Business Year-End

Business year-end isn’t just when we file your taxes; it’s when we set the path for next year’s successes.

To help you prepare for year-end, we will send you a checklist as your year-end approaches. The checklist identifies all of the documents you will need to bring us so that we can prepare your financial statements and file your taxes efficiently and as quickly as possible. We find this reduces the risk of missing something important, and means that you never have to deal with the feeling that you’ve forgotten something.

When we are reviewing your year-end financial information, we try to identify tax savings for the current year, as well as the upcoming year. For example, we might identify that by changing your business’s tax plan or by changing the structure of your business, you’ll realize tax savings this year.

KWB has always provided me with timely support for all of our business and family needs, and have priced their services fairly. Perry McPherson, Great Circle Investments Inc.

Our Process

  • Drop off your documents in person or through our secure Internet options
  • Your tax return goes through a rigorous review process to ensure every possible opportunity for tax savings has been explored.
  • We review your financial statement and tax returns with you, in person or remotely
  • Timeliness is a priority for us, so turnaround time is fast; you can expect the entire process to be complete within four to six weeks.

We also provide personal tax advisory services to individuals who we do business year-end work for. By doing both your personal and business taxes and accounting, we will have a better overall picture of your finances, and can better advise you on tax minimization strategies.

For assistance with your business year-end, please contact us.

Blog posts about Business Year-End

Sep 17 2020
Save Money with a Health Services Plan

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.

Apr 3 2020
New Protocol for Applying for the Canada Emergency Response Benefit (CERB) – 3 April 2020

Due to the volume of Canadians applying for the Canada Emergency Response Benefit (CERB), the Canadian Revenue Agency has set new protocol for applying: If you were born in January, February or March, you may apply on MondaysIf you were born in April, May or June, you may apply on Tuesdays.If you were

Apr 3 2020
KWB Summary of Relief Programs - Federal and Provincial - 3 April 2020

To our friends, clients, and business partners, We hope this newsletter finds you well and healthy. The volume of information we’ve received from provincial and federal governments over the last few weeks has been significant and a bit of a moving target, so we’ve put together a summary of all the relief programs that

Apr 2 2020
The Canada Emergency Wage Subsidy - What It Means for Canadian Businesses – 2 April, 2020

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

Apr 1 2020
Update - The Canada 75 % Wage Subsidy

Finance Minister, Bill Morneau, announced today (April 1st, 2020) that the 75 % wage subsidy would be available within 3-6 weeks time.  What we know so far: The subsidy is available to all businesses, charities and non-profit organizations as long as they can prove that they have lost 30 % of their revenue

Mar 31 2020
What is the Work-Sharing Program?

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

Mar 31 2020
Essential Services - Is your Business on the List?

Overview The businesses and services on the essential services list can continue to provide services at locations accessible to the public and must have proper risk mitigation measures in place, such as sanitation stations and appropriate distancing between customers. The intent of this list is to provide general guidance to business owners and operators

Mar 31 2020
What is the Canada Emergency Business Account?

The new Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced. To qualify, these organizations will need to demonstrate they paid between $50,000 to $1 million in total

Mar 31 2020
Explaining the Business Credit Availability Program (BCAP)

Description of the Business Credit Availability Program (BCAP):  On March 13, 2020, the Government announced the establishment of a Business Credit Availability Program (BCAP) to help Canadian businesses obtain financing during the current period of significant uncertainty.  The BCAP will support access to financing for Canadian businesses in all sectors and regions

Mar 30 2020
New Information on Wage Subsidy Program - 30 March 2020

Prime Minister Justin Trudeau announced today businesses and non-profit organizations seeing a drop of at least 30 per cent in revenue due to COVID-19 will qualify for the government's 75 per cent wage subsidy program. The number of people a business employs will not determine its eligibility. Charities and companies big and small will

Mar 27 2020
Breaking News for Small - Medium Size Businesses - 27 March 2020

Ottawa hikes wage subsidy to 75% for small and medium-sized businesses The federal government is hiking its wage subsidy for small and medium-sized businesses from 10 per cent to 75 per cent, a move that business leaders have called for amid the coronavirus outbreak. Prime Minister Justin Trudeau announced the payroll subsidy, as well

