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Canada Revenue Agency (CRA) has made changes to taxable benefits for employment conditions such as working from home, commuting, meal costs, etc.  These changes are valid for the period between […]

Due to the continued effect of COVID-19 on jobs and businesses, the following benefits are being extended: Canada Recovery Benefit (CRB) – extended by 12 weeks, from 26 weeks to […]

Here’s some of the changes to T4 reporting for 2020 required by the Canada Revenue Agency (CRA). “Other Information” Codes Four new codes have been introduced to the “Other Information” […]

The Canada Summer Jobs Program can cover up to 75% of your wages. If you are planning to hire between April 26th and February 26, 2022 and want to take […]

One of our goals this year is to show you how having control over your business cash flow will help you to reach your cash flow goals sooner. Cash flow […]

If you applied for the Canada Emergency Wage Subsidy (CEWS) in April or May, you could receive additional funding from the Small and Medium Enterprise Relaunch Grant. At KWB, our […]

Starting on Friday, December 4, 2020, eligible businesses facing financial hardship as a result of the COVID-19 pandemic are able to access a second CEBA loan of up to $20,000 […]

On Site Fire Protection recently contacted us to inform us of the new occupant load restrictions due to the COVID pandemic.  We believe that many of you will benefit from […]

If your business involves any driving, you should be tracking your mileage by using a mileage tracker like Triplog.  If you’re thinking that you’re already drowning in paperwork and don’t […]

“The Canada Recovery Sickness Benefit (CRSB) gives income support to employed and self-employed individuals who are unable to work because they are sick or need to self-isolate due to COVID-19, or […]

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 […]

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 […]

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 […]

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. […]

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 […]

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 […]

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. […]

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 […]

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 […]

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)      […]

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 […]

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 […]

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 […]

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 […]