As we look ahead to 2023, it can be a good time to reflect on one’s finances and health. Great opportunities in 2023 may spring from employer perks and benefits, more education, or being proactive to avoid a tax bill in April. With this in mind, here are Canwest Accounting’s 5 New Year’s Resolutions. Take…
As speculation continues that Canada is heading into a recessionary period, it’s a good time to think about those who will be most affected by consequent job cuts or reductions in income. High levels of inflation are already undermining many low-income individuals’ and families’ abilities to purchase healthy food, fuel their vehicles, and heat their…
With economists speculating that a recession is looming in the near future, a lot of businesses are taking steps to protect themselves and their employees from feeling the sting of a downturn in business. Many companies and workers went through this during the 2008 – 2009 recession and want to be better prepared this time.…
Canwest Accounting is seeing a heightened level of scrutiny by the Canada Revenue Agency (CRA) around tax credits and filings. This reinforces owner Sharlane Bailey’s advice to clients that keeping impeccable records is extremely important. Bailey receives a lot of questions from corporations around what can and cannot be expensed. A lot of these fall…
Part of setting up a new business or taking your company to the next level is ensuring that you have quick access to current information about your business expenses and revenue. The experts at Canwest Accounting help new business owners and those whose businesses are growing to get set up on Quickbooks Online; plus, they…
With news agencies publishing stories daily about inflation, rising interest rates, and a possible recession, it’s wise to evaluate current investments, rental properties and savings. Saving 3 Months’ Living Expenses To survive possible job loss or an extended work absence due to illness, the rule of thumb is to save enough to pay your…
Over the last few years, Canwest Accounting has seen a steady increase in the total amount clients owe after completing their tax returns versus refund levels. For example, in 2021, all refunds added up to $900,000 and taxes owing was $1.5 million. A few scenarios have led to this, including an increase in the number…
As one of the most expensive places in Canada to buy a home, many first-time home buyers in the Victoria region struggle to come up with a sufficient down payment to purchase a home. In some cases, parents provide a tax-free gift to their adult children to help with the down payment, but that isn’t…
The team at Canwest Accounting has recently seen letters from Canada Revenue Services (CRA) asking companies for copies of receipts for advertising expenses. Some companies claiming high advertising costs are being required to submit their invoices to CRA. Make sure you keep all of your business records and receipts for seven years. Other line items…
2022 has kicked off with an unprecedented number of COVID-19 cases, the Omicron variant, resulting in financial strain for several businesses and their employees. “We continue to see some businesses, particularly in the hospitality sector, struggle during this challenging time,” said Sharlane Bailey, owner of Canwest Accounting. “Tapping into Government Supports for Dealing with Omicron…