Business Year-End

Business year-end isn’t just when we file your taxes; it’s when we set the path for next year’s successes.

To help you prepare for year-end, we will send you a checklist as your year-end approaches. The checklist identifies all of the documents you will need to bring us so that we can prepare your financial statements and file your taxes efficiently and as quickly as possible. We find this reduces the risk of missing something important, and means that you never have to deal with the feeling that you’ve forgotten something.

When we are reviewing your year-end financial information, we try to identify tax savings for the current year, as well as the upcoming year. For example, we might identify that by changing your business’s tax plan or by changing the structure of your business, you’ll realize tax savings this year.

KWB has always provided me with timely support for all of our business and family needs, and have priced their services fairly. Perry McPherson, Great Circle Investments Inc.

Our Process

  • Drop off your documents in person or through our secure Internet options
  • Your tax return goes through a rigorous review process to ensure every possible opportunity for tax savings has been explored.
  • We review your financial statement and tax returns with you, in person or remotely
  • Timeliness is a priority for us, so turnaround time is fast; you can expect the entire process to be complete within four to six weeks.

We also provide personal tax advisory services to individuals who we do business year-end work for. By doing both your personal and business taxes and accounting, we will have a better overall picture of your finances, and can better advise you on tax minimization strategies.

For assistance with your business year-end, please contact us.

Blog posts about Business Year-End

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 26 2016
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.

Mar 24 2013
2013 Federal Budget

On March 21, 2013 the federal budget was released. Read about the 4 items in the budget that we think are most likely to 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.

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.

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.

Jun 19 2012
The Value of a Unanimous Shareholders Agreement (USA)

The financial wealth of many individuals is represented by the shares of a privately-held corporation, and, as such, a shareholder agreement is an invaluable legal instrument when the corporation is being continued by other shareholders or family.

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?

Mar 17 2012
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.

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

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

Jul 15 2014
Guide for setting up your business

The following checklist has been prepared to assist you with the steps required and other points to consider when setting up your business. This checklist is not all encompassing, but one tool to help identify key issues that need to be addressed and considered. In addition, we recommend reading Canada Revenue Agency’s (CRA’s) guide "RC4070

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

Jul 15 2014
Starting a new business?

There are a number of things that you will need to do including: 1)      Incorporating a company.  But before you do, you should talk to us about the types of shares and number of shares that should be issued to each person that you are thinking about involving in your business. And who should

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 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

Nov 24 2015
New Business Guide for setting up your business

If you are starting a small business in Canada or are operating one already, then this article is for you. Types of business structures The type of structure you choose has a significant effect on the way you report your income, the type of returns you file each year, and many other matters. The three

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

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

Mar 5 2015
Refunds that CRA will not pay

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

Mar 17 2015
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

Apr 9 2015
Cost of Being Found to be a Personal Services Business (PSB)

We often hear about individuals who decide to incorporate while working as an employee for a business. But is it really beneficial to do so? Let’s look at an example. Joe works as an employee and earns employment income (a T4 slip) in Alberta. On July 1, he incorporates. Although he has incorporated, he continues

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