KWB Blog

The latest financial news and accounting tips from KWB.

Jun 19 2020
An introduction to Quickbooks Online Virtual Event

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 ID and […]

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
Tax Changes for 2020

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 the […]

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 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 […]

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 we eventually crowned the winners of the 12th Annual KWB Bunnock Cup! For those who are scratching their heads wondering what the Bunnock game is […]

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 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 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 be rolled out in two phases. The 2018 CPP rate was 4.95% of your salary to a maximum yearly CPP contribution of $2,564.10.  Your employer […]

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 to apply, the allowance needs to be reasonable.  Additional criteria must be met as stated below for employees at a special work site and employees […]

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 be able to receive other saving incentives, such as the: Canada Learning Bond Basic and Additional Canada Education Savings Grant There are two different types […]

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. Money that is earned directly by you through employment or investing is considered yours and can’t just be given to your spouse to invest.  That […]

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 types of taxable dividends that a corporation can issue, non-eligible and eligible. non-eligible dividends are taxed at approximately 10% more than an eligible dividend Non-eligible […]

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 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 […]

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 charitable donation and get a credit, Canada Revenue Agency (CRA) requires that individuals keep supporting documents and proof of payment (i.e. cancelled cheques, pledge forms, […]

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 or grandchild or the taxpayer of their spouse/common law partner’s parent, grandparent, sibling, uncle, aunt, niece or nephew whom lived in Canada at any time during the year. […]

Mar 28 2019
Deductible medical costs if you qualify for a disability tax credit

A taxpayer can claim deductible medical costs 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 or grandchild or the taxpayer of their spouse/common law partner’s parent, grandparent, sibling, uncle, aunt, niece or nephew whom lived in Canada at any […]