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 1, […]
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 […]
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 […]
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 […]
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 taxes and to optimize your wealth management planning. As tax planning specialists, we can help you decide exactly what to do, when to do it, […]
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 meet all of the following conditions: You were normally required to work away from your employer’s place of business or in different places. Under your contract of […]
Registered Education Savings Plan (RESP)
Here are some things you should know about a Registered Education Savings Plan: There are two sources of money in your Registered Education Savings Plan – the funds you contributed and the income your investments earned. The income portion includes government grants, dividends, interest and capital gains. When you withdraw the income portion, called Educational […]
The Enlightened Investor – Fees & Expenses
Fees and expenses are the single biggest reason professional money managers fail to outperform the market return. It is also a primary cause of investor frustration. What percentage of investors is aware of all the types of fees and expenses they incur? And would a good consumer, let alone a smart investor, sink hundreds of […]
Outstanding Shareholder Loan
It is very common for owner-managers to draw funds from their company during the year and find themselves with an outstanding shareholder loan at year end. These balances are often cleared up by recording dividends or bonuses to the shareholders and the problem is solved. If the loan is not repaid during the fiscal year […]
The Secret to Fitting a Healthy Lifestyle into your Busy World-Part 1
Entrepreneurs, business owners, and professionals often lead very busy lives. Being one myself I can relate to wearing many different hats, starting early, ending late, and seeing the impact on my healthy lifestyle. So many of us get into an unconscious pattern that just becomes our normal way of being. Unfortunately, over time, our health […]