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.…
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…
April 30, the final day for filing your personal income tax, is coming up quickly. That date also marks when self-employed individuals need to pay any tax owing for 2019, otherwise; interest will be accrued after April 30. That said, self-employed individuals technically have until June 15 to file their income tax forms but be…
With increasing concerns about rising fuel prices and climate change/global warming, interest in electric vehicles is at an all-time high, as people consider less expensive options for fueling their vehicles and releasing less carbon dioxide (CO2) into the atmosphere. Popular options range from plug-in hybrids to fully electric vehicles, both of which can be charged…
One of the most common questions answered by the friendly, professional bookkeepers and accountants at Canwest Accounting comes from individuals with small businesses asking how to file their business taxes. This depends greatly on whether the person is considered a sole proprietor of the business or if the business is incorporated. If incorporated, then there…
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…
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…