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 for goods […]
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 […]
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 […]
Switching to Quickbooks Online (QBO)
Considering making the switch from Desktop (Quickbooks or Sage) or paper to the cloud? (QuickBooks Online (QBO)) If you are currently using the Desktop version of QuickBooks, you need to be aware that QBO is not the same program and doesn’t really look anything like the Desktop product. Don’t let that scare you off though! […]
Work in Progress
If you have a professional corporation then the new work in progress tax rules will likely affect you! Professional corporations are typically set up and used by accountants, lawyers, dentists, doctors, veterinarians and chiropractors. Instead of running their business as a sole proprietor, everything happens under an incorporated entity. Work in progress (WIP) includes any […]
Personal Services Business (PSB)
Updated November 2022 Are you a Personal Services Business (PSB)? We often hear about individuals who decide to incorporate while working as an employee for a business. But is it really beneficial to do so? Let’s look at an example. Joe works as an employee and earns employment income (a T4 slip) in Alberta. On […]
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 […]
Quickbooks ProAdvisor
There are many benefits that you can receive from KWB being a member of the Quickbooks ProAdvisor program. Here are a few examples of how we can pass along these benefits to you: 1. Quickbooks Experts As a Quickbooks ProAdvisor we have access to specialized Quickbooks webinar training and stay up to date on the […]
Remote Support
Now you can utilize remote support to reduce your frustration when it comes time to work on your accounting records. Do you avoid doing your monthly accounting and procrastinate because it causes you so much head ache? Having difficulties posting journal entries? Can’t balance your bank accounts or other balance sheet accounts? KWB is able […]
Tax Filing Deadline
What is your tax filing deadline? How much time do you have to file and what are the costs of not filing or of filing late? Personal Tax Filing Deadline Personal taxes are due on April 30 unless that date falls on a Saturday, Sunday or a holiday in which case the return is due on […]