KWB Blog

The latest financial news and accounting tips from KWB.

Sep 25 2018
Are RRSP’s the right investment choice?

RRSPs are one of the few last minute and flexible deductions available to people with employment income from a T4. However, if you are an owner of the business and have some control over your salary, you should consider some of the other alternatives first. Even if you can’t control your own salary you should […]

Sep 18 2018
Wagepoint

Wagepoint is an online payroll software that will meet all of your payroll needs. Wagepoint Features: Direct deposit CRA/WCB remittances T4 and T4A preparation Statutory Holiday calculations Record of employment (ROE) preparation Additional deductions Contractor payments Additional incomes Online pay stubs Integrates with QBO and TSheets Wagepoint also integrates with Quickbooks Online (QBO) accounting software.  […]

Sep 11 2018
Receipt Bank

If you would like to spend less time on data entry and more time growing your business, you should automate your bookkeeping with Receipt Bank. Receipt Bank is a website application that extracts key information from your invoices and receipts and publishes it directly into Quickbooks Online (QBO). Integrates with QBO You can submit invoices […]

Sep 4 2018
Hubdoc

Hubdoc is an automated, central hub for all your financial documents. It syncs all your documents and their data with QuickBooks Online (QBO). It turns your receipts, bills, and invoices into accurately coded QBO online transactions with key data entered and source documents attached. The transactions are then auto-matched to the bank feeds for one-click […]

Aug 21 2018
Plooto

Plooto is the simplest and most effective way to streamline AP and AR transactions and it works within QuickBooks Online. (QBO) the only fee is a $1/transaction fee Benefits: No banking or other personal information needed. Records the transaction automatically in QBO. Easily send and receive payment (an email is all that is required). Completely […]

Aug 7 2018
Form T1135 Foreign Income

Form T1135 Foreign Income Verification Statement must be filed if you, your corporation, trust or partnership, owned or held foreign property with a cost amount of more than $100,000 at any time in the year even if some or all of the property was sold before the year of the year. The form is used […]

Jul 31 2018
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?

Jul 17 2018
TSheets

TSheets is a website application that is used to track time and help with scheduling. If you’re tired of tracking your time sheets manually, this may be the solution for you! Regardless of whether you are an employee, management, moving from one job site to another, or work in the same office each day, there […]

Jul 3 2018
Unreported T-slip income

Regardless of the reason, if you have unreported T-slip income of $500 or more from any T-slips in your current year tax return, don’t wait for CRA to catch it. If you have unreported t-slip income in your current year return and also unreported t-slip income in any of the three years prior, you are subject to a […]

Jun 26 2018
TFSA

If one of your New Year’s resolutions was to save more money, then the Tax-Free Savings Account (TFSA) may be a good option for you to use. Learn more about the TFSA rules and limits.

Jun 19 2018
Impact of late filing your corporate tax return

If you are late filing your corporate tax return by more than three years, any overpayment is considered statute barred under the Canadian Income Tax Act (Section 164(1)). This means that the Canada Revenue Agency (CRA) will not issue the refund to the corporation. In addition, the corporation cannot apply for tax payer relief to […]

Jun 12 2018
Resident or Non-resident in Canada

Under the Canadian income tax system, an individual’s liability for income tax is based on his or her status as a resident or a non-resident of Canada. An individual who is resident in Canada during a tax year is subject to Canadian income tax on his or her worldwide income from all sources. Generally, a […]

Jun 5 2018
Applying for a Business Number

A Business Number is a nine-digit identifier provided by the Canada Revenue Agency (CRA) to each Canadian business. This number is given to register tax accounts and to make communication with CRA easier.  Each legal entity (sole proprietor, partnership, corporation or trust) requires one business number and each business number can be registered for any […]

May 22 2018
Quickbooks ProAdvisor

There are many benefits that KWB receives as a member of the Quickbooks ProAdvisor program and can pass along to you. Read about what they are, including some potential cost savings for you.

May 15 2018
Remote Support

Would you like to have a KWB staff person work directly on your accounting system at a time that is convenient for you? Or to help you figure out why your accounts aren’t balancing or why your accounting software has crashed? KWB is here to help! Learn more about our remote accounting support.

May 8 2018
CRA Tax Myths

Will CRA email me for information? Can I refuse to pay income taxes if I want to? Can I avoid paying GST? Do I have to pay taxes on lottery winnings? These myths are answered.

Apr 24 2018
GST Quick Method

The GST Quick Method is available to smaller businesses and is easier, quicker and saves money as compared to the normal method of GST filing. And since all GST registrants must file GST on either an annual, quarterly or monthly basis it can save a lot of time as well as money. is easier, quicker and […]

Apr 18 2018
2017 Tax Filing Deadline and KWB office hours

We would like to remind you that for the majority of Canadians, your personal income tax returns should be filed by April 30. It is our desire and intention to complete everyone’s returns by the April 30th deadline. To help with this we are open extended hours until 6:00 PM during the week starting April […]

Apr 17 2018
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: […]

Apr 10 2018
Tax Filing Deadline

What is your tax filing deadline? How much time do you have to file and what are the costs of not filing or of filing late? Personal Tax Filing Deadline Personal taxes are due on April 30 unless that date falls on a Saturday, Sunday or a holiday in which case the return is due on […]

Apr 3 2018
Changes to the Principal Residence Exemption

The Canada Revenue Agency (CRA) has made a major change to the Principal Residence Exemption that will affect Canadians when filing their 2016 tax returns. Regardless of whether the sale is exempt or not, individuals will now be required to report the sale of their principal residence on their personal tax return. Under the Principal […]

Mar 30 2018
Controller and CFO Services

Do you think you may need Controller or CFO services? Are you looking for information to help you make good decisions?  Are you unsure of what’s happening financially in your business? You need timely, accurate and complete financial information and the people who can figure out what it all means in order to survive in today’s economy. […]

Mar 22 2018
Bookkeeping Services

Having good bookkeeping will enable you to make good decisions based on accurate financial information provided to you on a timely basis. KWB Chartered Accountants offers bookkeeping and similar services. With timely and accurate information we can help you address your issues and make better decisions as a result. These are definitely tough times, and […]

Mar 16 2018
Disability Tax Credit

You may qualify for the disability tax credit and not even realize it.  If so, you could collect as much as $2,500 a year in tax savings!!! You do not need to be in a wheelchair to be eligible for the disability tax credit. If someone isn’t able to walk the length of a football field unassisted […]

Mar 6 2018
Borrowing Best Practices

You may not always understand what your banker is seeing or what they are asking for, but the good news is that both your banker and you want to see the business succeed. Here is more info on the 9 simple things that will help you become a more successful borrower.