The latest financial news and accounting tips from KWB.
Eligibility Criteria Expanded for Canada Emergency Business Account – CEBA
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 revenues have been […]
Retirement Planning Alternatives
We have all been told to plan for our retirement. Yet, have you ever wondered why you need to consider the different retirement planning alternatives? Perhaps you have a plan, most people do, but is it the right plan? In the following example, it is clear how advanced planning can make a huge difference for you and […]
Applying for a Business Number
A Business Number is a nine-digit identifier provided by the Canada Revenue Agency (CRA) to each Canadian business. This number is given to register tax accounts and to make communication with CRA easier. Each legal entity (sole proprietor, partnership, corporation or trust) requires one business number and each business number can be registered for any […]
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 […]
CRA My Account
Did you know that Canada Revenue Agency has an online service called My Account which provides you with secure access to your personal or business income tax information? This online service is available 21 hours a day. (Closed from 1:00 AM to 4:00 AM) The following provides details on the information available through My Account […]