The latest financial news and accounting tips from KWB.
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 […]
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. […]
There are many benefits that KWB receives as a member of the Quickbooks ProAdvisor program and can pass along to you. Read about what they are, including some potential cost savings for you.
Northern Residents Deduction
Depending on the location of your permanent home, you may qualify for the Northern Residents Deduction on your personal income tax return. The steps to determine if you qualify for the NRD are as follows: Step 1 – Your permanent resident location There are two levels of locations that qualify for the Northern Residents Deduction: […]
Borrowing Best Practices
You may not always understand what your banker is seeing or what they are asking for, but the good news is that both your banker and you want to see the business succeed. Here is more info on the 9 simple things that will help you become a more successful borrower.
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: 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 $205,842 29% Income over $205,843 33% After many years […]
KWB Christmas Party
At KWB we believe that family is important which is what we emphasized when we recently had our annual Christmas celebration. We decided to do things a little differently this year and we involved the children and grandchildren of our staff in a party where we spent the day enjoying Edmonton’s history at Fort Edmonton […]
To make sure you are claiming all the tax deductions that you should be, read about the 7 most commonly overlooked tax deductions.
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 this case […]
Employment Insurance For Related People
Employers are required by law to deduct Employment Insurance (EI) premiums from all insurable earnings paid to their employees who are engaged in insurable employment. If an employer is unsure whether or not an employee is engaged in insurable employment, the employer can request a ruling from the CRA. A letter or completed form CPT1 […]
If you are moving and are the owner of your own business you should consider deducting the expenses in your company rather than on your personal tax return. If you do not have that option, then the tax rules provide that if you have moved to be at least 40 km closer to your place […]
Tuition and Education Amounts
As a student, you may be wondering what deductions you can make on your tax return. Can you claim the cost of textbooks? Can you transfer your credits to someone else? What deductions can I claim? There are three credits available: tuition, education, and textbook amounts. These are non-refundable tax credits that can be […]
Child Related Benefits, Expenses and Deductions
There’s great news for 2015 for Canadians with children. Stephen Harper has announced a “child care benefit boost” – which includes an increase to, or return of, the monthly Universal Child Care Benefit cheques and an increase to the amount taxpayers can deduct for child care expenses and the child fitness credit. Changes to […]
Family Caregiver Tax Credit
For 2014, if you have a dependent that you claim under one of the following: Spousal amount (line 303) Equivalent to spouse amount (line 305) The child amount (line 367) The caregiver amount (line 315) The infirm dependant (line 306) And that person is defined as infirmed with an impairment in physical or mental functions […]
We launched a new website this past month and it’s full of new content such as: • Videos on numerous tax and business subjects • Dozens of blog postings on topics that we’ve written over the last few years • Content on all sorts of subjects customized to your specific needs • Testimonials from many […]
KWB Seminar Topics
Vote on Future KWB Seminars 1.Retirement planning 2.Health & wellness 3.Hiring foreign workers 4.Client think tank (Improving customer experience) 5.Customer service ideas 6.Acting as an executor or agent 7.Travel 8.Finance for children, teens 9.Navigating post secondary 10.Budgeting 11.How to use an on-line portal 12.Employment issues 13.Benefit plans 14.Will planning 15.Profit driver, business planning tool […]
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.
2013 Federal Budget
On March 21, 2013 the federal budget was released. Read about the 4 items in the budget that we think are most likely to affect you.