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Category Archives: Tax Tips

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Corporate Tax Credits Explained

Corporate Tax Credits Explained

Accounting Tips, Tax TipsBy Canwest AccountingSeptember 27, 2022

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…

Tax Tips for Rainy Days and Rental Properties

Investment, Tax TipsBy Canwest AccountingJuly 26, 2022

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…

Methods for mitigating the pain of owing taxes

Methods for Mitigating the Pain of Owing Taxes

Tax TipsBy Canwest AccountingJune 14, 2022

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…

Affordable Tax Services for Basic Tax Returns

Affordable Tax Services Available for Basic Tax Returns

Accounting Tips, Tax TipsBy Canwest AccountingMarch 14, 2022

Recently, Canwest Accounting launched an affordable tax filing service for those who have just basic tax returns, students, seniors, and those living on social assistance. Affordable Tax Services is a no frills service where you can come into Canwest Accounting’s Langford or Victoria offices, sign some forms, wait while your tax return is completed, and…

CRA Actively Reviewing Advertising Promotion and Advertising Expenses

CRA Actively Reviewing Advertising, Promotion and Advertising Expenses

Accounting Tips, Tax TipsBy Canwest AccountingFebruary 17, 2022

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…

Shareholder Loans and Tax Receipts Keeping CRA Happy.jpg

Shareholder Loans and Tax Receipts: Keeping CRA Happy

Tax TipsBy Canwest AccountingDecember 15, 2021

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…

Estates and Executors: What You Should Know

Estates and Executors: What You Should Know

2021, Tax TipsBy Canwest AccountingNovember 18, 2021

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…

Canwest Makes Secure File Transfers and Electronic Signing Easier

Canwest Makes Secure File Transfers and Electronic Signing Easier

2021, Tax TipsBy Canwest AccountingOctober 15, 2021

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…

Tax Implications for Housing Student Renters

Tax Implications for Housing Student Renters

2021, Tax TipsBy Canwest AccountingSeptember 23, 2021

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; We're here to help - Don't Delay

Don’t Delay Filing Your Taxes; We’re Here to Help

Tax TipsBy Canwest AccountingApril 12, 2021

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…

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  • Home
  • About Us
  • Services
    • Bookkeeping
    • Tax Preparation and Filing
    • Payroll Management
    • Cash Flow Management
    • Financial Statements
    • Inventory
    • Training
    • Why Use an Accountant?
    • Book a Free Consultation
  • Tax Tips
  • Careers
  • News & Articles
  • Contact Us
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