The Value of a Unanimous Shareholders Agreement (USA)

Two separate tax credits now exist that are specifically focused on providing relief for families with children in various activities. And, with these credits in place the tax relief provided to parents is now better than ever.

The Canadian Pension Plan (CPP) rules are changing, and, unless you are currently collecting on your CPP and are over the age of 65, you need to pay attention.

Life insurance has many applications and in this first of a 3 part series you will see how it creates an estate value when little to no value previously existed. To learn more, read on.

In the second part of our life insurance series you will find out how to help your estate access the wealth represented by your shares in your business and your shareholder loan through the proper use of insurance.

Is it too late to reduce your 2012 taxes and optimize your investments? Perhaps not—if you contact KWB right away!

Well, it looks like spring time may finally be here and tax time is certainly upon us as well. Find out what the important personal tax deadlines are.

On March 21, 2013 the federal budget was released. Read about the 4 items in the budget that we think are most likely to affect you.

Canada Revenue Agency (CRA) has announced that they are closing their cash receipts window effective September 30, 2013. Find out how this might affect you.

On November 12, 2013 speaking in Edmonton, Canada’s Minister of Finance, Jim Flaherty, provided some details around the Canadian economy and some outlooks for the future. Canadian Job Market Currently, Canada has had the best job creation of all the G8 economies over the past 10 years.  Young people are experiencing a larger job

We launched a new website this past month and it's full of new content such as: • Videos on numerous tax and business subjects • Dozens of blog postings on topics that we've written over the last few years • Content on all sorts of subjects customized to your specific needs • Testimonials from many

Did you know that Canada Revenue Agency has an online service called My Account which provides you with secure access to your personal or business income tax information? This online service is available 21 hours a day. (Closed from 1:00 AM to 4:00 AM) The following provides details on the information available through My Account

The Conservative government has announced some changes to the children’s fitness tax credit which will begin taking effect for the 2014 Income Tax year: 1)      For the 2014 income tax year, the fitness tax credit is increasing from $500 to $1,000.  This credit is non-refundable. This means that parents whose income is too

After 18 years in our offices at the Edmonton Sun building, we have embarked on a new path. We moved on December 1st, 2014 and our new home is now at 9771–54th Avenue, T6E 5J4. Our move went well and the place is looking great.  There are a few loose ends that need to be

Happy Holidays! All of us at KWB hope you enjoy yourself this holiday season. If you need to reach us, we are open regular business hours of 8:00-4:30 on the 22nd and 23rd and then closed from December 24th to December 28th. The office is open again on December 29th and we are in all

You may have been asked to provide your bank account information to CRA so that any refunds owed to you can be directly deposited into your account. However, if you are concerned that CRA now has access to your account and could access your funds you can stop worrying. CRA  has stated that if money

Here are some great tools on the CRA website to help in day to day activities that I personally use. 1)       Payroll Deduction Online Calculator Use the Payroll Deductions Online Calculator (PDOC) to calculate federal, provincial (except for Quebec), and territorial payroll deductions. It will confirm or allow you to calculate the deductions you include

This past Friday, October 30th, the staff at KWB once again celebrated Halloween at the office. A costume party and office decorating contest were the highlights and although we skipped the pumpkin carving this year there's a good chance it will be back in 2016. Winner of the best costume with a great make up

If charitable giving is something that you are interested in and you want to see the tax benefits obtained recently by one of our clients, read on for more information.

If you are moving and are the owner of your own business you should consider deducting the expenses in your company rather than on your personal tax return. If you do not have that option, then the tax rules provide that if you have moved to be at least 40 km closer to your place

Here are some common myths about our personal tax system: Myth: The CRA completely agrees with the information you submitted in your return if it sends you back a Notice of Assessment that agrees to what you filed. A Notice of Assessment is just the result of a quick assessment that will have fixed any

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

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

In general, CRA can reassess tax returns for individuals, trusts and Canadian Controlled Private Corporations (CCPC’s) within 3 years from the original Notice of Assessment date. After that, the returns enter a statute barred period. The typical statute barred period starts 3 years after the Notice of Assessment is issued A Notice of Assessment is the

Do you want to protect the value of your estate for your heirs and preserve those cherished family properties and other assets? If so, read on for more info.

If you want to figure out how to avoid a CRA audit there are a number of things you should know. Probably one of your worst nightmares is the dreaded audit letter from the Canada Revenue Agency (CRA) informing you that you're going to be audited and CRA will send out approximately 30,000 such

KWB has sponsored The Glass Cliff conversation at the Winspear on September 27th from 7:00-8:30 with a reception to follow. The panel includes Kirstine Stewart, the Rt. Hon. Kim Campbell, Eveline Charles and Dr. Shawna Pandya. The Glass Cliff event - 27-9-17 If you are interested in attending we have a few remaining tickets and would

KWB is hosting free quickbooks online seminars for our clients to learn more about the benefits of QBO and the apps that it supports. Upcoming seminars are: Wednesday October 4th at 11:30 (lunch provided) Thursday October 19th at 8:30 (coffee and pastries provided) Friday November 3rd at 11:30 (lunch provided) Tuesday November 21st at 8:30

Triplog is a great tool if you are tired of tracking your mileage every time you get in the car. Especially if you aren’t claiming mileage as an expense because you forgot to check the odometer or write down your trips in a log book. This app easily integrates with Quickbooks Online Triplog is an

The amount of CPP benefits that you are eligible to receive depends on how long you earned employment income, and how much you earned in those years. You can visit the My Service Canada website to see how much you have paid in to CPP over your working years. This information is used to calculate

Proposals from the Department of Finance on July 18, 2017 included changes to the taxation of split income. The most common form of split income is income from a dividend from a related entity that is not excluded from being categorized as such. Prior to 2018, shareholders of privately held companies over the age of

Each year various tax rates, contribution limits, benefit amounts and deduction rates change.  The following is a quick reference guide for 2018. Personal income tax rates and brackets: Federal Taxable income                                  Rate $0 to $46,605                                      15% $46,606 to $93,208                             20.5% $93,209 to $144,489                           26% $144,490 to $205

You may not always understand what your banker is seeing or what they are asking for, but the good news is that both your banker and you want to see the business succeed. Here is more info on the 9 simple things that will help you become a more successful borrower.

