With rental housing in short supply and fetching high rental rates in Victoria’s Capital Regional District, some people may be considering owning an investment property. Sharlane Bailey, Owner of Canwest Accounting, says her exceptional team of accountants and bookkeepers are often called upon to help these investment property owners at tax time. Unfortunately, many clients…
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Assuming you aren’t expecting to owe any additional income tax for the 2018 tax year, self-employed individuals have until June 17 to file their income tax forms. That gives you a bit more time to track down those last few receipts that might still be stashed in the glovebox of your vehicle or hiding in…
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This year, Canwest Accounting started meeting with a steady stream of tax filers in late February. It seems many people are eager to beat the April 30 income tax filing deadline set by Canada Revenue Agency (CRA). One reason for that may be to receive an anticipated tax refund sooner. A 2017 report by Global…
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The April 30 deadline for filing one’s personal income tax is fast approaching. Notably, that is also the deadline for those who are self-employed to pay any tax owing from 2018 if they want to avoid penalties. Otherwise, self-employed individuals have until June 17 to file their income tax forms. At Canwest Accounting, March and…
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Many small business owners wear multiple hats – some outside of their area of expertise. Take an independent contractor such as an electrician. He (or she) is highly qualified in their trade and may be busy working on various construction sites, but not have any staff. Or perhaps an entrepreneur runs a small retail business…
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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…
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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.…
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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…
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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…
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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…
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