KWB Blog

The latest financial news and accounting tips from KWB.

Jan 9 2018

What is the capital dividend account? The capital dividend account (CDA) tracks the amounts that can be paid out to shareholders, tax free. How is the capital dividend account balance created? Capital gains and losses – The balance increases by 50% of any capital gains your company incurs, and decreases by 50% of any capital […]

Jan 2 2018
CRA Audit Approaches

If you have been selected for a CRA audit, you may be wondering what kind of tests they will perform. While this largely depends on whether the CRA auditor believes your records are accurate and reliable, they are also required to perform a number of indirect tests to verify that what you have earned has […]

Dec 19 2017
When to Apply for CPP Benefits

The amount of CPP benefits that you are eligible to receive depends on how long you earned employment income, and how much you earned in those years. You can visit the My Service Canada website to see how much you have paid in to CPP over your working years. This information is used to calculate […]

Dec 12 2017
Allowable Business Investment Loss

An allowable business investment loss can arise in many ways: 1)      Through a disposition of shares in a small business corporation 2)      Through a disposition of debt owed to you by a small business corporation 3)      When amounts that you have loaned to a small business corporation become uncollectible, or the corporation has gone bankrupt, […]

Dec 7 2017
Year End Tax Tips

Review our year end tax tips to discover a number of perfectly valid actions you may still be able to take before the end of the year to cut your taxes and to optimize your wealth management planning. As tax planning specialists, we at KWB can help you decide exactly what to do, when to […]

Dec 5 2017
KWB Christmas Party

At KWB we believe that family is important which is what we emphasized when we recently had our annual Christmas celebration. We decided to do things a little differently this year and we involved the children and grandchildren of our staff in a party where we spent the day enjoying Edmonton’s history at Fort Edmonton […]

Nov 28 2017
Dryrun

There are many apps that can be integrated into your Quickbooks Online software in order to provide extra value and Dryrun is one of them. Forecast cash flow and sales Dryrun was created right here in Edmonton and is a forecasting tool that will assist you in making better decisions about your business.  You can […]

Nov 21 2017
CRA Service Standards

CRA service standards have been set by the CRA to give you an idea how long it should take to receive a response to your submission. The CRA service standards for 2017 & 2018 have been released and the turnaround times that Canadians can expect are as follows: Document   or Service Turnaround   Time […]

Nov 9 2017
Jobber

Jobber is a cloud based software solution designed for small and medium sized field service businesses that works with Quickbooks Online (QBO). It has a number of features that are designed to help you run a better business by helping you manage finances, client requests and a busy team. Jobber integrates scheduling, quotes, invoices and […]

Nov 1 2017
Halloween

Here at KWB we put the FUN in our corporate culture FUNdamentals! And in true KWB fashion, we had a spook-tacular time at the office for Halloween! Our clients delighted in our decorated reception area, our offering of treats and our creative attire. Everyone got into the spirit donning their costumes for the annual “best costume […]

Oct 24 2017
Triplog

Triplog is a great tool if you are tired of tracking your mileage every time you get in the car. Especially if you aren’t claiming mileage as an expense because you forgot to check the odometer or write down your trips in a log book. This app easily integrates with Quickbooks Online Triplog is an […]

Oct 17 2017
CPP Death Benefit and Survivor Payment

CPP death benefit The CPP death benefit is a one-time, lump-sum payment to the estate of the deceased contributor.  It must be applied for within 60 days of the decedent’s date of death. The CPP death benefit can be paid to: The estate of the decedent(if there is an estate) The person who paid the funeral […]

Oct 10 2017
KWB 10th Annual Bunnock tournament

What do accountants do for fun??? Well we grab some horse ankle bones and throw them at each other… The game is Bunnock Okay, well, maybe not “at” each other.  I know that sounds a little aggressive but actually it is quite the opposite.  The game is called Bunnock (go look it up!) and this […]

Oct 3 2017
GST Compliance Campaign

If you have received mail from the Canada Revenue Agency (CRA) regarding previously filed GST returns it is likely part of their GST compliance campaign. In December 2016 and March 2017, the Canada Revenue Agency (CRA) launched a pilot project GST compliance campaign and sent over 750 letters to businesses registered for GST/HST. The letter […]

Sep 19 2017
Free Quickbooks Online Seminars

KWB is hosting free quickbooks online seminars for our clients to learn more about the benefits of QBO and the apps that it supports. Upcoming seminars are: Wednesday October 4th at 11:30 (lunch provided) Thursday October 19th at 8:30 (coffee and pastries provided) Friday November 3rd at 11:30 (lunch provided) Tuesday November 21st at 8:30 (coffee […]

Sep 14 2017
The Glass Cliff

KWB has sponsored The Glass Cliff conversation at the Winspear on September 27th from 7:00-8:30 with a reception to follow. The panel includes Kirstine Stewart, the Rt. Hon. Kim Campbell, Eveline Charles and Dr. Shawna Pandya. The Glass Cliff event – 27-9-17 If you are interested in attending we have a few remaining tickets and would […]

Aug 8 2017
How to Avoid a CRA Audit

If you want to figure out how to avoid a CRA audit there are a number of things you should know. Probably one of your worst nightmares is the dreaded audit letter from the Canada Revenue Agency (CRA) informing you that you’re going to be audited and CRA will send out approximately 30,000 such letters […]

Jul 25 2017
CRA Audit

Many companies may experience a Canada Revenue Agency (CRA) audit. Here’s what you need to know: Types of Audits: Not all CRA audits are the same! In some cases, they may only want to see records pertaining to one area or it could be a full audit. Here are a few details regarding the different […]

Jul 11 2017
Direct Beneficiary Designation – RRSP or RRIF

If you are considering a direct beneficiary designation for either a Registered Retirement Savings Plan (RRSP) or a Registered Retirement Income Fund (RRIF), you should be aware of some negative consequences that can occur. A direct beneficiary designation can result in unintended tax consequences to the estate, the inequitable treatment of heirs or the distribution […]

Jun 27 2017
Disaster Recovery 101

Terrible devastation caused by flooding or fires is a potent reminder that one should not delay planning for disasters in advance. Learn how to approach designing your own Disaster Recovery Plan (DRP).

Jun 13 2017
Gluten Free Food

If you have celiac disease you are able to claim the incremental costs of the gluten free food as a medical expense. In order to claim the expense you need to track the gluten free food during the year and keep the receipts to show that the expenses were incurred. An app called celitax.ca has […]

Jun 6 2017
CCH Profit Driver

At KWB we use software called CCH Profit Driver that can turn historical financial data into tactical plans. For example we can create scenarios that would help you optimize operational efficiencies, improve cash flow and demonstrate possible outcomes. CCH Profit Driver is really a “what if …” planning tool. How would you like to know […]

May 30 2017
RRSP Contribution Room

RRSP’s can be a simple concept but they are also governed by some complex rules. Learn more about how your annual contribution limits are calculated and what to do if you have over contributed.

May 16 2017
Quickbooks Online – Free For Clients of KWB

QuickBooks Online (QBO) is a cloud based version of the traditional QuickBooks desktop accounting software that offers some great features and accessibility not available from the desktop environment. Cloud basically means it resides on and is accessible through the internet. We like it so much that effective July 1, 2017 we are offering it at no […]

May 9 2017
Tax Deductions

To make sure you are claiming all the tax deductions that you should be, read about the 7 most commonly overlooked tax deductions.