Improving Your Operations

Canada Revenue Agency (CRA) has made changes to taxable benefits for employment conditions such as working from home, commuting, meal costs, etc.  These changes are valid for the period between March 15 2020 and December 31 2020. If you’re an employer, take note of these important changes: Commuting Costs If you pay for

As a business owner, you have likely experienced stress and anxiety during the past year.  In order to run your business successfully, you need to ensure that your health and wellness takes priority in your life. When you travel on a plane, the announcer tells you that in case of an emergency, you

One of the reasons we really like and recommend QuickBooks Online (QBO) is that like us, Intuit is always looking for new ways to help business owners improve their business. QuickBooks Online has made managing your business cash flow easier with their new Cash Flow Planner feature, helping you save time working IN 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

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

At KWB, we are passionate about QuickBooks Online (QBO) and the apps that integrate with it.  We are equally passionate about treating you as a business partner by sharing valuable information, advice, and technology If you own an HVAC business, we know from experience that QBO and the Jobber app will help you

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

A KWB client event - 25 November, 2020 @ 3pm (MDT) on Zoom KWB clients – join us for an hour of information, tips and advice regarding QBO (Quickbooks Online) and the Apps we recommend.  There will also be a half hour of Q & A after the event. If you own a

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.

Your company’s sales and revenue may look healthy, however, if the money you have to pay out leaves your business before the money you are owed comes in, this will result in negative cash flow.  If you are unable to pay your company’s bills, this can lead to even bigger problems like bad

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

Be prepared for any emergency that may occur by creating an Emergency Checklist.  Many businesses are wishing that they had but there is still a lot of value in creating one now. What you need for your Emergency Checklist For starters, your emergency checklist should be outlined in your procedures manual, which documents

If you are currently using Quickbooks Online or thinking about switching to "QBO", this event is for you! Join us on Zoom for a free information session regarding QBO and the Apps in our App Stack. Date: Wednesday 24 June, 2020 Time: 3pm - 4.30pm This event is held on Zoom; the meeting

The Canada Emergency Commercial Rent Assistance Program (CECRA) has been announced to provide rent relief for small businesses struggling to pay their landlords due to financial hardship as a result of COVID-19 for the months of April, May and June 2020.  Who is Eligible? Affected small business tenants who meet the following criteria:

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

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

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

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

CERB (Canada Emergency Response Benefit) Update – 1 April 2020 The Government of Canada will provide a taxable benefit of $2,000 a month for up to 4 months to: workers who must stop working due to COVID19 and do not have access to paid leave or other income support.workers who are sick

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

With the current situation in Alberta there are many unknowns regarding the proper payroll treatment related to leaves and layoffs.  This could change daily however this is the information that we were provided by the Canadian Payroll Association on March 17, 2020. Sick Leave - Alberta On Friday, March 13, 2020 the Alberta

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

KWB is hosting a tailor-made event for HVAC and Plumbing business owners. At this event we will show you how to make the most of your Quickbooks Online software and introduce you to some apps that we know will save you time and money.  We understand what keeps you up at night: Do

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

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 (now Dext). Receipt Bank (now Dext) is a website application that extracts key information from your invoices and receipts and publishes it directly into Quickbooks Online (QBO). Integrates with

There are many apps that can be integrated into your Quickbooks Online software in order to provide extra value and Dryrun is one of them. Forecast cash flow and sales Dryrun was created right here in Edmonton and is a forecasting tool that will assist you in making better decisions about your business.  You

Considering making the switch from Desktop (Quickbooks or Sage) or paper to the cloud? (QuickBooks Online (QBO)) If you are currently using the Desktop version of QuickBooks, you need to be aware that QBO is not the same program and doesn’t really look anything like the Desktop product.  Don’t let that scare you off

If you have apprentices working for you, then you should be taking advantage of the apprenticeship job creation tax credit. (Apprentice Tax Credit) An investment tax credit can be claimed on eligible salaries paid to eligible apprentices. The credit is equivalent to 10% of salaries and wages paid to that individual, to a maximum of

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

What if you knew the impact of an important decision before you made it? Could you and your business benefit from this “what if” strategic planning? You would be able to look at the potential outcome and financial impact of business decisions before they are made. At KWB we use software called Profit Driver to

Hubdoc is an automated, central hub for all your financial documents. It syncs all your documents and their data with QuickBooks Online (QBO). It turns your receipts, bills, and invoices into accurately coded QBO online transactions with key data entered and source documents attached. The transactions are then auto-matched to the bank feeds for one-click

Plooto is the simplest and most effective way to streamline AP and AR transactions and it works within QuickBooks Online. (QBO) the only fee is a $1/transaction fee Benefits: No banking or other personal information needed. Records the transaction automatically in QBO. Easily send and receive payment (an email is all that is required). Completely

TSheets is a website application that is used to track time and help with scheduling. If you’re tired of tracking your time sheets manually, this may be the solution for you! Regardless of whether you are an employee, management, moving from one job site to another, or work in the same office each day, there

There are many benefits that KWB receives as a member of the Quickbooks ProAdvisor program and can pass along to you. Read about what they are, including some potential cost savings for you.

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.

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

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

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.

It has been 29 years since Alberta Labour Standards were last reviewed and changed. The changes effective in 2018 are as follows: Minimum Wage The minimum wage has already been increased in recent years and is going to have one more increase to $15.00 per hour.  This increase comes into effect on October 1

Advance Income Tax Rulings are written statements providing assurance on the income tax treatment of a specific proposed transaction or transactions that you might be contemplating. Subject to any disclaimer or qualification stated in the ruling, the ruling is considered binding with respect to the specific taxpayer making the request and the specific proposed transaction

Jobber is a cloud based software solution designed for small and medium sized field service businesses that works with Quickbooks Online (QBO). It has a number of features that are designed to help you run a better business by helping you manage finances, client requests and a busy team. Jobber integrates scheduling, quotes, invoices and

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

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

Employment and Social Development Canada (“ESDC”) is responsible for EI, OAS and CPP rulings, not Canada Revenue Agency. On April 1, 2013, the Social Security Tribunal (“SST”), an independent administrative tribunal operating at arm’s length from ESDC, was introduced to review appeals on EI, OAS and CPP rulings made by the ESDC. The process to

Employers are required by law to deduct Employment Insurance (EI) premiums from all insurable earnings paid to their employees who are engaged in insurable employment. If an employer who has passed the standard dbs check is unsure whether or not an employee is engaged in insurable employment, the employer can request a ruling from the

You may not be aware that you or your business are required to remit quarterly or monthly tax instalments to CRA.  And it is likely that if the instalments are not made, you will be charged interest and penalties Goods and services tax instalments You are required to pay GST instalments if your net

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

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

When it comes to interest rates here in Canada and around the world, the only thing we know is that we don’t know. For the past 4 years economists around the world have expected interest rates to increase and not go lower. What we do know is that Stephen Poloz, the Governor of the Bank

Technology is constantly evolving and many commercial banks are using the latest technology advances. Some of these include mobile banking, electronic payments and mobile cheque deposits or Mobile Remote Deposit Capture (MRDC). We have all seen the commercials showing us how easy it is to deposit a cheque by taking a picture of it with

Do you know someone who has lost critical and precious information that was stored on their computer? Are there things on your computer that you don’t want to lose such as financial or business records or personal information like family photos? We live in a digital world and we don’t have hard copies of anything