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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

Nov 26 2019
Registering For GST

Do you need to register for GST? Some services 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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]