Canwest Accounting is seeing a heightened level of scrutiny by the Canada Revenue Agency (CRA) around tax credits and filings. This reinforces owner Sharlane Bailey’s advice to clients that keeping impeccable records is extremely important. Bailey receives a lot of questions from corporations around what can and cannot be expensed. A lot of these fall…
With news agencies publishing stories daily about inflation, rising interest rates, and a possible recession, it’s wise to evaluate current investments, rental properties and savings. Saving 3 Months’ Living Expenses To survive possible job loss or an extended work absence due to illness, the rule of thumb is to save enough to pay your…
Over the last few years, Canwest Accounting has seen a steady increase in the total amount clients owe after completing their tax returns versus refund levels. For example, in 2021, all refunds added up to $900,000 and taxes owing was $1.5 million. A few scenarios have led to this, including an increase in the number…
The team at Canwest Accounting has recently seen letters from Canada Revenue Services (CRA) asking companies for copies of receipts for advertising expenses. Some companies claiming high advertising costs are being required to submit their invoices to CRA. Make sure you keep all of your business records and receipts for seven years. Other line items…
As we approach the end of the calendar year, it’s a good time to review a few business items that Canada Revenue Services (CRA) tends to zone in on. The first involves shareholder loans and increased scrutiny by CRA, and the other involves discretionary receipts for dining, gifts, donations, and vehicle mileage – ‘tis the…
No one wants to think about death, let alone talk about it, but it’s essential that anyone with valuable assets have an up-to-date will and has appointed an executor to carry out their wishes once they are gone. What does it mean to be an executor? The executor takes over the responsibility of filing the…
At the beginning of the COVID pandemic, in 2020, Canada Revenue Agency (CRA) implemented the use of e-signatures on tax returns. One of the benefits for clients is not needing to come into the office to sign their forms. Canwest Makes Secure File Transfers and Electronic Signing Easier. The demand for convenient and secure electronic…
September marks back-to-school, and near the University of Victoria signs are posted asking local residents to consider renting out their spare rooms to students. The shortage of rental housing and lack of on-campus student housing reaches a crisis point each year, but this year seems particularly frenzied. We have spoken with realtors who are showing…
Don’t Delay Filing Your Taxes. The last year has been unpredictable for most people, right down to their income. Business closures, layoffs and slowdowns have seen more people than ever applying for Employment Insurance (EI) or tapping into a broad range of COVID-19 relief programs, including the Canada Emergency Response Benefit (CERB), Canada Emergency Student…
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.…