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…
We know that for many small business owners and those who are self-employed, it can be difficult to step away from work long enough to take a vacation. That’s why you might want to consider combining your vacation and business trip and be able to claim some of the expenses as business expenses. …
For Business Owners, Preparing for and Taking a Vacation can be a Major Source of Stress. According to a survey on vacation time commissioned by Sam’s Club, nearly 50% of small business owners take only major holidays off or nothing at all. Additionally, according to a survey by American Express OPEN Small Business Monitor,…
Choosing Between Sole Proprietorship & Corporate Status With the deadline for filing personal income tax returns with Canada Revenue Agency (CRA) now past and business tax returns due on June 15, some sole proprietors and new business owners are likely now wondering whether they should become incorporated. This is a common question asked by business…
March and April are the busiest months for preparing income tax returns, and the team at Canwest Accounting are prepared for the deluge of returning and new clients coming to them to do their tax returns professionally and thoroughly. Sharlane Bailey, Owner of Canwest Accounting, says her team of accounting and bookkeeping experts in the…
At the beginning of a new year, many people re-evaluate their goals and gauge where they’re at in their lives. For some, starting a new business may be something they’re planning to pursue this year. Sharlane Bailey, Owner of Canwest Accounting, has met with a few people recently who are exploring launching their own business.…
December is a busy month for most of us; we have work and family functions, gift shopping, sending out holiday cards, and connecting with loved ones near and far. Added to this, for many small business owners, December 31st is year end. Add to your calendar some time to complete government paperwork and pay taxes,…
Every autumn, automobile dealerships typically discount the present year’s new vehicles to make room for next year’s vehicles coming in fresh off the assembly line. One of the most common questions the staff at Canwest Accounting hear is, “Should I buy or lease a vehicle? What makes the most sense for my taxes?” “When asked…
Wildfires have sparked evacuations of several B.C. communities this summer. With many people forced to leave their own homes, they’ve needed to rely on assistance from family, friends, strangers and charitable organizations like the Canadian Red Cross. While most people donate out of good will, there are also opportunities for making donations and using them…
On October 3, 2016, Canada’s Federal Government announced an administrative change to Canada Revenue Agency’s reporting requirements for the sale of a principal residence. When you sell your principal residence or when you are considered to have sold it, usually you do not have to report the sale on your income tax and benefit return…