will not make it go away and could end up making it worse with ruined credit or even bankruptcy.

Even a small amount owing needs to be taken care of as soon as possible before interest charges inflate the original debt.

If you do owe taxes, here are some steps you can take to deal with the debt:

  • Contact the CRA immediately: The Canada Revenue Agency doesn’t want to drag you through court cases, so they are often willing to work out a payment plan. If you can prove that you absolutely do not have the means to pay your owing taxes in a short amount of time, you may be able to work out a multi-year payment plan.
  • The Taxpayer Relief Provision: If your tax situation meets certain criteria, your case may be forwarded to the Minister of National Revenue. Should your case be approved, you could receive tax penalty and interest relief.
  • Save and spend responsibly: You should consider establishing a savings account for tax purposes and other emergencies. Being able to pay a portion of your tax bill is better than not paying anything.

What Does Affect My Credit Score?

Knowing what actions affects your credit score is important in keeping your credit score high.

While your taxes only affect your credit if they become a substantial debt, many other elements come into play when determining your credit score:

  1. Payment History: The largest part of your credit score is based on how well you pay your bills and owing amounts on credit products. It takes into consideration late, short, and missed payments – all of which can negatively affect your credit score.
  2. Utilization: Credit bureaus look at how much debt you have versus how much available credit you have. If you continually run your credit cards to their limits, this will lower your credit score.
  3. Credit History: The amount of time you’ve had your credit products also impacts your credit score. Debts that you’ve carried and maintain good payments on for many years look better than newer debts.
  4. Credit Product Variety: Credit bureaus also like to see a variety of credit products, not just credit cards. This includes loans, mortgages and lines of credit.

Why Take the Chance?

Any amount owing in late taxes, whether it be a large amount or small one, can spell trouble for your finances. Contact Liu & Associates today for more information on how you can avoid interest and penalties when you owe money on your taxes.

COVID-19 Canadian Tax Information

With the recent changes due to COVID-19, many clients and small businesses are feeling financial pressure.  Please know we are deemed an essential service and will continue to serve you.  If you are affected financially by this pandemic, Liu & Associates is here to help.

To help ease financial burdens of taxpayers and small businesses, the Government of Canada is providing options to defer tax payments and is extending the tax deadline.  Read more about financial help for Canadians affected by COVID-19; a hub of benefits the federal government, provinces and territories are offering to people financially affected by the coronavirus.  For more information on how this can help you, your business and your employees, please see our resource section below or call us at 780-429-1047.

You can also visit Government of Canada’s coronavirus disease or call their information line (1-833-784-4397),  available from 7:00 a.m. to midnight (EST) seven days a week.

Our team will continue to update this page as more information becomes available.

Last updated: December 15, 2020.

Our Response Plan

The team at Liu and Associates LLP wants to assure you we are closely monitoring the COVID-19 situation from a financial standpoint and recognize it is truly a global crisis and is constantly changing. This is an unprecedented time for all of us, and we feel the need for everyone to work together to weather this storm.

To ensure the health and safety of our clients and staff, we are taking extra precautions in our office – read our blog post about how our office protocol has changed.

External Resources

GOVERNMENT COVID ASSISTANCE

With the new restrictions, there have been some new announcements for COVID Assistance programs by both the Federal and Provincial government.

There are two surveys available to help identify what benefits you may be eligible for:

You also may find it beneficial to visit Canada.ca. Right under the banner you will find a link called Covid-19 Financial Assistance. Here you will find the support for individuals as well as businesses.

Lastly, the Government of Alberta has recently put out useful information regarding Albertas relaunch grant for small and medium sized businesses.

For more support services, please see the external links below.

City of Edmonton

  • The City of Edmonton has launched a new website for business support in response to the COVID-19 pandemic. This website will be updated regularly by the City.
  • If you have any business related questions, contact the City of Edmonton directly: businessinfo@edmonton.ca
  • In an effort to contain the spread of COVID-19, the City of Edmonton is taking immediate action following the direction of Alberta’s Chief Medical Officer of Health.

Surrounding Areas

For up-to-date information related to other surrounding communities, please follow the following links:

Alberta

Canada

The Government of Canada is rolling out constant updates that affect both individuals and businesses.

APPLICATIONS are now being accepted for Canada’s Emergency Response Benefit Program.

The Government of Canada has launched a COVID-19 APP; to download yours visit APPLE  OR  ANDROID

 

Prime Minister Justin Trudeau announced $350 million in emergency funds for community groups and national charities.
Individuals

 

Businesses

For more information, please contact Liu & Associates LLP.

From all of us at Liu & Associates LLP, please have a safe and healthy season.

