KWB Blog

The latest financial news and accounting tips from KWB.

Jun 8 2021
Thrive with Cash Flow Management and ONSight Advisory

Let us help you prepare for the future while ensuring you have the right cash flow for today. When we work with you to monitor your cash flow, we can spot trends, manage your needs, and prepare for growth all while supporting you to reach your business and lifestyle goals. If you need help managing […]

Jun 1 2021
Alberta Jobs Now Program

Employers can apply to the Alberta Jobs Now program for funding to reduce the cost of wages and training associated with hiring unemployed or underemployed workers in new or vacant positions. Below is a summary of the program, but more details can be found in the Alberta Jobs Now Program Application Guidelines. Within this program, […]

May 31 2021
Understanding your Notice of Assessment

Your Notice of Assessment (NOA) is sent to you from the Canada Revenue Agency (CRA) after they have processed your tax return. You might immediately check to see if you received your tax refund or if the balance owing is correct, but what other valuable information is in the NOA? Personal Tax Assessment Your NOA […]

May 18 2021
Developing and Tracking Your Success: Are You Measuring Your KPIs?

Do you want to make sure your business is heading in the best direction to achieve your goals? By establishing, tracking, and improving your key performance indicators, you have a much greater chance of getting there.   We can work with you to customize financial and non-financial KPIs, and create a reporting tool to measure […]

May 5 2021
Business Road Map & Forecasting: Support for Growth, Profit, and Cash Flow

If you want to grow your business and increase your profit and cash flow, but aren’t sure how to get started, Business Road Map & Forecasting services from ONSight Advisory can help you. We’ll customize a month-by-month action plan for your business, creating a road map for how to achieve the revenue you desire, and […]

Apr 26 2021
Discover the Power of One

Are you considering a change within your business? ONSight Advisory can assist you with making operational decisions, helping you to explore the potential impact of changes before you make them and to discover opportunities you might be overlooking. With Discover the Power of One, we’ll help you determine the best course of action to increase […]

Apr 23 2021
Dext (formerly Receipt Bank) Top Tips

KWB recommends using Dext, formerly Receipt Bank, to keep track of your receipts and help you to claim back more on your taxes. Here are 16 steps for business owners to get started with the Dext app: Download the app Take photos of your receipts Apply the Supplier Rules function so that you can set […]

Apr 22 2021
5 Highlights from the 2021 Federal Budget

Here are the top 5 components of the 2021 Federal Budget that may affect you or your business: CEWS and CERS Extension The budget proposed extending the Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Rent Subsidy (CERS) and its lockdown top-up to September 25, 2021. The budget also proposed adding additional qualifying periods […]

Apr 12 2021
Strategic Business Goal Setting

Do you want to understand where your business is today and where it could be tomorrow? With ONSight Advisory, we can offer you expert advice and help with Strategic Business Goal Setting. We’ll complete an analysis of your business to identify the steps needed to create a clear path forward for you to reach your […]

Apr 6 2021
A Grant Program for Every Stage of Business

Jobber, a cloud based workflow solution software, ideally suited for home service businesses, is inviting business owners to apply for one of 20 Grants that they are offering. Jobber recently launched their $100,000 Grant Program which aims to provide much needed relief to business owners like you! You may need new equipment, a new employee, […]

Mar 18 2021
Introducing ONSight Advisory Services Powered by KWB

We’re thrilled to announce the launch of ONSight Advisory, KWB’s new expanded services to support the needs and goals of entrepreneurs and small business owners. We’re offering expert advice and guidance to improve business performance while simplifying your accounting experience. Our advisors will provide insight and accountability to help you grow and operate your business […]

Mar 10 2021
Find COVID-19 Benefits for Your Business

If you are unsure of which COVID-19 benefits are available for your business, CRA has a webpage that will will help you figure it out. In order to narrow your search, you will be asked the following questions on their webpage: Type of support you are looking for (e.g. support due to the effect of […]

Mar 4 2021
Highly Affected Sectors Credit Availability Program (HASCAP)

If your small business has been hard-hit by the economic effects of COVID-19, you may be eligible for the Highly Affected Sectors Credit Availability Program (HASCAP).  HASCAP offers low-interest loans, of up to $1 million per entity, over an extended term to help manage business continuity expenses. Guaranteed Loan The Government of Canada has mandated […]

Mar 2 2021
CRA Offers Interest Relief on COVID Benefits

The Canada Revenue Agency (CRA) recently announced that they are offering relief on the interest charged on certain COVID benefits.  Who is Eligible? You need to check ALL of the following criteria in order to be eligible: Your total 2020 taxable income was $75,000 or less You received at least one of the following COVID-19 […]

Feb 24 2021
Changes to Employer-Provided Benefits and Allowances

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 March 15 2020 and December 31 2020. If you’re an employer, take note of these important changes: Commuting Costs If you pay for, reimburse, or […]

Feb 23 2021
Certain COVID-19 Benefits are Being Extended

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 up to 38 weeks Canada Recovery Caregiving Benefit (CRCB) – extended by 12 weeks, from 26 weeks to up to 38 weeks Canada Recovery Sickness […]

Feb 18 2021
New Critical Worker Benefit for Albertans

The Critical Worker Benefit will bring much needed relief to eligible workers across the province, providing a one-time payment of $1,200 to eligible critical care workers in recognition of their hard work to provide Albertans with the care and services they need. Applications for the private sector will open on Wednesday, February 17, 2021 and […]

Feb 17 2021
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.) Image Quality:  Obviously, the better the quality, […]

Feb 12 2021
Records of Employment: Everything you need to know

This past year we have been asked many questions about completing a Record of Employment (ROE) form.  Here are helpful answers to the most common of those questions based on information from the Canadian Payroll Association: Q:  If an employee’s hours are reduced, is that considered an interruption of earnings? A:  A reduction of working […]

Feb 10 2021
T4 Reporting

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” portion of your T4 slip. In addition to reporting employment income, all employers that paid employment income to employees on dates between March 15 and […]

Feb 8 2021
T2200 Forms and COVID-19

A T2200 form is typically only filed with the Canada Revenue Agency (CRA) when an employee’s work situation requires them to pay for work-related expenses, or when an employee can, within reason, expect to claim work-related expenses as deductions on their tax return. As a result of the COVID-19 pandemic many people are working from […]

Jan 29 2021
Help Manage Stress by Using Technology

As a business owner, you have likely experienced stress and anxiety during the past year.  In order to run your business successfully, you need to ensure that your health and wellness takes priority in your life. When you travel on a plane, the announcer tells you that in case of an emergency, you need to […]

Jan 27 2021
Tax Due on COVID-19 Government Assistance Programs for Individuals

With tax season just around the corner, you may be concerned about the impact various government assistance programs may have on your tax return. We have broken it down for you so that there are no surprises when completing your tax return. CERB These payments did not have tax deducted from them and will need […]

Jan 25 2021
Canada Summer Jobs (CSJ) Program

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 advantage of the Canada Summer Jobs benefit, you have until Friday, January 29th to submit your application. Create a better future for Canadian youth The […]

Jan 14 2021
The CRA may owe you money

Most of us daydream about receiving a surprise notification that we have suddenly received some unexpected money Although it may not qualify as a windfall, there is a chance that the CRA (Canada Revenue Agency) may owe you some money. There is approximately $1 billion in uncashed refunds from the CRA in Canada.  You may […]