Mar 26 2020
New Information from the Alberta Government – 25 March 2020

In addition, it is now mandatory for travellers returning from outside of Canada to self-isolate. This legal requirement also applies to close contacts of confirmed COVID-19 cases, as well as to any individual with symptoms, such as a fever, cough, sore throat or runny nose. “We must do everything we can to protect Albertans

Mar 25 2020
Government introduces Canada Emergency Response Benefit to help workers and businesses

March 25, 2020 - Ottawa, Ontario - Department of Finance Canada The Government of Canada is taking strong, immediate and effective action to protect Canadians and the economy from the impacts of the global COVID-19 pandemic. No Canadian should have to choose between protecting their health, putting food on the table, paying for their

Mar 25 2020
Support for entrepreneurs impacted by the coronavirus COVID-19

As announced by the Minister of Finance, BDC puts in place additional measures to provide relief for Canadian entrepreneurs. Effective March 18, 2020, new relief measures for qualified businesses include: Working capital loans of up to $2 million with flexible repayment terms such as principal postponements for qualifying businesses;Flexible repayment terms, such

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

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: 

Mar 23 2020
Frequently Asked Questions – Temporary Wage Subsidy for Employers

1. What is the Temporary Wage Subsidy for Employers? The Temporary Wage Subsidy for Employers is a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA). 2. Which employers are eligible? You are an eligible employer if you: are

Mar 23 2020
Relief for the Energy Sector

Immediate action will protect jobs and provide economic relief to the oil and gas industry Overview The Government is providing economic relief to Alberta’s energy industry to address challenges resulting from the COVID-19 pandemic and declining oil prices due to an international price war. The energy sector supports more than 500,000 jobs across

Mar 23 2020
Who qualifies for EI?

Whether you qualify for EI will still depend on your specific situation, such as regional rate of employment, and the number of hours worked in the last 52 weeks. The government recommends people apply as soon as possible to find out if they qualify; waiting more than four weeks after your last day

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

Mar 20 2020
Support for Employers - Alberta - COVID-19

The Alberta government will provide immediate funding and supportive measures to support local businesses, employers and employees. Support for employers 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

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

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

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

Dec 3 2019
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

Nov 26 2019
Registering For GST

Do you need to register for GST? Some services are exempt from the GST/HST – that is, no GST/HST applies to them. This means that you do not charge the GST/HST on these services, and you are not entitled to claim input tax credits on property and services acquired to provide them. You cannot register for the GST/HST if

Nov 19 2019
7 Perks of Having a Data Manager (Bookkeeper )

A good data manager should ensure that: You are compliant with the CRA at all times.  You are focused on your business, not the data.You are capturing and recording all expenses for tax deductions.You have timely and accurate information available to make better decisions.You have efficient processes for capturing data

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

Jan 15 2019
Capital Dividend Account

The capital dividend account (CDA) is used to track the amounts that can be paid out to shareholders, tax free. How is the capital dividend account balance calculated? Capital gains and losses – The balance increases by 50% of any capital gains your company incurs, and decreases by 50% of any capital losses your company

Dec 4 2018
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

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

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

Aug 7 2018
Form T1135 Foreign Income

Form T1135 Foreign Income Verification Statement must be filed if you, your corporation, trust or partnership, owned or held foreign property with a cost amount of more than $100,000 at any time in the year even if some or all of the property was sold before the year of the year. The form is

Jul 31 2018
Personal Services Business (PSB)

In the past, it was OK and even advisable to conduct business through an incorporated company even if PSB rules applied. With recent changes to the rules, though, this is no longer true.  So what are these changes, and what do they mean to you?

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

Jun 5 2018
Applying for a Business Number

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

May 15 2018
Remote Support

Would you like to have a KWB staff person work directly on your accounting system at a time that is convenient for you? Or to help you figure out why your accounts aren’t balancing or why your accounting software has crashed? KWB is here to help! Learn more about our remote accounting support.

