I Am Running a Growing Business.
I. . .
For business owners, there is nothing more exciting than seeing your business grow and prosper. However, this creates an entirely new set of challenges. In order to get the most out of this growth, there are certain areas that might need to be managed more closely.
At KWB, we can help you overcome the challenges that rapid growth may bring. We will take advantage of tax minimization strategies so that you’re growing profits are maintained. We will also advise you on business structure to ensure that you are making the best choices for the size of your business. We will also refer you to our partners in financial planning, investment advising, and other areas of finance to make sure that every aspect of your growing business is taken care of.
We want to see you get the most out of your business. We offer services that will help you to manage and sustain your growth.
If you’d like to learn more about how we can help you manage your growing business, please contact us.
If you’re an existing client, please give us a call and set up a meeting.
If you’re a new client, give us a call or send us an email – we’ll set up a no-commitment consultation for approximately a half-hour. We’ll talk about your business, your personal and professional goals, and answer all of your questions about us as well. If there’s a good fit, we’ll provide you with actionable advice and get you started down the path towards your goals.
Blog posts about Running a Growing Business
What is the Work-Sharing Program?
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
Essential Services - Is your Business on the List?
businesses and services on the essential services list can continue to provide
services at locations accessible to the public and must have proper risk
mitigation measures in place, such as sanitation stations and appropriate
distancing between customers.
of this list is to provide general guidance to business owners and
What is the Canada Emergency Business Account?
Canada Emergency Business Account will provide interest-free loans of up to
$40,000 to small businesses and not-for-profits, to help cover their operating
costs during a period where their revenues have been temporarily reduced.
these organizations will need to demonstrate they paid between $50,000 to $1
million in total
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
New Information on Wage Subsidy Program - 30 March 2020
Prime Minister Justin Trudeau announced today businesses and non-profit organizations seeing a drop of at least 30 per cent in revenue due to COVID-19 will qualify for the government's 75 per cent wage subsidy program.
The number of people a business employs will not
determine its eligibility. Charities and companies big and small will
Breaking News for Small - Medium Size Businesses - 27 March 2020
Ottawa hikes wage subsidy to 75% for small and medium-sized businesses
The federal government is hiking its wage subsidy for small and medium-sized businesses from 10 per cent to 75 per cent, a
move that business leaders have called for amid the coronavirus outbreak.
Prime Minister Justin Trudeau announced the payroll subsidy,
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
Government introduces Canada Emergency Response Benefit to help workers and businesses
2020 - Ottawa, Ontario - Department of Finance Canada
The Government of Canada is taking strong, immediate and
effective action to protect Canadians and the economy from the impacts of the
global COVID-19 pandemic. No Canadian should have to choose between protecting
their health, putting food on the table, paying for their
Support for entrepreneurs impacted by the coronavirus COVID-19
As announced by the Minister of Finance, BDC puts in place additional measures to provide relief for Canadian
March 18, 2020, new relief measures for qualified businesses include:
Working capital loans of up to
$2 million with flexible repayment terms such as principal postponements
for qualifying businesses;Flexible repayment terms, such
Support for Employers – New Supports Announced 23/03/2020
Corporate income tax changes
Corporate income tax balances and
instalment payments will be deferred from March 19 until August 31, 2020 to
increase employers’ access to cash so they can pay employees, address debts and
Education property tax deferral
property tax rates will be frozen at last year’s level – reversing
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.)
Frequently Asked Questions – Temporary Wage Subsidy for Employers
1. What is the Temporary Wage Subsidy
Temporary Wage Subsidy for Employers is a three-month measure that will allow
eligible employers to reduce the amount of payroll deductions required to be
remitted to the Canada Revenue Agency (CRA).
2. Which employers are eligible?
You are an
eligible employer if you:
Relief for the Energy Sector
Immediate action will protect jobs and provide economic relief to the oil and gas industry
The Government is providing economic relief to Alberta’s energy industry to address challenges resulting from the COVID-19 pandemic and declining oil prices due to an international price war. The energy sector supports more than 500,000 jobs across
Who qualifies for EI?
Whether you qualify for EI will still depend on your specific situation, such as regional rate of employment, and the number of hours worked in the last 52 weeks.
The government recommends people apply as soon as possible to find out if they qualify; waiting more than four weeks after your last day
Support for Albertans – COVID-19
government will provide immediate financial relief to Alberta’s families and
should be focused on their health and not worry about whether they can pay
their bills so we have put a number of options in place for those struggling
Emergency isolation support
This will be
a temporary program
Support for Employers - Alberta - COVID-19
The Alberta government will provide immediate funding and supportive measures to support local businesses, employers and employees.
