Canada Recovery Caregiving Benefit (CRCB) Explained
“The Canada Recovery Caregiving Benefit (CRCB) gives income support to employed and self-employed individuals who are unable to work because they must care for their child under 12 years old or a family member who needs supervised care. This applies if their school, regular program or facility is closed or unavailable to them due to COVID-19, or […]
Eligibility Criteria Expanded for Canada Emergency Business Account – CEBA
The Government of Canada has announced an expansion to the eligibility criteria for the Canada Emergency Business Account (CEBA) to include many owner-operated small businesses. The changes to CEBA will allow more Canadian small businesses to access interest free loans of up to $40,000 to help cover operating costs during a period when revenues have been […]
New Protocol for Applying for the Canada Emergency Response Benefit (CERB) – 3 April 2020
Due to the volume of Canadians applying for the Canada Emergency Response Benefit (CERB), the Canadian Revenue Agency has set new protocol for applying: If you were born in January, February or March, you may apply on Mondays If you were born in April, May or June, you may apply on Tuesdays. If you were born in July, August or September, you may apply on Wednesdays. If […]
Explaining the Business Credit Availability Program (BCAP)
Description of the Business Credit Availability Program (BCAP): On March 13, 2020, the Government announced the establishment of a Business Credit Availability Program (BCAP) to help Canadian businesses obtain financing during the current period of significant uncertainty. The BCAP will support access to financing for Canadian businesses in all sectors and regions. Through this program, Export […]
New Information from the Alberta Government – 25 March 2020
In addition, it is now mandatory for travellers returning from outside of Canada to self-isolate. This legal requirement also applies to close contacts of confirmed COVID-19 cases, as well as to any individual with symptoms, such as a fever, cough, sore throat or runny nose. “We must do everything we can to protect Albertans through […]
Outstanding Shareholder Loan
It is very common for owner-managers to draw funds from their company during the year and find themselves with an outstanding shareholder loan at year end. These balances are often cleared up by recording dividends or bonuses to the shareholders and the problem is solved. If the loan is not repaid during the fiscal year […]
TFSA
In 2009 the Government of Canada introduced the “Tax-Free Savings Account (TFSA) as a flexible, registered, general-purpose savings vehicle that allows Canadians to earn tax-free investment income to more easily meet lifetime savings needs”. The TFSA contribution is done with after-tax dollars, so unlike an RRSP contribution it is not tax deductible. However, no tax […]
2017 Tax Filing Deadline and KWB office hours
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 […]
Allowable Business Investment Loss
An allowable business investment loss can arise in many ways: 1) Through a disposition of shares in a small business corporation 2) Through a disposition of debt owed to you by a small business corporation 3) When amounts that you have loaned to a small business corporation become uncollectible, or the corporation has gone bankrupt, […]
EI, OAS and CPP Rulings
Employment and Social Development Canada (“ESDC”) is responsible for EI, OAS and CPP rulings, not Canada Revenue Agency. On April 1, 2013, the Social Security Tribunal (“SST”), an independent administrative tribunal operating at arm’s length from ESDC, was introduced to review appeals on EI, OAS and CPP rulings made by the ESDC. The process to […]