May 8 2018
CRA Tax Myths

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.

Apr 10 2018
Tax Filing Deadline

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

Mar 6 2018
Borrowing Best Practices

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.

Jul 25 2017
CRA Audit

Many companies may experience a Canada Revenue Agency (CRA) audit. Here’s what you need to know: Types of Audits: Not all CRA audits are the same! In some cases, they may only want to see records pertaining to one area or it could be a full audit. Here are a few details regarding the different

May 16 2017
Quickbooks Online - Free For Clients of KWB

QuickBooks Online (QBO) is a cloud based version of the traditional QuickBooks desktop accounting software that offers some great features and accessibility not available from the desktop environment. Cloud basically means it resides on and is accessible through the internet. We like it so much that effective July 1, 2017 we are offering it at

May 9 2017
Tax Deductions

To make sure you are claiming all the tax deductions that you should be, read about the 7 most commonly overlooked tax deductions.

Mar 14 2017
Statute Barred Period

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

Dec 13 2016
Small Business Deduction

The current Small Business Deduction in Canada allows corporations to pay a lower rate of tax on their first $500,000 of active business income. Active business income includes income earned from a company’s regular operations, but excludes other income such as rental or investment income. Budget 2016 released by the federal government has introduced

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

Mar 22 2016
CRA Online Mail

Tired of waiting for snail mail? The Canada Revenue Agency (CRA) now allows you to receive some of their correspondence electronically through their My Account service. What correspondence does this apply to? Notices of Assessment (issued after February 9, 2015) Notices of Reassessment (issued after February 9, 2015) Tax Free Savings Account letters (issued after

Feb 16 2016
Income Splitting

Do you own a business - either incorporated or unincorporated - and have a spouse or one or more adult children with an income lower than your own? If so, you may be able to shift your income to these other family members, effectively moving the income from a high tax rate to a low tax rate and decreasing the overall tax burden on your family. This is called income splitting.

Dec 1 2015
CRA Requirements for Keeping Financial Information

You are required by law to keep records if one or more of the following situations apply: You operate a business in Canada You have to file an income tax return (i.e. corporate or personal) You have to file a GST return You filed for a GST rebate You have a trust Note: The

Sep 22 2015
Alberta Corporate Tax Rate Changes

In addition to personal income tax increases, the Alberta NDP government has also increased general corporate tax rates. However, businesses that earn $500,000 or less of active business income will not be affected by the tax increases due to an offsetting increase to the Alberta small business deduction rate. Businesses that have more than

Sep 1 2015
Alberta Personal Income Tax Changes

On June 30, 2015, the Alberta government passed Bill 2, An Act to Restore Fairness to Public Revenues. The bill has created a progressive personal income tax rate structure for higher income earners. Effective for 2015 and subsequent tax years, four new tax brackets and rates will be introduced: Taxable income of $125,000 to

Aug 4 2015
Corporate expenses - What can you deduct?

Often deductible business expenses are overlooked or missed as business owners are unsure whether they are deductible. A business expense is any cost incurred by the company to generate income. These expenses must be supported by physical documents such as invoices, purchase contracts, sales receipt, etc. If cash is used to purchase items, it is

Apr 9 2015
Cost of Being Found to be a Personal Services Business (PSB)

We often hear about individuals who decide to incorporate while working as an employee for a business. But is it really beneficial to do so? Let’s look at an example. Joe works as an employee and earns employment income (a T4 slip) in Alberta. On July 1, he incorporates. Although he has incorporated, he continues

Sep 18 2013
CRA's Cash Receipts Window

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.

Mar 24 2013
2013 Federal Budget

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.

Nov 3 2012
Is it too late to reduce your 2012 taxes and optimize your investments?

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

Jun 19 2012
The Value of a Unanimous Shareholders Agreement (USA)

The financial wealth of many individuals is represented by the shares of a privately-held corporation, and, as such, a shareholder agreement is an invaluable legal instrument when the corporation is being continued by other shareholders or family.

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I find KWB to be easy and constructive to work with. Working with them has resulted in a big improvement to our bottom line.

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