What You Need To Know About The Alberta Child Care Grant In 2025

Many families across Alberta will have finished their planning and preparation for 2025. With the first month of the year slowly drawing to a close, many families may be looking for ways to help better prepare themselves financially. This can include budgets, the elimination of unnecessary expenditures and looking for more affordable childcare options. Especially […]

Your Small Business Audit Checklist: What You Need to Know

When it comes to small businesses, there are many intricate details that will arise when it comes to not only filing taxes, but navigating all the different financial avenues that determine the success of your business. One of these avenues can include an audit of your small business. Although a small business tax audit can […]

Five Simple Ways to Help Reduce Your Corporate Taxes

As the year slowly winds to a close, many business owners will begin–if they have not already–the process of closing out their current fiscal year and preparing for 2025. In Canada, the most common fiscal year-end deadline is December 31, 2024, with corporate T2 tax forms due no later than six months after the deadline, […]

New Changes to Canada’s Capital Gains Tax

Capital gains taxation in Canada has undergone significant changes as part of the 2024 federal budget, reshaping the landscape for investors and businesses alike. Historically, when you reported capital gains, half of the amount was included in taxable income, but with the new rules introduced in June 2024, this rate has increased to two-thirds for […]

Tax Treatment of Finance Lease vs Operating Lease

Finance leases and operating leases have different tax treatments in Canada. While many of us might assume that it doesn’t matter how you lease a piece of equipment for your business, the type of lease you choose could have very different implications for your business taxes. In this blog we’ll uncover the differences between finance […]

A Complete Guide to Annual Returns for Alberta Nonprofits

As a nonprofit organization in Alberta, it’s important to stay compliant with regulatory requirements, one of the most important being the annual return filing. Annual returns ensure that your organization remains in good standing with government authorities and maintains transparency with stakeholders. In this comprehensive guide, we will explore the essentials of annual returns for […]

Do Charities Need Audited Financial Statements?

Financial transparency is incredibly important for Alberta charities. As a registered not-for-profit organization, you’re likely wondering if you are required to have audited financial statements. If you’re an Alberta Registered charity, you’re required to have financial statements audited annually. In this blog we’ll cover which charities need to have audited financial statements, which charities need […]

Sole Proprietorship vs Incorporation: Pros and Cons

Are you looking at the difference between a sole proprietorship and incorporating and unsure what is right for your business? Don’t worry, we’re here to help! In this blog we’ll cover what a sole proprietorship is as well as the advantages and disadvantages, plus the pros and cons and incorporating. If you are looking at […]

Gallo LLP Celebrates 10 Years in Business

Gallo LLP is proud to say we’ve hit a decade in business – and oh what a decade it’s been! There have been ups and downs as we’ve worked to become the accounting powerhouse we are today. 10 Years of Business Growth Our founder and Managing Partner, Jonathan Gallo, began our company as Gallo and […]

5 Ways Small Businesses Can Save Money Their First Year

A small business’ first year can make or break their ability to succeed. Very few businesses are able to turn a profit their first year, so saving money is incredibly important. We want to see your small business grow and thrive, so that’s why we’ve come up with some tips on how small businesses can […]