Running a Growing Business

I Am Running a Growing Business.

I. . .

  • Am making money on paper, but where is the cash?
  • Am having difficulty keeping up with my business’s growing demands.
  • Need help keeping my books up to date.
  • Would like help with budgeting.
  • Would like to take advantage of tax minimization opportunities.

For business owners, there is nothing more exciting than seeing your business grow and prosper. However, this creates an entirely new set of challenges. In order to get the most out of this growth, there are certain areas that might need to be managed more closely.

When I have someone I can trust and depend on for support with financial planning and tax preparation it makes an immense difference in my business and my life. The team at KWB Chartered Accountants has provided me that level of high quality support. Brent Haydey, Fit4Results

At KWB, we can help you overcome the challenges that rapid growth may bring. We will take advantage of tax minimization strategies so that you’re growing profits are maintained. We will also advise you on business structure to ensure that you are making the best choices for the size of your business. We will also refer you to our partners in financial planning, investment advising, and other areas of finance to make sure that every aspect of your growing business is taken care of.

We want to see you get the most out of your business. We offer services that will help you to manage and sustain your growth.

Some services you might find useful include:

Structuring Your Business
Improving Your Operations
Wealth Management: Your Working Years
Business Year-End

If you’d like to learn more about how we can help you manage your growing business, please contact us.

If you’re an existing client, please give us a call and set up a meeting.

If you’re a new client, give us a call or send us an email – we’ll set up a no-commitment consultation for approximately a half-hour. We’ll talk about your business, your personal and professional goals, and answer all of your questions about us as well. If there’s a good fit, we’ll provide you with actionable advice and get you started down the path towards your goals.

Blog posts about Running a Growing Business

Sep 18 2013
CRA's Cash Receipts Window

Canada Revenue Agency (CRA) has announced that they are closing their cash receipts window effective September 30, 2013. Find out how this might affect you.

Jan 12 2013
Remote Accounting 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.

Nov 3 2012
Is it too late to reduce your 2012 taxes and optimize your investments?

Is it too late to reduce your 2012 taxes and optimize your investments? Perhaps not—if you contact KWB right away!

Feb 16 2016
Income Splitting

Do you own a business - either incorporated or unincorporated - and have a spouse or one or more adult children with an income lower than your own? If so, you may be able to shift your income to these other family members, effectively moving the income from a high tax rate to a low tax rate and decreasing the overall tax burden on your family. This is called income splitting.

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?

Jan 12 2016
Save Money with a Health Plan

Save Money with a Health Plan How can you save $100’s and maybe $1,000’s in taxes in one simple step? Are you an employee of your own company and do you have significant medical expenses each year of $2,000 or more not covered by a health plan? Then creating a “Private Health Services Plan” (PHSP) as soon as possible could save you big dollars.

Nov 22 2016
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

Nov 1 2016
Payroll Remittance

Depending on the amount of your payroll remittance you may have some options as to when you are required to remit it to CRA. Regular Payroll Remittance You are a regular remitter if you are a new employer or your average monthly withholding amount (AMWA) two years ago was less than $25,000.  In

Oct 25 2016
T1 Adjustment

How long do you have to file a T1 adjustment? If you find yourself in a situation where you have filed your personal tax return and then realize that you need to make a change, there are some steps you need to follow. First, you need to wait until the notice of assessment on your

Sep 13 2016
Strategic Planning

What if you knew the impact of an important decision before you made it? Could you and your business benefit from this “what if” strategic planning? You would be able to look at the potential outcome and financial impact of business decisions before they are made. At KWB we use software called CCH Profit Driver

Jun 24 2014
Online Backups - Keeping it simple

Do you know someone who has lost critical and precious information that was stored on their computer? Are there things on your computer that you don’t want to lose such as financial or business records or personal information like family photos? We live in a digital world and we don’t have hard copies of anything

