KWB Blog

The latest financial news and accounting tips from KWB.

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 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 […]

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 […]

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 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 […]

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 […]

Jan 15 2019

The capital dividend account (CDA) is used to track the amounts that can be paid out to shareholders, tax free. How is the capital dividend account balance calculated? Capital gains and losses – The balance increases by 50% of any capital gains your company incurs, and decreases by 50% of any capital losses your company […]

Dec 19 2018
December at KWB

December was another typical month at KWB. Work hard, but have fun doing it as well. First we started off with a family Christmas party where all the adults, children and grandchildren got together to enjoy each other’s company and celebrate.  This of course came with a nice visit from the big man himself “Santa”. […]

Jul 17 2018
TSheets

TSheets is a website application that is used to track time and help with scheduling. If you’re tired of tracking your time sheets manually, this may be the solution for you! Regardless of whether you are an employee, management, moving from one job site to another, or work in the same office each day, there […]

Feb 13 2018
Split Income

Proposals from the Department of Finance on July 18, 2017 included changes to the taxation of split income. The most common form of split income is income from a dividend from a related entity that is not excluded from being categorized as such. Prior to 2018, shareholders of privately held companies over the age of […]

Jan 31 2018
Alberta Labour Standards for 2018

It has been 29 years since Alberta Labour Standards were last reviewed and changed. The changes effective in 2018 are as follows: Minimum Wage The minimum wage has already been increased in recent years and is going to have one more increase to $15.00 per hour.  This increase comes into effect on October 1, 2018. Deductions […]

Jan 16 2018
Advance Income Tax Rulings

Advance Income Tax Rulings are written statements providing assurance on the income tax treatment of a specific proposed transaction or transactions that you might be contemplating. Subject to any disclaimer or qualification stated in the ruling, the ruling is considered binding with respect to the specific taxpayer making the request and the specific proposed transaction. […]

Jan 2 2018
CRA Audit Approaches

If you have been selected for a CRA audit, you may be wondering what kind of tests they will perform. While this largely depends on whether the CRA auditor believes your records are accurate and reliable, they are also required to perform a number of indirect tests to verify that what you have earned has […]

Dec 19 2017
When to Apply for CPP Benefits

The amount of CPP benefits that you are eligible to receive depends on how long you earned employment income, and how much you earned in those years. You can visit the My Service Canada website to see how much you have paid in to CPP over your working years. This information is used to calculate […]

Dec 12 2017
Allowable Business Investment Loss

An allowable business investment loss can arise in many ways: 1)      Through a disposition of shares in a small business corporation 2)      Through a disposition of debt owed to you by a small business corporation 3)      When amounts that you have loaned to a small business corporation become uncollectible, or the corporation has gone bankrupt, […]