KWB Blog

The latest financial news and accounting tips from KWB.

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 deceased person The person who paid the funeral expenses A surviving spouse or common law partner A next of kin. The Executor is the first […]

Apr 3 2020
KWB Summary of Relief Programs – Federal and Provincial – 3 April 2020

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 have […]

Mar 24 2020
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, […]

Mar 19 2020
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 and the members of […]

Feb 28 2020
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 bad idea, but you can’t […]

Feb 22 2020

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 Thursday, Friday, Saturday, and Sunday also have notably higher engagement […]

Feb 10 2020
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: Do you have […]

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 even if you have no income If you have no income to report, you should still file a return. You may be eligible for a […]

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 from the end of the last tax year they relate to. You are required by law to keep records if one or more of the […]

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 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, […]

Nov 26 2019
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 to provide these supplies. You cannot register for […]

Nov 19 2019
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. Your cashflow […]

Nov 12 2019
Travel Expenses

Travel expenses include food, beverage, lodging and transportation (such as airplane, train, bus, etc.) expenses but not motor vehicle expenses. You can deduct travelling expenses on your personal tax return as long as you meet all of the following conditions: You were normally required to work away from your employer’s place of business or in different places. Under your contract of […]

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 the question and answer anonymously in a future Newsletter. Simply email your question to:  info@kwbllp.com with the heading “Ask an Accountant” and you may see […]

Oct 29 2019
Accounting Terms

Here are some of the most common terms used in Accounting today: AR = Accounts Receivable – The amount of money owed by customers or clients to a business after goods and/or services have been delivered or used. AP = Accounts Payable – The amount of money a company owes creditors (suppliers, etc.) in return […]

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 at KWB are ‘Jeans Days’.  Team members who choose to participate and wear jeans, contribute $5 to the pot each week. At the end of […]

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 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 […]

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 Dryrun was created right here in Edmonton and is a forecasting tool that will assist you in making better decisions about your business.  You can […]

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 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 […]

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 in to pay Employment Insurance (EI) premiums. Now that this has been in effect for a number of years, let’s revisit some of the key […]

Jul 16 2019
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.

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. Contributing to the Canada Pension Plan (CPP) is mandatory for working Canadians between the ages of 18 and 64, but optional after age 65. This […]

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 has a significant effect on the way you report your income, the type of returns you file each year, and many other matters. The three […]

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 for income tax purposes on the sale of the property. CRA states that a principal residence can be a house, cottage, condominium, apartment, trailer, mobile […]

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 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 though!  […]