New Guidance for COVID Programs

As we are striving to bring you up to date information as quickly as possible, we are now providing you with further guidance from the www.Canada.ca site for COVID programs and benefits in relation to the Canada Emergency Response Benefit (CERB).

For those individuals who have received non-eligible dividends from corporations in which they held shares as the means of remuneration, the Questions and Answers section of the CERB application has been updated to address the qualification of this type of income in the application for CERB. Please note that non-eligible dividends are indicated in box 10 of any T5’s you would have received. The update is as follows:

Are self-employed small business owners eligible for the CERB?

Yes provided they meet the eligibility criteria including that they stopped working due to COVID-19 and do not earn more than $1000 in a period of at least 14 consecutive days in the first benefit period and for the entire four-week benefit period of any subsequent claim.

Small Business owners can receive income from their business in different ways, including as salary, business income or dividends. In determining their eligibility for the Canada Emergency Response Benefit:

  • Owners who take a salary from their business should consider their pre-tax salary;
  • Owners who rely on business income should consider their net pre-tax income (gross income less expenses);
  • Owners who rely on dividend income should consider this as self-employment income provided it comes from non –eligible dividends (generally, those paid out of corporate income taxed at the small business rate).

Income Requirements

What counts towards the $1,000 in income I can earn?

The $1,000 includes employment and/or self-employment income. This includes among others: tips you may earn while working; non-eligible dividends; honoraria (e.g., nominal amounts paid to emergency service volunteers); and royalties (e.g., paid to artists).

However, royalty payments received from work that took place before the period for which a person applies for the Canada Emergency Response Benefit do not count as income during that specific benefit period.

Pensions, student loans and bursaries are not employment income and therefore, should not be included in the $1000.

Applications will be verified against tax records to confirm income.

What income types count towards the $5,000 in employment and/or self-employment income?

The $5,000 includes all employment and self-employment income. This includes among others: tips you have declared as income; non-eligible dividends; honoraria (e.g., nominal amounts paid to emergency service volunteers); and royalties (e.g., paid to artists). If you are not eligible for Employment Insurance, you may also include maternity and parental benefits you received from the Employment Insurance program and/or similar benefits paid in Quebec under the Quebec Parental Insurance Plan.

Pensions, student loans and bursaries are not considered employment income and should not be included.

Does the minimum income of $5,000 have to be earned in Canada?

No.

The income does not have to be earned in Canada, but you need to reside in Canada.

If I am in receipt of dividends am I eligible for the CERB?

Yes as long as the dividends are non-eligible dividends (generally those paid out of corporate income taxed at the small business rate) and you meet the eligibility criteria.

Non-eligible dividends count towards the minimum $5000 in income required for eligibility. Non-eligible dividends also count toward the $1000 income threshold for a benefit period.

Do artists’ royalties count as employment or self-employment income with respect to the CERB?

Yes, in some cases. Artists’ royalties would be considered payments received as self-employment income if they were received as compensation for using or allowing the use of a copyright, patent, trademark, formula or secret process that is a result of their own work or invention. These royalties count towards the $5,000 income threshold, as well as towards the $1,000 that claimants can earn per month while receiving the Benefit. However, royalty payments received from work that took place before the period for which a person applies for the Canada Emergency Response Benefit do not count as income during that specific benefit period. Other royalties (i.e., from investment activities) do not count with respect to the Benefit.

To read this and more about the qualifications in order to make an application for CERB. Please go to: https://www.canada.ca/en/services/benefits/ei/cerb-application/questions.html .

 

For more information, please contact us today.

New COVID-19 Protocols

Last updated September 20, 2021.

 

To all our clients, we hope that this finds you well and safe.

Like all of you, we have been affected in many ways by the pandemic as well so please know that we are here to stand with you and to give you support in what ways we can.

Due to the COVID-19 Pandemic, we will be exercising extra precautions for the safety of our clients and staff:

  • At the time  you make your appointment with us or at the time you drop into our office, please let us know if you, or someone you have been in close contact with, have travelled out of the country in the last 14 days or if you are experiencing flu like symptoms
  • When arriving at our office you must be in compliance with Edmonton city bylaw 19408 which requires that you wear a face mask in all indoor public places.  If you do not have a mask, we will provide you with a non-surgical face mask
  • We will also request that you use the hand sanitizer which we will supply.  Please note that handwashing is recommended as a better alternative to the use of hand sanitizers. If you wish to wash your hands for the necessary 30 seconds it takes to kill the virus, please ask reception to provide you with the bathroom key.  Our washrooms are sanitized regularly and our reception area is sanitized after each client visit for your safety.

To assist our clients, we have compiled a list of resources for both businesses and individuals. 

We thank you for your assistance and cooperation in this matter.

Please contact us if you have any questions about our services during this time.

