KWB Blog

The latest financial news and accounting tips from KWB.

Feb 8 2021
T2200 Forms and COVID-19

A T2200 form is typically only filed with the Canada Revenue Agency (CRA) when an employee’s work situation requires them to pay for work-related expenses, or when an employee can, within reason, expect to claim work-related expenses as deductions on their tax return. As a result of the COVID-19 pandemic many people are working from […]

Jan 27 2021
Tax Due on COVID-19 Government Assistance Programs for Individuals

With tax season just around the corner, you may be concerned about the impact various government assistance programs may have on your tax return. We have broken it down for you so that there are no surprises when completing your tax return. CERB These payments did not have tax deducted from them and will need […]

Jan 24 2017
Gross Negligence Penalty

As Canadians get busy filing their taxes, the Canada Revenue Agency (CRA) reminds everyone to be cautious of fraudulent tax filing. The CRA will audit, reassess and can apply a gross negligence penalty equal to 50% of the additional tax payable if it can show that a taxpayer knowingly, or under circumstances amounting to gross […]

Oct 25 2016
T1 Adjustment

How long do you have to file a T1 adjustment? If you find yourself in a situation where you have filed your personal tax return and then realize that you need to make a change, there are some steps you need to follow. First, you need to wait until the notice of assessment on your […]