KWB Blog

The latest financial news and accounting tips from KWB.

Sep 17 2020
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.

May 4 2020
CPP Death Benefit and Survivor Payment

CPP death benefit The CPP death benefit is a one-time, lump-sum payment to the estate of the deceased contributor. The CPP death benefit can be paid to: The Estate of the […]

Jan 14 2020
5 Things to Consider When Filing Your Tax Return

Here’s a list of some things to avoid when filing your tax return. Follow these tips; they could save you time and money! Filing an income tax and benefit return […]

Dec 17 2019
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 […]

Dec 3 2019
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 […]

Nov 26 2019
Registering For GST

Do you need to register for GST? Some services 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 […]

Nov 5 2019
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 […]

Oct 15 2019
Jeans for Charity

One of the great things we do here at KWB, that I’m proud to be a part of, is when we raise money for a local charity every month. Fridays […]

Oct 1 2019
The 2019 KWB Bunnock Champions Are…..

Partner, Richard Ouellette and Edzel Agustin (who does work for KWB in the Philippines).  Who knew that the Philippines had such accomplished Bunnock players? It was a tough morning but […]

Sep 24 2019
Receipt Bank

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 […]

Sep 17 2019
Dryrun

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 […]

Sep 3 2019
Director’s Liability

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 […]

Jul 23 2019
EI for the self-employed

An advantage to being self-employed is that you don’t pay into Employment Insurance (EI) like employees do. However, a program was introduced in 2010 which allows self-employed individuals to opt […]

Jul 9 2019
Electing out of CPP payments

Did you know that if you are receiving CPP benefits, are still working and are between the ages of 65 and 70, you can elect to stop making CPP contributions. […]

Jul 2 2019
New Business Guide for setting up your business

If you are starting a new business in Canada or are operating one already, then this article is for you. Types of business structures The type of structure you choose […]

Jun 18 2019
Principal Residence Exemption

If you have sold your home and it is your principal residence then you should be able to use the principal residence exemption to reduce or eliminate any capital gain […]

Jun 11 2019
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 […]

Jun 4 2019
CPP Rate

Beginning in 2019, the CPP rate will be gradually enhanced. This means you will receive higher benefits in exchange for making higher contributions. The Canada Pension Plan (CPP) enhancement will […]

May 21 2019
Living Out Allowance

In certain situations, a company can pay and deduct a living out allowance and the employee does not have to report the allowance in their income. In order for this […]

May 14 2019
Registered Education Savings Plan (RESP)

An RESP is an education savings account that is registered with the Government of Canada that helps you save for a child’s or grandchild’s post-secondary education. With an RESP, you […]

May 7 2019
Spousal Loan – Tax Savings Opportunity

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. […]

Apr 30 2019
Dividends

What’s the difference between eligible and non-eligible dividends?  What are the implications to you? Dividends are payments made to shareholders to allocate the earnings of a corporation.   There are two […]

Apr 23 2019
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 […]

Apr 16 2019
Supporting Documents for a Charitable Donation

When you make a charitable donation, one of the key benefits you receive is the donation tax credit on your tax return. In order to be able to claim a […]

Apr 9 2019
Medical Expenses including Attendant Care

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 […]