Year-End Reporting

Between business and personal taxes, business owners have a lot to prepare for when the end of the fiscal year nears.

For many business owners, tax season is associated with the stresses of deadlines and paperwork. At KWB, our goal is to ease that stress so you can focus on running our business. We help you to plan for tax season in advance, and once it comes around, we take care of all of your filing.

We not only file both your personal and business tax returns, but also look at the two together to get a complete picture of your finances. We help you to understand how personal and business finances intersect, and identify tax minimization strategies for both.

We don’t just limit our tax services to tax season. Throughout the year, we pay attention to your financial situation and aspects of your personal life that might lead to tax savings. For example, we might note that you have paid your son’s university tuition or that your daughter is involved in a sports program and use that information to take advantage of tax credits. We also keep your financial goals in mind so we can help you stay on the right track, even through tax season.

We help you to understand how personal and business finances intersect, and identify tax minimization strategies for both.

Our year-end reporting services cover the following areas:

  • Business and personal tax returns
  • Tax planning
  • Compliance
  • Strategies for allocating salaries
  • Recommendations for bookkeeping and operations

Blog posts about Year-End Reporting

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

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

Aug 23 2016
Top 7 Overlooked Tax Deductions

Are you paying too much in taxes? Are you getting all the tax deductions available for your business? An effective way to minimize your company’s tax expense, in addition to good planning, is to ensure the company is claiming all of the expenses legitimately allowed under the tax act. Take a look and see if any

Feb 6 2018
Switching to Quickbooks Online (QBO)

Considering making the switch from QuickBooks Desktop to QuickBooks Online (QBO)? 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.  Don’t let that scare you off though!  The QBO program is

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 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

May 24 2016
CRA Letter Campaign

Every year CRA conducts reviews and audits to sample and educate tax payers on tax compliance, and 2016 will be no different. CRA estimates that approximately 30,000 letters will be sent out across Canada this year. These letters will give you information about certain claims you have made on one or more of your

Apr 19 2016
Tax Myths

Here are some common myths about our personal tax system: Myth: The CRA completely agrees with the information you submitted in your return if it sends you back a Notice of Assessment that agrees to what you filed. A Notice of Assessment is just the result of a quick assessment that will have fixed any

Mar 22 2016
CRA Online Mail

Tired of waiting for snail mail? The Canada Revenue Agency (CRA) now allows you to receive some of their correspondence electronically through their My Account service. What correspondence does this apply to? Notices of Assessment (issued after February 9, 2015) Notices of Reassessment (issued after February 9, 2015) Tax Free Savings Account letters (issued after

Dec 8 2015
Tax Instalments

You may not be aware that you or your business are required to remit quarterly or monthly tax instalments to CRA.  And it is likely that if the instalments are not made, you will be charged interest and penalties Goods and services tax instalments You are required to pay GST instalments if your net tax

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

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 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

Aug 19 2014
Companies with Internet Based Sales

Do you sell any products or services online? If your answer is yes, the CRA has introduced a new form that needs to be filed with your corporate tax return. Schedule 88 on Internet Business Activities is required if your business earns income from any websites, or is involved in any of the following: -         

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

Feb 20 2018
2018 Tax Rates & Limits

Each year various tax rates, contribution limits, benefit amounts and deduction rates change.  The following is a quick reference guide for 2018. Personal income tax rates and brackets: Federal Taxable income                                  Rate $0 to $45,605                                      15% $46,606 to $93,208                             20.5% $93,209 to $144,489                           26% $144,490 to $205

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 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

Dec 6 2016
CRA Statistics

Have you ever wondered about CRA statistics like how many tax returns get filed each year or how much Canadians pay in taxes each year? Earlier this year, CRA released their 2014-2015 Annual Report to Parliament which included the following CRA statistics: 28 million tax returns were filed for the 2014 year. Approximately 1% of

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

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

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

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

Jan 9 2018
Capital Dividend Account

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

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