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…
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…
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…
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…
Income Tax Filing and Preparation April 30 is the final day for filing your personal income tax return. That date also marks when self-employed individuals need to pay any tax owing for 2020. Otherwise, interest will be accrued after April 30. That said, self-employed individuals have until June 15 to submit their income tax forms.…
With Health Canada approving new vaccines to protect Canadians against COVID-19, hope is on the horizon that businesses negatively affected by the pandemic will also recover once a significant portion of the population is vaccinated. In the meantime, both the provincial and federal governments are offering some financial support. British Columbia introduced the BC Recovery…
Recently, the federal government announced an extension to some key stimulus programs aimed at keeping businesses afloat during the COVID-19 pandemic. Additionally, it clarified that Canadians who receive the new Canada Recovery Benefits may have some of the funds clawed back, depending on their net income for 2020. Canada Emergency Wage Subsidy (CEWS) – CEWS…
Eight months after the COVID-19 shutdowns, many businesses are still struggling to get back to their usual revenues and continue to need a hand up from various government programs to keep their businesses operating and staff employed. When Canwest Accounting professionals meet with business owners who are struggling in today’s economy, we go through with…
While Canwest Accounting has seen most of its clients’ businesses reopen, many are slower than usual, and none will recoup the losses experienced during the lock-down phase of the COVID-19 pandemic in B.C. That’s why Sharlane Bailey, owner of Canwest Accounting, is urging everyone who can to “give thanks” by supporting local businesses as much…
In late July, the federal government extended several initiatives aimed at helping those individuals and businesses affected by the COVID-19 pandemic. The following are some of the key changes our clients are asking us about: Canada Revenue Agency (CRA) has further extended the tax payment deadlines for individual, corporate, and trust income tax returns, including…