Small Business Accounting

Edmonton Corporate Accounting Services

We are a locally owned and operated firm that specializes in small business tax accounting and payroll services.

For small Edmonton and area businesses, we organize the income and expenses and manage all the filings required by the CRA. We let you know what expenses you can claim, how to organize your business bank accounts so that your expenses aren’t all over the place, and help you keep track of all your expenses and receipts. We also help you set up GST/payroll/corporation tax payments from your bank account, and help you decide if its better for you to pay yourself through a dividend or put yourself under payroll. A lot of our clients say that their previous accountant had never given them this much information about how their corporation taxes were filed with the CRA. Many of our clients tell us that their relationship with their previous accountant was just three things: “send your bank statements, your corporate taxes are ready, here’s how much you owe”. We, on the other hand, will walk with you through the whole process so that you are aware of any misplaced expenses or additional expenses you are allowed to claim. This will ensure you are claiming everything you are eligible to claim, so that you pay the least amount of taxes while keeping the CRA happy.

YEG Tax Masters
Edmonton Small Business Accounting & Tax Services
780-691-3982
Edmonton Corporate Accounting & Tax Services

If you’re just getting started…

If you’re new to this and don’t know where to start, the first step is to get yourself incorporated (sole proprietorship is another option, however for this page we are focusing on corporations). You’d have to go to a registry, and they will give you a few documents that you need to fill out and give back to them. In Alberta, a named company will cost you about $500 and a numbered company is about $450. Once the registry incorporates your business and gives you your business number, the next step is to create a business bank account. Now it’s very important that all your business transactions go through your business bank account. Many new businesses make the mistake of putting business expenses on personal cards, which makes it very difficult at the end of the year to find all the business-related expenses. This reduces amount the amount of expenses you can claim, which leads to higher taxes you have to pay. It’s not easy for everyone to hire a bookkeeper or do their own bookkeeping when they just start their business, which is why we emphasize keeping all your business-related transactions on your business card, as well as keeping track of all your receipts and invoices. When it comes to the types of expenses you can claim, it all depends on your industry; we help sort that out.

Filing your taxes…

When it comes to filing GST, filing payroll, filing your dividends, accessing all the mail the CRA has sent you, all this can be done through your CRA account. Previously, there was a separate CRA account for personal and business, but now you can access your business account through your personal account. Once you add your business in your CRA account, we’ll show you how to authorize us so we’re able to do all your business-related filings through there and speak to the CRA on your behalf. At the end of your fiscal year, we will contact you to get all your bank statements, csv’s, receipts, invoices, etc. We’ll work with you through this process to make sure that your taxes are filed accurately and no deductions are missed.

YEG Tax Masters
Edmonton Small Business Accounting & Tax Services
780-691-3982
Edmonton Corporate Accounting & Tax Services

Frequently Asked Questions

Should I get incorporated or should I open a sole proprietor?

Very briefly, opening a sole proprietor is easier and cheaper but is only worth it if you expect to make less than $30,000 a year and will have no other source of income. This is because you will be taxed at the personal tax rate. With a corporation on the other hand, the tax rate is much lower and your business is a separate entity, which has many benefits.

When do I have to start collecting GST from my customers?

You don’t have to create a GST account and start collecting GST from your customers until you make $30,000. However, you are allowed to open a GST account voluntarily anytime, even if you’ve made no revenue. This is beneficial for companies that are exempt from collecting GST and want to get back the GST they paid on their expenses.

Do you charge separately for filing corporate taxes, GST return, etc?

No, we give our corporate clients a package which includes all returns related to their corporation, all correspondences with the CRA, as well as filing the personal taxes for them and their immediate families.

Why choose YEG Tax Masters for your small business accounting needs?

We work collaboratively with our clients, so that they are well informed and get their taxes filed in the most optimal way.

We are always a phone call away, the whole year, for any questions they have or help they need. We’re known and loved for our personalized approach with our clients.

With us, you don’t need to worry about any tax related issues. You can be comforted knowing we’ll explain to you exactly what’s happening and what the solution is.

YEG Tax Masters
Edmonton Small Business Accounting & Tax Services
780-691-3982
Edmonton Corporate Accounting & Tax Services

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