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

Aug 9 2016
Apprentice Tax Credit

If you have apprentices working for you, then you should be taking advantage of the apprenticeship job creation tax credit. (Apprentice Tax Credit) An investment tax credit can be claimed on eligible salaries paid to eligible apprentices. The credit is equivalent to 10% of salaries and wages paid to that individual, to a maximum of

Jul 21 2016
Switching to Quickbooks Online (QBO)

Considering making the switch from QuickBooks Desktop to QuickBooks Online (QBO)? Here are a few reasons why QBO might be the right choice for you. If you are currently using the Desktop version of QuickBooks, you need to be aware that QBO is not the same program and doesn’t really look anything like the Desktop product

Jul 5 2016
Bookkeeping Services

Are you unable to make good decisions because your financial information is inaccurate or not 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

Jun 21 2016
Controller 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. Controllers should basically pay for themselves. The cost savings you

Mar 16 2016
Director's Liability

While the tax debts of a corporation belong to the corporation and the tax debts of an individual belong to that individual, there are some exceptions to the rules. Directors may be held personally liable for certain tax liabilities of the corporations they serve. When a corporation faces insolvency, remittances to the government may fall

Sep 22 2015
Alberta Corporate Tax Rate Changes

In addition to personal income tax increases, the Alberta NDP government has also increased general corporate tax rates. However, businesses that earn $500,000 or less of active business income will not be affected by the tax increases due to an offsetting increase to the Alberta small business deduction rate. Businesses that have more than

Sep 10 2015
Online tools from the CRA and Service Canada

Here are some great tools on the CRA website to help in day to day activities that I personally use. 1)       Payroll Deduction Online Calculator Use the Payroll Deductions Online Calculator (PDOC) to calculate federal, provincial (except for Quebec), and territorial payroll deductions. It will confirm or allow you to calculate the deductions you include

Sep 1 2015
Alberta Personal Income Tax Changes

On June 30, 2015, the Alberta government passed Bill 2, An Act to Restore Fairness to Public Revenues. The bill has created a progressive personal income tax rate structure for higher income earners. Effective for 2015 and subsequent tax years, four new tax brackets and rates will be introduced: Taxable income of $125,000 to

Aug 4 2015
Corporate expenses - What can you deduct?

Often deductible business expenses are overlooked or missed as business owners are unsure whether they are deductible. A business expense is any cost incurred by the company to generate income. These expenses must be supported by physical documents such as invoices, purchase contracts, sales receipt, etc. If cash is used to purchase items, it is

Nov 18 2014
Year End Tax Tips

There are 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 do it, and what not to

Feb 23 2016
Why should I review my Unanimous Shareholder Agreement?

If you haven’t reviewed your Unanimous Shareholder Agreement (USA) recently, here are 3 excellent reasons why you should do so:  In 2006, the Federal Budget introduced a second dividend rate. Corporate earnings in Alberta, up to $500,000 are taxed at 14%; when a dividend is paid to an individual shareholder this “ineligible-dividend” is taxed

Apr 5 2016
2016 Tax Rates & Limits

Each year various tax rates, contribution limits, benefit amounts and deduction rates change.  The following is a quick reference guide for 2016. Personal income tax rates and brackets: Federal Taxable income                                  Rate $0 to $45,282                                      15% $45,283 to $90,563                             20.5% $90,564 to $140,388                           26%

Jan 23 2015
Fraud from mobile banking deposits

Technology is constantly evolving and many commercial banks are using the latest technology advances. Some of these include mobile banking, electronic payments and mobile cheque deposits or Mobile Remote Deposit Capture (MRDC). We have all seen the commercials showing us how easy it is to deposit a cheque by taking a picture of it with

Dec 13 2016
Small Business Deduction

The current Small Business Deduction in Canada allows corporations to pay a lower rate of tax on their first $500,000 of active business income. Active business income includes income earned from a company’s regular operations, but excludes other income such as rental or investment income. Budget 2016 released by the federal government has introduced