KWB Blog

The latest financial news and accounting tips from KWB.

Aug 19 2020
REMINDER – CRA EXTENDED FILING AND PAYMENT DEADLINES

Filing and payment deadlines have been extended to September 30, 2020 The Canada Revenue Agency (CRA) announced earlier this year that they would extend payment due dates for 2019 individual tax returns and 2019 or 2020 corporation, or trust returns, as well as for instalment payments to September 1, 2020.  There has since been an […]

Jul 14 2020
8 TAX SAVING TIPS

Here are 8 great tax saving tips: Tax Savings Tip #1: Keep complete records Be diligent about your record keeping to avoid lost receipts that can mean missing out on tax deductions.  Keeping electronic copies of scanned receipts can help you stay organized on the go.  KWB recommends using the Receipt Bank app that integrates […]

Mar 24 2020
Support for Employers – New Supports Announced 23/03/2020

Corporate income tax changes Corporate income tax balances and instalment payments will be deferred from March 19 until August 31, 2020 to increase employers’ access to cash so they can pay employees, address debts and continue operations. Education property tax deferral Education property tax rates will be frozen at last year’s level – reversing the […]

Mar 24 2020
Best Practices for Submitting Documents Electronically

We are encouraging you to send us your personal tax information or corporate records electronically.   This guide will assist you through the process while ensuring your data is secure and well managed.  File Types:  We can accept pretty much any file types (PDF, jpeg, bmp, tiff, png, etc.) Image Quality:  Obviously, the better the quality, […]

Mar 20 2020
Support for Albertans – COVID-19

The Alberta government will provide immediate financial relief to Alberta’s families and vulnerable populations. Albertans should be focused on their health and not worry about whether they can pay their bills so we have put a number of options in place for those struggling financially. Emergency isolation support This will be a temporary program for […]

Mar 20 2020
Tax News and Changes – COVID-19

The Prime Minister and the Minister of Finance announced on March 18th an economic relief package to begin addressing the economic impacts of the COVID-19 pandemic. Part of the economic relief package includes tax relief for individuals and businesses. Filing Deadline Extensions The deadline for filing personal income tax returns will be extended to June […]

Mar 20 2020
Resources for Canadian Businesses – COVID-19

Small and medium-sized businesses are the backbone of the Canadian economy. During this extraordinary time, the Government of Canada is taking strong action to help Canadian businesses as COVID-19 is affecting them, their employees and their families. The Government and public health officials are urging all Canadians to: stay home unless it is absolutely essential […]

Mar 19 2020
To our valued clients and business partners – a KWB announcement

KWB Chartered Professional Accountants has a proactive plan for continued operation in this new environment.  You and our team are our first priority.  We want to inform you of what changes we have made, so we can continue to complete the work you need us to do, while protecting both you and the members of […]

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 […]

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 […]

Sep 24 2019
Receipt Bank

If you would like to spend less time organizing your records and more time growing your business, you should automate your document retention with Receipt Bank. Receipt Bank is a website application that extracts key information from your invoices and receipts and publishes it directly into Quickbooks Online (QBO). Integrates with QBO Some of the […]

Jul 23 2019
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 […]

Jul 2 2019
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 […]

Jun 18 2019
Principal Residence Exemption

If you have sold your home and it is your principal residence then you should be able to use the principal residence exemption to reduce or eliminate any capital gain for income tax purposes on the sale of the property. CRA states that a principal residence can be a house, cottage, condominium, apartment, trailer, mobile […]

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 […]

Apr 9 2019
Medical Expenses including Attendant Care

A taxpayer can claim medical expenses paid for themselves as well as for their spouse, common-law partner and dependents.  A dependent can include; the taxpayer or their spouse/common law partner’s child or grandchild or the taxpayer of their spouse/common law partner’s parent, grandparent, sibling, uncle, aunt, niece or nephew whom lived in Canada at any time during the year. […]

Feb 12 2019
Direct Beneficiary Designation – RRSP or RRIF

If you are considering a direct beneficiary designation for either a Registered Retirement Savings Plan (RRSP) or a Registered Retirement Income Fund (RRIF), you should be aware of some negative consequences that can occur. A direct beneficiary designation can result in unintended tax consequences to the estate, the inequitable treatment of heirs or the distribution […]

Nov 20 2018
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 […]

Nov 6 2018
Audit Shield

Being audited is a difficult experience that can be both scary and costly. When being audited the professional and legal fees can amount to thousands of dollars quickly, so we found a way for you to insure against those unexpected professional fees by offering an audit insurance product called Audit Shield. With Audit Shield, claims […]

Oct 23 2018
The Secret to Fitting a Healthy Lifestyle into your Busy World-Part 2

Part 2 of an article on Healthy Lifestyles. See Part 1 posted on October 16th. Strategic Step #2: Automate & Re-Engineer Your Environment We are creatures of habit. Did you know that on a typical day you make about 300 decisions about nutrition? Most of them are done unconsciously and can often lead to poor […]

Sep 18 2018
Wagepoint

Wagepoint is an online payroll software that will meet all of your payroll needs. Wagepoint Features: Direct deposit CRA/WCB remittances T4 and T4A preparation Statutory Holiday calculations Record of employment (ROE) preparation Additional deductions Contractor payments Additional incomes Online pay stubs Integrates with QBO and TSheets Wagepoint also integrates with Quickbooks Online (QBO) accounting software.  […]

Jun 26 2018
TFSA

If one of your New Year’s resolutions was to save more money, then the Tax-Free Savings Account (TFSA) may be a good option for you to use. Learn more about the TFSA rules and limits.

Jun 19 2018
Impact of late filing your corporate tax return

If you are late filing your corporate tax return by more than three years, any overpayment is considered statute barred under the Canadian Income Tax Act (Section 164(1)). This means that the Canada Revenue Agency (CRA) will not issue the refund to the corporation. In addition, the corporation cannot apply for tax payer relief to […]

Apr 18 2018
2017 Tax Filing Deadline and KWB office hours

We would like to remind you that for the majority of Canadians, your personal income tax returns should be filed by April 30. It is our desire and intention to complete everyone’s returns by the April 30th deadline. To help with this we are open extended hours until 6:00 PM during the week starting April […]