Taxation information for Alberta's small business community
Taxation Minute:
Receipts, Receipts, Receipts, when does it end? Make sure you keep orderly records of all business income you receive, and expenses you write off. Keep all your receipts, invoices, vouchers, and cancelled cheques indicating outlays of money. Such expenses include:
- Salaries and wages;
- Operating expenses such as rent, advertising, and capital expenditures; and
- Miscellaneous items such as charitable donations.
An example of common business expenses you can claim for your business is through the following link:
Benjamin Franklin once said that, nothing is certain, except death and taxes. Obviously Ben is right on both counts. However, let's concentrate on preparing for the taxes part of his famous quote. Taxes are something to be informed about, educated about and prepared for. By taking the time to inform yourself and plan for the future, you can prepare to meet the certainty of the taxperson. Depending on where you do business, taxes may include any combination of Municipal, Provincial and Federal tax.
The following links to documents and to other websites, will help educate you about preparing your business for the tax issues you will face. Listed below are some of the more popular and useful links. However, besides the list below, you may want to check out the web sites of accounting firms. Many of these firms have websites that contain tax news, newsletters, and/or subject specific tax information.
Federal
- Canada Revenue Agency
- Goods and Services Tax and Harmonized Sales Tax - GST/HST
- Eligible Business Expenses
- Guide for Canadian Small Businesses
- Income Tax - Payroll Deductions
- Business Number - BN
-
Income Tax Returns - the T2 Corporate Income Tax Return and the T2 Short Return (Corporations)
Provincial
- Alberta Finance and Enterprise (Corporate Tax)
- Business Operating Costs (KPMG cost competitiveness study)
- Tax and Revenue Administration (TRA)
Municipal
- Municipal Profiles
Directory of municipalities in Alberta that includes information about municipal tax rates, useful contacts, etc.
Other Sources of Information
- Government Programs and Services Database
Search various categories of business-oriented programs, services and some regulations of the provincial and federal government departments and other organizations that are partners in the Canada Business Service Centres and The Business Link Business Service Centre. - Taxation Links
These links will transfer you to sites operated by various government departments/agencies and private sector organizations and companies providing information on this topic. - The Business Link's Search Engine
Search our entire site by keyword. - The Business Link's Business Officers
Our business experts are always ready to discuss your business needs in confidence. - Library Pathfinders
Our pathfinders provide a quick reference of The Business Link's library materials available on this topic and many others.