Having good bookkeeping will enable you to make good decisions based on accurate financial information provided to you on a timely basis. KWB Chartered Accountants offers bookkeeping and similar services. With timely and accurate information we can help you address your issues and make better decisions as a result. These are definitely tough times, and

Do you think you may need Controller or CFO services? Are you looking for information to help you make good decisions?  Are you unsure of what's happening financially in your business? You need timely, accurate and complete financial information and the people who can figure out what it all means in order to survive

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

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

The GST Quick Method is available to smaller businesses and is easier, quicker and saves money as compared to the normal method of GST filing. And since all GST registrants must file GST on either an annual, quarterly or monthly basis it can save a lot of time as well as money. is easier, quicker and

Will CRA email me for information? Can I refuse to pay income taxes if I want to? Can I avoid paying GST? Do I have to pay taxes on lottery winnings? These myths are answered.

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

Under the Canadian income tax system, an individual's liability for income tax is based on his or her status as a resident or a non-resident of Canada. An individual who is resident in Canada during a tax year is subject to Canadian income tax on his or her worldwide income from all sources. Generally, a

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

RRSPs are one of the few last minute and flexible deductions available to people with employment income from a T4. However, if you are an owner of the business and have some control over your salary, you should consider some of the other alternatives first. Even if you can’t control your own salary you should

What's the best strategy for structuring the legal ownership of your home? The answer is...it depends. Are you asking for tax planning purposes or for estate planning purposes? Often you may be advised that it's important for you to have the title of your home shared with somebody else so that if something were

We are often asked, “Should I own my vehicle in my company or personally?” The following facts can help us determine the answer to the question of vehicle ownership: 1)      How many kms will you drive it for business purposes? 2)      How many kms will you

A taxpayer can claim deductible medical costs 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

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

If you are in a much higher income tax bracket then your spouse and have investments outside of an RRSP or TFSA then a spousal loan could reduce your taxes. Money that is earned directly by you through employment or investing is considered yours and can’t just be given to your spouse to invest. 

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

Work-Sharing (WS) is a program that helps employers and employees avoid layoffs when there is a temporary decrease in business activity beyond the control of the employer. The program provides EI benefits to eligible employees who agree to reduce their normal working hours and share the available work while their employer recovers. Work-Sharing is

To help businesses keep and return workers to their payroll through the challenges posed by the COVID-19 pandemic, the Prime Minister, Justin Trudeau, proposed the new Canada Emergency Wage Subsidy. This would provide a 75-per-cent wage subsidy to eligible employers for up to 12 weeks, retroactive to March 15, 2020. This wage subsidy aims

A rapid response plan for your business Applications for CEWS (Canada Emergency Wage Subsidy) will start being received by the government as of Monday, 27 April 2020. While businesses may qualify for benefits under CEWS, understanding the program, determining eligibility, and submitting the proper application can create a high level of stress and uncertainty

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

Supply chain disruption has already occurred due to COVID-19 and it’s likely to get worse before it gets better.  Measures that exist to avoid a reintroduction of the virus and new outbreaks will impact production and supply chains. Immediate Response For companies that operate or have business relationships in impacted countries, steps should

Save Money with a Health Plan How can you save $100’s and maybe $1,000’s in taxes in one simple step? Are you an employee of your own company and do you have significant medical expenses each year of $2,000 or more not covered by a health plan? Then creating a “Private Health Services Plan” (PHSP) as soon as possible could save you big dollars.

“The Canada Recovery Sickness Benefit (CRSB) gives income support to employed and self-employed individuals who are unable to work because they are sick or need to self-isolate due to COVID-19, or have an underlying health condition that puts them at greater risk of getting COVID-19. The CRSB is administered by the Canada Revenue Agency

If your business involves any driving, you should be tracking your mileage by using a mileage tracker like Triplog.  If you’re thinking that you’re already drowning in paperwork and don’t have time to track your miles, consider this: If you’re not tracking your mileage, you’re leaving your money on the road, cash

On Site Fire Protection recently contacted us to inform us of the new occupant load restrictions due to the COVID pandemic.  We believe that many of you will benefit from the information. So what does “Occupant Load” mean?  Occupant Load is the maximum number of persons that may occupy a building or

Starting on Friday, December 4, 2020, eligible businesses facing financial hardship as a result of the COVID-19 pandemic are able to access a second CEBA loan of up to $20,000 – on top of the initial $40,000 that was available to small businesses. Half of this additional financing, up to $10,000

If you applied for the Canada Emergency Wage Subsidy (CEWS) in April or May, you could receive additional funding from the Small and Medium Enterprise Relaunch Grant. At KWB, our goal is to assist you in receiving as much relevant information as possible during these uncertain times and obtaining the maximum funding for your

One of our goals this year is to show you how having control over your business cash flow will help you to reach your cash flow goals sooner. Cash flow should always be a priority for your business, but what if your business has been severely impacted by COVID-19? The good news is that