Support for employers
Corporate income tax changes
Corporate income tax balances and
instalment payments will be deferred from March 19 until August 31, 2020 to
increase employers’ access to cash so they can pay employees, address debts
Tax News and Changes – COVID-19
The Prime Minister and the Minister of Finance announced on
March 18th an economic relief package to begin addressing the
economic impacts of the COVID-19 pandemic. Part of the economic relief package includes
tax relief for individuals and businesses.
Filing Deadline Extensions
The deadline for filing personal income tax returns will be
Resources for Canadian Businesses – COVID-19
Small and medium-sized businesses are the backbone of the
Canadian economy. During this extraordinary time, the Government of Canada is
taking strong action to help Canadian businesses as COVID-19 is affecting them,
their employees and their families.
The Government and public health officials are urging all
stay home unless it is absolutely
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
Payroll FAQ - COVID-19
With the current situation in Alberta there are many
unknowns regarding the proper payroll treatment related to leaves and
layoffs. This could change daily however this is the information that we
were provided by the Canadian Payroll Association on March 17, 2020.
Sick Leave - Alberta
On Friday, March 13, 2020 the Alberta
3 Best Practices - Achieving Organic Sales Growth
Most business owners would probably agree that, when it comes
to sales, there’s always room for improvement. To this end, every company
should strive for organic sales growth — that is, increases from
existing operations unrelated to a merger or acquisition.
That’s not to say a merger or acquisition is necessarily a
The best times to post on Social Media
This blog informs you of the best times to post on social media in 2020.
What is the best time to post on Facebook in 2020?
The best time to post on Facebook is between 11 a.m. and 4 p.m. The best day to post on Facebook is Wednesday. While
Tax Changes for 2020
The Canadian Revenue Agency recently made some tax changes that may affect you and your business in 2020.
ANNUAL INFLATION ADJUSTMENT
Each year, most (but not all) income tax and benefit amounts
are indexed to inflation. In early December, the Canada Revenue Agency
announced that the inflation rate that will be used to index
HVAC and Plumbing Business Owner Event
KWB is hosting a tailor-made event for HVAC and
Plumbing business owners.
At this event we will show you how to make the most of
your Quickbooks Online software and introduce you to some apps that we know
will save you time and money. We
understand what keeps you up at night:
Keeping Receipts & Records
Based on CRA requirements you should be keeping receipts & records and supporting documents at your place of business or your residence in Canada for a period of six years from the end of the last tax year they relate to.
required by law to keep records if one or more of
Year End Tax Tips
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
Registering For GST
Do you need to register for GST?
Some supplies are exempt from the GST/HST – that is, no GST/HST applies to them. This means that you do not charge the GST/HST on these supplies of property and services, and you are not entitled to claim input tax credits on property and services acquired
7 Perks of Having a Data Manager (Bookkeeper )
A good data manager should ensure that:
You are compliant with the CRA at all times. You are focused on your business, not the data.You are capturing and recording all expenses for tax deductions.You have timely and accurate information available to make better decisions.You have efficient processes for capturing data
Ask an Accountant
Welcome to our new monthly segment, “Ask an Accountant”.
We are giving you the opportunity to ask us a question and in addition to answering you directly we may post the question and answer anonymously in a future Newsletter.
Simply email your question to: firstname.lastname@example.org with the heading “Ask an Accountant” and
If you would like to spend less time organizing your records and more time growing your business, you should automate your document retention with Receipt Bank.
Receipt Bank is a website application that extracts key information from your invoices and receipts and publishes it directly into Quickbooks Online (QBO).
Integrates with QBO
Some of the
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
What is director's liability? While the tax debts of a corporation belong to the corporation and the tax debts of an individual belong to that individual, there are some exceptions to the rules. Directors may have liability for certain tax accounts of the corporations they serve.
When a corporation faces insolvency, remittances to the government
Save Money with a Health Services Plan
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.
Switching to Quickbooks Online (QBO)
Considering making the switch from Desktop (Quickbooks or Sage) or paper to the cloud? (QuickBooks Online (QBO))
If you are currently using the Desktop version of QuickBooks, you need to be aware that QBO is not the same program and doesn’t really look anything like the Desktop product. Don’t let that scare you off
Apprentice Tax Credit
If you have apprentices working for you, then you should be taking advantage of the apprenticeship job creation tax credit. (Apprentice Tax Credit)
An investment tax credit can be claimed on eligible salaries paid to eligible apprentices. The credit is equivalent to 10% of salaries and wages paid to that individual, to a maximum of
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
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
Wagepoint is an online payroll software that will meet all of your payroll needs.
T4 and T4A preparation
Statutory Holiday calculations
Record of employment (ROE) preparation
Online pay stubs
Integrates with QBO and TSheets
Wagepoint also integrates with Quickbooks Online (QBO) accounting software
Personal Services Business (PSB)
In the past, it was OK and even advisable to conduct business through an incorporated company even if PSB rules applied.
