IT professionals earn well, but contract work, foreign clients and incorporation choices make taxes more complicated than a regular paycheque. Garg Accounting provides bookkeeping, tax and accounting for IT consultants, independent contractors, managed service providers, software developers and small tech companies in Calgary and across Canada, entirely online if you prefer.
Often it helps once your income is well above what you need to live on, because profit kept in the corporation can be taxed at the small business rate. But if you work like an employee for a single client, the CRA may treat your corporation as a personal services business, which loses that rate. We review your contracts and numbers before you decide.
It depends on where your client is. Services to clients in HST provinces generally use that province’s HST rate, and many services supplied to non-resident businesses can be zero-rated. We set up your invoicing so the right tax is charged.
Income and expenses are reported in Canadian dollars, using the exchange rate on the transaction date or an acceptable average rate. We set up multi-currency bookkeeping so the conversion is done consistently.
Business-use computers and software are generally claimed through capital cost allowance or as expenses, and you may claim the business share of home office costs if you meet the CRA’s tests. We’ll tell you what applies to you.
Specialist pages: accountant for professionals (doctors, realtors, consultants) · rental property and Airbnb tax · accountant for trades and contractors
Garg Accounting · 4310 104 Avenue NE, Unit 3230, Calgary, AB T3J 1W5 · +1 368-995-6000 · info@gargaccounting.ca · Mon–Fri 9:00 AM–5:30 PM
Areas we serve: NW Calgary · NE Calgary · SW Calgary & Downtown · SE Calgary · Airdrie · Chestermere · Balzac & Rocky View · Cochrane · Okotoks & High River · Strathmore · Drumheller · Red Deer · Lethbridge · Medicine Hat · Edmonton · Fort McMurray · Grande Prairie · Online across Canada
Related: Personal tax filing · GST/HST filing · Bookkeeping · Incorporation · Contact
Popular services: Accounting services in Calgary · Personal tax returns · Payroll services · Bookkeeping · Corporate tax (T2)
