We would like to remind our clients that for the majority of Canadians, your personal income tax returns normally need to be filed by April 30.
If you haven’t already brought us the information we need to prepare your return, we would ask you to do so shortly.
CRA has extended the filing and payment deadline to May 5, 2014. Despite this extension, it is our desire and intention to complete everyone’s returns by the original April 30, 2014 deadline as our office will be closed on May 1, 2014 and we will likely only have a skeleton staff on May 2, 2014.
For April, 2014 our office hours are 8:00am to 5:00pm Monday to Friday and 9:00am to 1:00pm on Saturday.
Darren Buma, CPA, CA
Darren has a passion for small business and loves to work with both budding and experienced entrepreneurs. After articling with KPMG and receiving his Chartered Accountant designation, he left to explore the world of small business. What he was expecting to be a short exercise turned into nine years of excitement. During that time he helped to grow and operate a variety of private companies in both commercial real estate development and computer software development.
In 2004 Darren joined KWB so that he could have the best of both worlds, running a small entrepreneurial firm and being in a position to help entrepreneurs like you, grow your business and secure your future. He became a partner at KWB in 2007. His knowledge and advice isn't just academic, Darren lives the roller coaster of entrepreneurship that you ride every day.
Aside from his responsibilities at work, Darren is active in the community. He is a past Chair of the Edmonton Chapter of Financial Executives Canada, sits on the disciplinary tribunal roster for the Institute of Chartered Accountants of Alberta, and is active in minor hockey both as Treasurer for his local hockey association as well as coaching numerous hockey teams over the years.
Darren's Contact Information
Other Posts by Darren
Economic Update on U.S Interest Rates
Are you interested in what is happening with interest rates in the U.S.? Here is a quick and easy to understand summary.
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).
Once in a Blue Moon
I recently read an excellent article about a rare economic occurrence that was happening this past June. To help you find out more about this rare economic occurrence, here is the full article prepared by Wealth Stewards Portfolio Management Inc. (WSPM)
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.
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.
The Value of Advice
What is the value of advice? When it comes to portfolio management, the overall value of the advice can be measured by comparing the performance of one portfolio over another in a specific amount of time. However, when it comes to wealth management, the overall value of the advice discussed regularly with clients is much more difficult to measure. Read on to see some real life examples of the value of the advice given.
US Tax Filing
Are you a US citizen? Do you spend more than 120 days per year in the US? If so you may be required to file a US personal tax return.
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
FACTA Bank Reporting Requirements
Beginning in July of 2014, Canadian financial institutions will be required to start gathering and reporting information on accounts held by U.S. residents and U.S. citizens, including those who are resident of Canada.
The account information will be collected and reported to the Canada Revenue Agency (CRA), who will then transfer the information
Principal Residence Exemption
If you have sold your home and it is your principal residence then you should be able to use the principal residence exemption to reduce or eliminate any capital gain for income tax purposes on the sale of the property.
CRA states that a principal residence can be a house, cottage, condominium, apartment, trailer, mobile
Chartered Professional Accountants: It’s all in the name
On July 31, 2015 legislation in Alberta came into effect that will govern all professional accountants under one organization and one brand: Chartered Professional Accountants or CPA for short.
Prior to this change, you would have found Chartered Accountants (CA’s), Certified Management Accountants (CMA’s) and Certified General Accountants (CGA’s) all practicing in Alberta. Although
New Business Guide for setting up your business
If you are starting a new 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.
Registered Education Savings Plan (RESP)
An RESP is an education savings account that is registered with the Government of Canada that helps you save for a child’s or grandchild's post-secondary education.
With an RESP, you may be able to receive other saving incentives, such as the:
Canada Learning Bond
Basic and Additional Canada Education Savings Grant
There are two different
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 Profit Driver to
What’s the difference between eligible and non-eligible dividends? What are the implications to you?
Dividends are payments made to shareholders to allocate the earnings of a corporation. There are two types of taxable dividends that a corporation can issue, non-eligible and eligible.
non-eligible dividends are taxed at approximately 10% more than an
There are many apps that can be integrated into your Quickbooks Online software in order to provide extra value and Dryrun is one of them.
Forecast cash flow and sales
Dryrun was created right here in Edmonton and is a forecasting tool that will assist you in making better decisions about your business. You
To our valued clients and business partners – a KWB announcement
KWB Chartered Professional Accountants has a proactive plan for
continued operation in this new environment. You and our team are our
first priority. We want to inform you of what changes we have made, so we
can continue to complete the work you need us to do, while protecting both you
Best Practices for Submitting Documents Electronically
We are encouraging you to send us your personal tax
information or corporate records electronically. This guide will assist you through the
process while ensuring your data is secure and well managed.
File Types: We can accept pretty much any file types
(PDF, jpeg, bmp, tiff, png, etc.)