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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.

Supply chain disruption has already occurred due to COVID-19 and it’s likely to get worse before it gets better.  Measures that exist to avoid a reintroduction of the virus and new outbreaks will impact production and supply chains. Immediate Response For companies that operate or have business relationships in impacted countries, steps should include: Educate […]

Here are 8 great tax saving tips: Tax Savings Tip #1: Keep complete records Be diligent about your record keeping to avoid lost receipts that can mean missing out on tax deductions.  Keeping electronic copies of scanned receipts can help you stay organized on the go.  KWB recommends using the Receipt Bank app that integrates […]

A rapid response plan for your business Applications for CEWS (Canada Emergency Wage Subsidy) will start being received by the government as of Monday, 27 April 2020. While businesses may qualify for benefits under CEWS, understanding the program, determining eligibility, and submitting the proper application can create a high level of stress and uncertainty. You […]

To help businesses keep and return workers to their payroll through the challenges posed by the COVID-19 pandemic, the Prime Minister, Justin Trudeau, proposed the new Canada Emergency Wage Subsidy. This would provide a 75-per-cent wage subsidy to eligible employers for up to 12 weeks, retroactive to March 15, 2020. This wage subsidy aims to […]

Work-Sharing (WS) is a program that helps employers and employees avoid layoffs when there is a temporary decrease in business activity beyond the control of the employer. The program provides EI benefits to eligible employees who agree to reduce their normal working hours and share the available work while their employer recovers. Work-Sharing is an […]

Review our year end tax tips to discover 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 can help you decide exactly what to do, when to do it, […]

If you are in a much higher income tax bracket then your spouse and have investments outside of an RRSP or TFSA then a spousal loan could reduce your taxes. Money that is earned directly by you through employment or investing is considered yours and can’t just be given to your spouse to invest.  That […]

A taxpayer can claim medical expenses paid for themselves as well as for their spouse, common-law partner and dependents.  A dependent can include; the taxpayer or their spouse/common law partner’s child or grandchild or the taxpayer of their spouse/common law partner’s parent, grandparent, sibling, uncle, aunt, niece or nephew whom lived in Canada at any time during the year. […]

A taxpayer can claim deductible medical costs paid for themselves as well as for their spouse, common-law partner and dependents. A dependent can include; the taxpayer or their spouse/common law partner’s child or grandchild or the taxpayer of their spouse/common law partner’s parent, grandparent, sibling, uncle, aunt, niece or nephew whom lived in Canada at any […]

We are often asked, “Should I own my vehicle in my company or personally?” The following facts can help us determine the answer to the question of vehicle ownership: 1)      How many kms will you drive it for business purposes? 2)      How many kms will you drive it for personal purposes? 3)      What is the […]

What’s the best strategy for structuring the legal ownership of your home? The answer is…it depends. Are you asking for tax planning purposes or for estate planning purposes? Often you may be advised that it’s important for you to have the title of your home shared with somebody else so that if something were to […]

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 […]

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 […]

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 […]

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 […]

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.

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 […]

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 […]

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 […]

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. […]

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 […]

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.

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 $46,605                                      15% $46,606 to $93,208                             20.5% $93,209 to $144,489                           26% $144,490 to $205,842                         29% Income over $205,843                        33% After many years […]

Proposals from the Department of Finance on July 18, 2017 included changes to the taxation of split income. The most common form of split income is income from a dividend from a related entity that is not excluded from being categorized as such. Prior to 2018, shareholders of privately held companies over the age of […]