Canada Pension Plan (CPP) Changes: What You Need to Know About CPP Enhancement
The Canada Pension Plan (CPP) has been undergoing changes since 2019, with further changes taking place in 2024. This CPP enhancement was designed to increase retirement income for working Canadians and their families by gradually increasing CPP contribution amounts. Key Components of the CPP Enhancement The CPP enhancement applies solely to people who have worked and […]
How to Customize Your Quickbooks Online Setup | Quickbooks Online Optimization Support for Business Owners
What is QuickBooks Online? QuickBooks Online (QBO) is an accounting software platform created to help business owners easily and efficiently manage bookkeeping, accounting, and administrative processes. It helps to provide reliable and meaningful reporting and information that helps you make better business decisions. As an online, cloud-based tool, QuickBooks Online allows you to access important […]
Understanding Changes to Capital Gains Inclusion Rates in Canada’s Budget 2024
The 2024 budget has introduced significant changes to the capital gains inclusion rate effective on June 25, 2024, aiming to redefine the taxation framework for corporations, trusts, and individuals in Canada. Changes to Canada’s Capital Gains Inclusion Rate Impact of Updated Capital Gains Inclusion Rate for Individuals: Under Budget 2024, the capital gains inclusion rate […]
Managing GST on Real Property Purchases: A Practical Guide for Businesses
Understanding how the Goods and Services Tax (GST) impacts real estate transactions is essential for business owners who are investing in real property. Real Property and GST: What You Need to Know Land and any permanent structures that are attached to it, such as residential and commercial buildings, are considered real property for tax purposes. […]
Navigating Canada’s 2024 Federal Budget: What You Need to Know
On April 16, 2024, Canada’s Deputy Prime Minister and Minister of Finance, Chrystia Freeland, unveiled the 2024 Federal Budget, titled “Fairness for Every Generation,” in Ottawa. This budget is focused on three key pillars: building more affordable homes, reducing the cost of living, and fostering inclusive economic growth. Here’s a breakdown of the significant tax […]
Simple Profit Improvement Strategies for Your Business | The Power of One
If increasing profit is one of your business goals, there are simple strategies you can implement to help you get there. The Power of One is a profit improvement tactic that helps you increase profit by adjusting specific metrics by as little as 1% or a factor of one. Simple Profit Improvement Strategies: The Power […]
Proactive Tax Planning for Business Owners
KWB is excited to share that in 2023, we saved our clients over $9 million in taxes through the ongoing and advanced tax planning strategies that we implement with our clients. As a result of some time-sensitive tax savings opportunities that were changing at the end of 2023, and to ensure our clients optimized their […]
How to Improve Business Performance with a SWOT Analysis and Strategic Goal Setting
The start of a new year is a perfect time to evaluate your business’s current performance and to make strategic plans for improvement. A SWOT analysis can be incredibly helpful in thoroughly examining your business’s strengths and weaknesses as well as the opportunities available to you and the threats you may need to manage. With […]
EI Premium Reduction Program – What You Need to Know
With the Government of Canada’s Employment Insurance (EI) Premium Reduction Program, you can both increase your bottom line and improve employee welfare. In addition to protecting unemployed individuals, Service Canada’s Employment Insurance program provides benefits to employees who face various life challenges and changes including illness, injury, or the joyous arrival of a new family […]
Integrated Tax and Financial Planning for Your Business and Yourself
The overall financial health and success of your business will be greatly improved through integrated planning that considers your current circumstances, your long-term goals, and the opportunities that are available to you. Experience elevated accounting and advisory support that offers you meaningful financial reporting and guidance to optimize your tax savings, profit, and income. With […]