Entertaining clients and staff holiday parties are commonplace at this time of year. For some, though, one thing changed on October 17, when recreational marijuana became legal in Canada. Now, when holding a party, business owners should know the rules around cannabis consumption. “Most of us understand the rules and regulations around alcohol…
A New Annual Tax On B.C. Remuneration Starting January 1, 2019, many employers in B.C. will be responsible for paying a new annual tax on B.C. remuneration (eg. salaries, benefits, commissions, bonuses, vacation pay, etc.) paid to employees and former employees. Employers in B.C. with remunerations above $500,000 must register for the Employer Health Tax.…
Recently, a few people have approached Canwest Accounting for advice regarding buying or selling a business. “Both acquiring and selling a business involve a number of important steps and you should contact an accountant and lawyer for assistance,” says Sharlane Bailey, Owner of Canwest Accounting. When buying a business, an accountant can: Review the…
It’s Back to School Time Again Back to school reminds parents that their children are moving a step closer to high school graduation and starting their own path for the future. In many cases, students will opt for post-secondary education, and that’s where Registered Education Savings Plans (RESPs) can help. The bookkeeping and accounting team…
As college and university students gear up to go back to school in September, Sharlane Bailey, Owner of Canwest Accounting, offers some budgeting tips students can adopt to keep afloat during the school year. “Most students have limited funds, and therefore need to be able to budget their money to ensure they can pay…
We know that for many small business owners and those who are self-employed, it can be difficult to step away from work long enough to take a vacation. That’s why you might want to consider combining your vacation and business trip and be able to claim some of the expenses as business expenses. …
For Business Owners, Preparing for and Taking a Vacation can be a Major Source of Stress. According to a survey on vacation time commissioned by Sam’s Club, nearly 50% of small business owners take only major holidays off or nothing at all. Additionally, according to a survey by American Express OPEN Small Business Monitor,…
Choosing Between Sole Proprietorship & Corporate Status With the deadline for filing personal income tax returns with Canada Revenue Agency (CRA) now past and business tax returns due on June 15, some sole proprietors and new business owners are likely now wondering whether they should become incorporated. This is a common question asked by business…
As we enter the final stretch before personal income tax returns are due to the Canada Revenue Agency (CRA), a lot of people rush to get their taxes done professionally before the April 30th deadline. Sharlane Bailey, Owner of Canwest Accounting, recommends her clients bring in all their tax receipts by the middle of April…
March and April are the busiest months for preparing income tax returns, and the team at Canwest Accounting are prepared for the deluge of returning and new clients coming to them to do their tax returns professionally and thoroughly. Sharlane Bailey, Owner of Canwest Accounting, says her team of accounting and bookkeeping experts in the…