With recent changes to the rules, though, this is no longer true. So what are these changes, and what do they mean to you?
TSheets is a website application that is used to track time and help with scheduling. If you’re tired of tracking your time sheets manually, this may be the solution for you!
Regardless of whether you are an employee, management, moving from one job site to another, or work in the same office each day, there
Would you like to have a KWB staff person work directly on your accounting system at a time that is convenient for you? Or to help you figure out why your accounts aren’t balancing or why your accounting software has crashed? KWB is here to help! Learn more about our remote accounting support.
Tax Filing Deadline
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
Controller and CFO Services
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
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
2018 Tax Rates & Limits
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:
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
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
Alberta Labour Standards for 2018
It has been 29 years since Alberta Labour Standards were last reviewed and changed. The changes effective in 2018 are as follows:
The minimum wage has already been increased in recent years and is going to have one more increase to $15.00 per hour. This increase comes into effect on October 1
Jobber is a cloud based software solution designed for small and medium sized field service businesses that works with Quickbooks Online (QBO).
It has a number of features that are designed to help you run a better business by helping you manage finances, client requests and a busy team.
Jobber integrates scheduling, quotes, invoices and
Triplog is a great tool if you are tired of tracking your mileage every time you get in the car. Especially if you aren’t claiming mileage as an expense because you forgot to check the odometer or write down your trips in a log book.
This app easily integrates with Quickbooks Online
Triplog is an
Small Business Deduction
The current Small Business Deduction in Canada allows corporations to pay a lower rate of tax on their first $500,000 of active business income. Active business income includes income earned from a company’s regular operations, but excludes other income such as rental or investment income.
Budget 2016 released by the federal government has introduced
Depending on the amount of your payroll remittance you may have some options as to when you are required to remit it to CRA.
Regular Payroll Remittance
You are a regular remitter if you are a new employer or your average monthly withholding amount (AMWA) two years ago was less than $25,000. In
How long do you have to file a T1 adjustment?
If you find yourself in a situation where you have filed your personal tax return and then realize that you need to make a change, there are some steps you need to follow.
First, you need to wait until the notice of assessment on your
Why should I review my Unanimous Shareholder Agreement?
If you haven’t reviewed your Unanimous Shareholder Agreement (USA) recently, here are 3 excellent reasons why you should do so:
In 2006, the Federal Budget introduced a second dividend rate. Corporate earnings in Alberta, up to $500,000 are taxed at 14%; when a dividend is paid to an individual shareholder this “ineligible-dividend” is taxed
Do you own a business - either incorporated or unincorporated - and have a spouse or one or more adult children with an income lower than your own? If so, you may be able to shift your income to these other family members, effectively moving the income from a high tax rate to a low tax rate and decreasing the overall tax burden on your family. This is called income splitting.
Alberta Corporate Tax Rate Changes
In addition to personal income tax increases, the Alberta NDP government has also increased general corporate tax rates.
However, businesses that earn $500,000 or less of active business income will not be affected by the tax increases due to an offsetting increase to the Alberta small business deduction rate. Businesses that have more than
Online tools from the CRA and Service Canada
Here are some great tools on the CRA website to help in day to day activities that I personally use.
1) Payroll Deduction Online Calculator
Use the Payroll Deductions Online Calculator (PDOC) to calculate federal, provincial (except for Quebec), and territorial payroll deductions. It will confirm or allow you to calculate the deductions you include
Alberta Personal Income Tax Changes
On June 30, 2015, the Alberta government passed Bill 2, An Act to Restore Fairness to Public Revenues.
The bill has created a progressive personal income tax rate structure for higher income earners. Effective for 2015 and subsequent tax years, four new tax brackets and rates will be introduced:
Taxable income of $125,000 to
Corporate expenses - What can you deduct?
Often deductible business expenses are overlooked or missed as business owners are unsure whether they are deductible.
A business expense is any cost incurred by the company to generate income. These expenses must be supported by physical documents such as invoices, purchase contracts, sales receipt, etc. If cash is used to purchase items, it is
Fraud from mobile banking deposits
Technology is constantly evolving and many commercial banks are using the latest technology advances. Some of these include mobile banking, electronic payments and mobile cheque deposits or Mobile Remote Deposit Capture (MRDC).
We have all seen the commercials showing us how easy it is to deposit a cheque by taking a picture of it with
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
CRA's Cash Receipts Window
Canada Revenue Agency (CRA) has announced that they are closing their cash receipts window effective September 30, 2013. Find out how this might affect you.
Is it too late to reduce your 2012 taxes and optimize your investments?
Is it too late to reduce your 2012 taxes and optimize your investments? Perhaps not—if you contact KWB right away!