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…
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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…
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As we approach the end of the calendar year, it’s a good time to review a few business items that Canada Revenue Services (CRA) tends to zone in on. The first involves shareholder loans and increased scrutiny by CRA, and the other involves discretionary receipts for dining, gifts, donations, and vehicle mileage – ‘tis the…
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No one wants to think about death, let alone talk about it, but it’s essential that anyone with valuable assets have an up-to-date will and has appointed an executor to carry out their wishes once they are gone. What does it mean to be an executor? The executor takes over the responsibility of filing the…
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At the beginning of the COVID pandemic, in 2020, Canada Revenue Agency (CRA) implemented the use of e-signatures on tax returns. One of the benefits for clients is not needing to come into the office to sign their forms. Canwest Makes Secure File Transfers and Electronic Signing Easier. The demand for convenient and secure electronic…
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September marks back-to-school, and near the University of Victoria signs are posted asking local residents to consider renting out their spare rooms to students. The shortage of rental housing and lack of on-campus student housing reaches a crisis point each year, but this year seems particularly frenzied. We have spoken with realtors who are showing…
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While businesses negatively affected by the COVID-19 pandemic continue to find their “new normal” as they seek to return to pre-COVID earnings, the federal government has expanded several subsidy programs, as well as launched a new one. The government has extended the eligibility timeframe for the Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Rent…
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Now more than ever, older people are wanting to continue living in their homes instead of moving into care facilities. At the same time, health agencies have long predicted that the anticipated demand for occupying beds in care facilities by Baby Boomers will overwhelm the system in the future. One solution that can help seniors…
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When a loved one passes away, many people find themselves unprepared for what comes next. At Canwest Accounting, we assist grieving families with tax filings that need to be done through the Canada Revenue Agency (CRA) and should be completed and paid before assets from the estate are distributed to the beneficiaries. “A lot of…
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Don’t Delay Filing Your Taxes. The last year has been unpredictable for most people, right down to their income. Business closures, layoffs and slowdowns have seen more people than ever applying for Employment Insurance (EI) or tapping into a broad range of COVID-19 relief programs, including the Canada Emergency Response Benefit (CERB), Canada Emergency Student…
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