COVID-19 Tax Implications

The team at Liu and Associates LLP want to assure you we are closely monitoring the COVID-19 situation and recognize it is truly a global crisis and is constantly changing. This is an unprecedented time for all of us, and we feel the need for everyone to work together to weather this storm.

We want you to know you have our commitment to continue providing you with the services you depend on, including up to date economic information.

You are not alone; we are in this together. So, how are we working together to support each other?

Health & Safety

First and foremost, our plan ensures the health and safety of our employees and our clients. We have implemented special protocols and continue to update them to support our team and to ensure we maintain our ability to serve you, for the long term.

We are being very cautious and have put in place precautionary measures to limit the potential spread of the virus including:

  • Frequent hand washing, supplying hand sanitizer, and masks if needed.
  • By requesting any staff member who has been out of the province to self-isolate for 14 days.
  • Maintaining social distancing within our office.
  • Working remotely wherever possible and using specific software as a unified communication and collaboration platform combining workplace chat, video meetings, file storage, and application integration.
  • Taking steps to limit our outside contact and discouraging in-person meetings as much as possible by asking our clients to provide us with their tax or financial information electronically, and if that isn’t possible, to please make an appointment in advance for an in-person meeting.
  • Materials physically coming into our office are being quarantined, and our intake staff are using precautionary measures.

Monitoring

Our senior leadership team remains vigilant and is monitoring the situation in real time and responding swiftly as conditions evolve.

Please view our most recent update on our COVID-19 protocols.

Tax Changes

We undertake to keep you up to date on changing tax deadlines or government directives, as follows:

You may already be aware of Canada Revenue Agency’s (CRA) announcement to extend the personal tax filing deadline. So instead of an April 30th filing deadline for the 2020 tax filing season, Canadians will have until June 1st to submit their income tax return to CRA. The deadline to pay off any outstanding balances interest-free will also be extended, this time, to July 31st.

Businesses will also have more time to pay their taxes. The CRA will allow all businesses to defer, until after August 31st, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020 including tax balances due, as well as required instalments, under Part 1 of the Income Tax Act.

No interest or penalties will accumulate on these amounts during this period. For more information, please see the statement from the Department of Finance. 

The CRA continues to monitor the evolving situation closely, in collaboration with other government departments and agencies as well as our provincial and territorial partners.

The Government of Canada is taking immediate, significant and decisive action to help Canadians facing hardship as a result of the COVID-19 outbreak. Today, March 18, 2020, the Prime Minister announced a new set of economic measures to help stabilize the economy during this challenging period.

These measures, delivered as part of the Government of Canada’s COVID-19 Economic Response Plan, will provide up to $27 billion in direct support to Canadian workers and businesses.

Moving Forward

We are following the guidance of major public health organizations, including the Public Health Agency of Canada, local health authorities, and the World Health Organization, and will continue to do so as the situation unfolds.

To protect ourselves and the communities around us, we can’t stress enough to please follow all the protocols for COVID-19 including frequently washing hands, regular cleaning of work surfaces, and avoiding public or crowded places whenever possible.

Best of health, be safe, and take care of yourselves.

Your trusted financial team at Liu and Associates LLP

When Do I Have to Submit My Corporate Taxes?

It’s a common questions among new business owners: How soon after my business’ year end do I have to file my corporate taxes? Read on for Liu and Associates breakdown of Canadian corporate tax filing deadlines.

Canadian Corporate Tax Returns

The basic rule when it comes to filing your Canadian corporate tax return is that you must submit your return no later than six months after the end of your business’ tax year. This means that each business’s T2 return date will differ depending on their fiscal year end.

Example
If your business’ year end is September 30, your Canadian corporate tax return would be due by March 30.

What Happens If My Year End Lands in the Middle of the Month?

If your year end falls on say, September 16, your due date would be March 16. The six month rule applies just the same.

My Filing Deadline Falls on a Saturday – Now What?!

If your filing deadline falls on a Saturday, Sunday or public holiday, as long as you send your claim on the first business day after the filing deadline you’ll be safe from any penalties!

Note: If you’re hoping to receive a tax refund, you must file your return no later than three years after the end of a tax year.

Alberta Provincial Corporate Tax Returns

Alberta based businesses have to file a separate provincial corporate tax return because Alberta administers their own corporate tax collection. For more information, visit the Treasury Board and Finance website. While filing deadlines are similar to CRA requirements, it’s good to familiarize yourself with both systems to avoid any fines or penalties.

Don’t Leave It Up To Chance

If you are confused or have questions about your corporate tax filings, don’t wait to ask! The experts at Liu & Associates LLP offer corporate tax services to ensure everything is done right and on time. Call us today!