About Johnny

Johnny Kwong, CPA

Johnny Kwong, CPA

Accountant

Johnny received his Bachelor of Commerce Degree in 2011 from Athabasca University. In April of 2013, he joined the KWB team, initiated his articling hours, and began pursuing a CPA designation. Despite each CPA PEP module becoming increasingly arduous, there was a light at the end of the tunnel. In May of 2016, Johnny was successful in writing the Common Final Exam. Six months later, in December 2016, Johnny was admitted as a CPA member. He is currently continuing his professional development as a Senior Staff Accountant at KWB.

On a personal note, Johnny became a father in January 2016 to a beautiful baby girl. He and his wife are enjoying every new experience that comes with becoming a parent, especially the monumental steps that their little girl is taking to becoming a unique individual…oh, and the lack of sleep. Johnny also enjoys watching movies, going for long walks and attempting to find a spare moment for a date night with his wife – which have been few and far between, despite KWB’s best efforts.

Other Posts by Johnny

Mar 1 2017
Child Rearing Provision

If you left the work force or reduced your working hours to be the primary caregiver for your children, it will likely be to your benefit to apply for the CPP child rearing provision when applying for CPP benefits. To apply for the CPP child rearing provision you would complete section 11A in the application […]

Jan 3 2017
Changes to the Eligible Capital Property Rules Effective January 1, 2017

Eligible capital property (ECP) includes items such as goodwill, patents, trademarks, customer lists and other intangibles with no fixed lifespan. As of January 1, 2017, the new rules for eligible capital property will come into effect and will have a significant impact on tax deferral opportunities for companies that dispose of eligible capital property. Previous […]

Nov 29 2016
OAS Benefits

What is the value of deferring my OAS benefits, sometimes also called OAS pension, to a future year? There are several reasons why you might want to defer your OAS benefits, such as: 1)     Based on current and future sources of income you may be able to keep thousands more. 2)     You’re planning to work past 65 […]

Oct 18 2016
Canada Child Benefit

Beginning July 2016, the Liberal government combined the Canada Child Tax Benefit, National Child Benefit Supplement and the Universal Child Care Benefit into the Canada Child Benefit. Under the new Canada Child Benefit, families with children under the age of 18 will be eligible for a maximum annual benefit of $6,400 ($533 per month) per child […]

Sep 6 2016
Home Buyers Plan

The Home Buyers Plan (HBP) is a program that allows you to withdraw up to $25,000, per person from each of your RRSP accounts in a calendar year to buy, or build, a qualifying home. To be eligible for the Home Buyers Plan, the following must be met: You must be considered a first-time home […]

Aug 16 2016
Supporting Documents for a Charitable Donation

When you make a charitable donation, one of the key benefits is the donation tax credit you receive on your tax return. In order to be able to claim a charitable donation and get a credit, Canada Revenue Agency (CRA) requires that individuals keep supporting documents and proof of payment (i.e. cancelled cheques, pledge forms, […]

Dec 1 2015
CRA Requirements for Keeping Financial Information

You are required by law to keep records if one or more of the following situations apply: You operate a business in Canada You have to file an income tax return (i.e. corporate or personal) You have to file a GST return You filed for a GST rebate You have a trust Note: The above […]

Oct 13 2015
Taxable Benefits For The Personal Use of Company Aircraft

A corporate aircraft that is owned or leased primarily for business purposes, but is used for personal purposes (i.e. flight to transport employees or shareholders to a vacation destination) will be considered a taxable benefit to that employee or shareholder. The value of the benefit is the cost of a regular first class airfare for […]

Aug 5 2014
Unreported T-slip income

Regardless of the reason, if you neglected to report income from any T-slips in your current year tax return, don’t wait for CRA to catch it. If you didn’t report a T-slip in your return and also missed reporting T-slip income in any of the three years prior, you are subject to a penalty of 20% (10% federally and 10% […]

May 26 2014
Heartbleed & CRA’s Deadline For 2013

As you may have heard, Canada Revenue Agency (CRA) extended the 2013 personal tax return deadline to May 5th, 2014. This was due to a security issue, known as the Heartbleed bug vulnerability. This vulnerability affected how usernames and passwords were encrypted when logging into “secure” websites. Thus, allowing hackers the potential to steal private […]