Small Business Tax Returns

Small Business Tax Returns

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…

Rules and Regulations of Cannabis in BC

Rules and Regulations of Cannabis in BC

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…

Employer Health Tax Info

Employer Health Tax Info

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.…

Saving for your kids education

Demystifying RESPs

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…

Student working on her budget

Teaching Students to Live on a Budget

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…