Running a Growing Business

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.

Your company’s sales and revenue may look healthy, however, if the money you have to pay out leaves your business before the money you are owed comes in, this will result in negative cash flow.  If you are unable to pay your company’s bills, this can lead to even bigger problems like bad

A KWB client event - 23 September, 2020 @ 3pm (MDT) on Zoom KWB clients – join us for an hour of information, tips and advice regarding QBO (Quickbooks Online) and the Apps we recommend.  There will also be a half hour of Q & A after the event. If you own a

If you are currently using Quickbooks Online or thinking about switching to "QBO", this event is for you! Join us on Zoom for a free information session regarding QBO and the Apps in our App Stack. Date: Wednesday 24 June, 2020 Time: 3pm - 4.30pm This event is held on Zoom; the meeting

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

The Canada Emergency Commercial Rent Assistance Program (CECRA) has been announced to provide rent relief for small businesses struggling to pay their landlords due to financial hardship as a result of COVID-19 for the months of April, May and June 2020.  Who is Eligible? Affected small business tenants who meet the following criteria:

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

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 MondaysIf you were born in April, May or June, you may apply on Tuesdays.If you were

To our friends, clients, and business partners, We hope this newsletter finds you well and healthy. The volume of information we’ve received from provincial and federal governments over the last few weeks has been significant and a bit of a moving target, so we’ve put together a summary of all the relief programs that

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

CERB (Canada Emergency Response Benefit) Update – 1 April 2020 The Government of Canada will provide a taxable benefit of $2,000 a month for up to 4 months to: workers who must stop working due to COVID19 and do not have access to paid leave or other income support.workers who are sick

Due to new legislation, we are hosting a "virtual" learning event at noon on the 14th of April 2020. If you own a small business and are interested in moving your books to the "cloud", this event is for you! Alternatively, if you are already using QBO but need a refresher or have questions

Finance Minister, Bill Morneau, announced today (April 1st, 2020) that the 75 % wage subsidy would be available within 3-6 weeks time.  What we know so far: The subsidy is available to all businesses, charities and non-profit organizations as long as they can prove that they have lost 30 % of their revenue

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

Overview The 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. The intent of this list is to provide general guidance to business owners and operators

The new 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. To qualify, these organizations will need to demonstrate they paid between $50,000 to $1 million in total

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

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

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, as well

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

March 25, 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

As announced by the Minister of Finance, BDC puts in place additional measures to provide relief for Canadian entrepreneurs. Effective 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

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 continue operations. Education property tax deferral Education property tax rates will be frozen at last year’s level – reversing

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: 

1. What is the Temporary Wage Subsidy for Employers? The 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: are

Immediate action will protect jobs and provide economic relief to the oil and gas industry Overview 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

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

The Alberta government will provide immediate financial relief to Alberta’s families and vulnerable populations. Albertans 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 financially. Emergency isolation support This will be a temporary program

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

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 extended to

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 Canadians to: stay home unless it is absolutely

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 and

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

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 bad idea

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 

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

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: Do

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. You are required by law to keep records if one or more of

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

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

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

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:  info@kwbllp.com 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

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

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

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. Wagepoint Features: Direct deposit CRA/WCB remittances T4 and T4A preparation Statutory Holiday calculations Record of employment (ROE) preparation Additional deductions Contractor payments Additional incomes Online pay stubs Integrates with QBO and TSheets Wagepoint also integrates with Quickbooks Online (QBO) accounting software

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.

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

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

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

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

It has been 29 years since Alberta Labour Standards were last reviewed and changed. The changes effective in 2018 are as follows: Minimum Wage 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

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

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.

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

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

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

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

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

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

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? Perhaps not—if you contact KWB right away!