KWB Blog

The latest financial news and accounting tips from KWB.

Nov 9 2017
Jobber

Jobber is a cloud based software solution designed for small and medium sized field service businesses.  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 payments all within one system Business […]

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.

May 2 2017
Registered Education Savings Plan (RESP)

With summer over and the kids back at school, many are looking at accessing their RESPs to cover the costs of post-secondary education. Here are some things to consider.

Apr 25 2017
Personal Services Business (PSB)

In the past, it was OK and even advisable to conduct business through an incorporated company even if PSB rules applied. With recent changes to the rules, though, this is no longer true.  So what are these changes, and what do they mean to you?

Apr 18 2017
Protecting Treasured Family Assets with Life Insurance

Do you want to protect the value of your estate for your heirs and preserve those cherished family properties and other assets? If so, read on for more info.

Apr 4 2017
Northern Residents Deduction

Depending on the location of your permanent home, you may qualify for the Northern Residents Deduction on your personal income tax return. The steps to determine if you qualify for the NRD are as follows: Step 1 – Your permanent resident location There are two levels of locations that qualify for the Northern Residents Deduction: […]

Mar 28 2017
EI, OAS and CPP Rulings

Employment and Social Development Canada (“ESDC”) is responsible for EI, OAS and CPP rulings, not Canada Revenue Agency. On April 1, 2013, the Social Security Tribunal (“SST”), an independent administrative tribunal operating at arm’s length from ESDC, was introduced to review appeals on EI, OAS and CPP rulings made by the ESDC. The process to […]

Mar 21 2017
CRA Fraud Protection

Canada Revenue Agency and police again warned taxpayers of randomly targeted fraudulent telephone calls and e-mails that are being sent out as CRA fraud.  These phone calls and e-mails are not from the CRA. Annually the number of CRA fraud scams rise near the April 30th tax deadline. The phone call scams are imposters trying […]

Mar 14 2017
Statute Barred Period

In general, CRA can reassess tax returns for individuals, trusts and Canadian Controlled Private Corporations (CCPC’s) within 3 years from the original Notice of Assessment date. After that, the returns enter a statute barred period. The typical statute barred period starts 3 years after the Notice of Assessment is issued A Notice of Assessment is the […]

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 […]