25 of the most common questions Calgary small business owners and individuals ask us about corporate tax, personal tax, bookkeeping, payroll, incorporation, and CRA audits — answered by Calgary CPAs serving Alberta businesses since 2011.
Most Calgary small businesses spend between $200 and $1,500 per month for combined bookkeeping, payroll, and year-end T2 corporate tax — depending on transaction volume and payroll complexity. Swift Accounting offers flat-rate, all-inclusive pricing. We quote you a single number before we start. No hourly billing. No surprise invoices.
Flat rate, always. Hourly billing creates a perverse incentive — the longer your accountant takes, the more they earn. Flat-rate pricing aligns our incentives with yours: we work efficiently and you know your annual cost on day one.
Three steps. Book a free consultation. Sign an authorization letter so we can pull your CRA history and request your prior accountant's working papers. We handle the handover so you don't have to manage the awkward conversation. Most switches complete within 5 to 10 business days.
Yes. We serve Calgary, Calgary NW, Okotoks, and clients across Alberta. Most engagements run remotely with secure document sharing — we work with Alberta business owners from Lethbridge to Grande Prairie. If you're outside the city, distance is rarely a barrier.
Calgary small business owners, contractors, incorporated professionals (doctors, lawyers, engineers, realtors), real estate investors, and individuals with complex personal tax situations. Clients across 50+ industries. We focus on owner-operated businesses up to about $10M in revenue.
A Canadian-controlled private corporation must file its T2 return within six months of its fiscal year-end. Tax owing is due two months after year-end (three months for CCPCs claiming the small business deduction). Missing the deadline triggers automatic CRA late-filing penalties of 5% of unpaid tax plus 1% per full month outstanding.
Calgary CCPCs pay a combined federal and Alberta corporate tax rate of approximately 11% on the first $500,000 of active business income — the lowest small business rate in Canada (9% federal + 2% Alberta). On active business income above $500,000, the combined general corporate rate is approximately 23% (15% federal + 8% Alberta). Full Calgary tax rate table →
Yes — and you must. Even a fully inactive corporation in Alberta is required to file a T2 every fiscal year. CRA charges late-filing penalties on missed nil returns and can cancel your corporation's status entirely if you skip filings for several years. We file nil T2s at flat-rate pricing for inactive corporations.
It depends on your income, your corporation's profitability, your RRSP contribution room, and whether you want CPP coverage. There's no universal answer. We model both scenarios for every owner-manager client annually and choose the combination that minimizes total tax. Most Calgary owner-operators land on a hybrid — some salary for CPP and RRSP room, dividends for the rest. Run the salary vs dividend calculator →
In 2026, 50% of capital gains up to $250,000 are included in taxable income; 66.67% inclusion applies above $250,000 for individuals. The effective combined federal-Alberta rate ranges from approximately 11.5% to 26.8% depending on your income bracket. The Lifetime Capital Gains Exemption can shelter up to $1.25 million on qualifying small business shares. Capital gains calculator →
April 30 for most Canadians. June 15 if you or your spouse is self-employed — but any tax owing is still due April 30. Filing late triggers a 5% penalty plus 1% per month (up to 12 months). Alberta residents file federal and provincial tax on a single T1 return.
Once your business earns more than $30,000 in worldwide taxable revenue over four consecutive calendar quarters, GST registration is mandatory. Alberta has no PST, so Calgary businesses only collect 5% GST. Voluntary registration before the threshold can be worthwhile if you have significant input tax credits to recover. Calgary GST guide →
Bookkeeping records what happened — every transaction, every expense, every invoice. Accounting interprets it — financial statements, tax returns, projections, and strategic advice. Bookkeeping is the foundation; accounting is the building. You need both, and they should talk to each other. Swift handles them under one roof to avoid the handoff problems most firms create.
You can — and many Calgary owners do for the first year. The catch: cleanup work usually costs more than the bookkeeping itself would have. Common DIY mistakes include miscategorized GST, mixed personal and business expenses, unmatched bank transactions, and missed source-deduction remittances. We're happy to review your DIY books once a quarter for a fixed fee if you want to keep doing it.
Monthly, at minimum. Quarterly is too late to catch problems and weekly is overkill for most small businesses. Monthly cadence lets you make GST remittances on time, see real cash flow, and respond to issues before they compound. Swift clients on the bookkeeping plan get monthly statements by the 15th of the following month.
Yes. Full-service payroll: source deduction calculations, T4 and T4A filing, ROE handling, CPP and EI remittances, year-end adjustments, and direct integration with bookkeeping. Alberta has no provincial payroll tax — a meaningful advantage over most other provinces — so Calgary employer costs run lower than equivalent Ontario or BC employers.
CRA charges automatic penalties — 3% of the amount if 1-3 days late, 5% if 4-5 days late, 7% if 6-7 days late, and 10% if 7+ days late, with interest on top. CRA also has the power to issue garnishments and director liability assessments for unpaid source deductions. Swift clients have never missed a remittance — every CRA filing and payment goes out on time, every cycle.
If your business consistently earns more than you need to live on, incorporation almost always saves tax — Alberta CCPCs pay 11% on retained earnings vs. up to 48% personal rate. Incorporation also adds liability protection and credibility for B2B contracts. The break-even is typically around $80,000 to $100,000 in business income. Below that, sole proprietorship is usually simpler and cheaper. Run the should-I-incorporate decision tool →
Federal incorporation: 1-2 business days. Alberta provincial incorporation: same day at a registry. Total setup including NUANS name search, articles, minute book, share structure, business number, GST registration, and payroll account: 5-10 business days. We handle the entire process and hand you a complete corporate package.
Don't respond yet. Read carefully and note the deadline. There are several CRA letter types — pre-assessment review, post-assessment review, desk audit, field audit, demand to file — and each has a different correct response. Send us a copy and we'll tell you within 24 hours what kind of CRA action it is and how to respond. Wrong responses can escalate the situation; correct responses often close it without further review. CRA audit help →
Yes. We've represented Calgary clients in pre-assessment reviews, T2 desk audits, GST audits, payroll audits, and field audits going back multiple years. We hold authorization to communicate with CRA on your behalf, attend interviews, and prepare working papers. Most clients never speak directly to CRA once we're authorized — we handle every conversation.
Yes. Calgary clients regularly come to us 3-7 years behind. We catch up filings systematically, oldest first, and where appropriate apply for the CRA Voluntary Disclosure Program — which can waive penalties on amounts you voluntarily disclose. Done right, multi-year catch-up often costs less in penalties and interest than people expect.
Mostly through email and a secure client portal. Receipts and documents upload via the portal or by email. Quick questions get same-day responses. Year-end planning sessions are scheduled by phone or Zoom. Major decisions get a real conversation, not a templated email. We aim to be the firm where you actually pick up the phone.
Yes. Client information is protected by professional confidentiality obligations under provincial accounting standards and by Canada's Personal Information Protection and Electronic Documents Act (PIPEDA). We don't share your information with third parties without your written consent. The only exception is mandatory CRA disclosure on legal request — which is required of every Canadian accounting firm.
Yes. Free 20-minute consultation, no obligation. We'll review your situation, identify what's working, what's not, and what an engagement with us would cost. If we're not the right fit, we'll tell you. No high-pressure sales — your time matters.
Book a free 20-minute consultation. We'll answer it directly — and if it's something other Calgary business owners ask, we'll add it to this page.