What To Do With Your Tax Refund

This year, Canwest Accounting started meeting with a steady stream of tax filers in late February. It seems many people are eager to beat the April 30 income tax filing deadline set by Canada Revenue Agency (CRA). One reason for that may be to receive an anticipated tax refund sooner. A 2017 report by Global…

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.…

Tax Implications of Bitcoin

Tax Implications of Bitcoin

Anyone who pays attention to the news will probably have heard of Bitcoin, and its recent meteoric rise in value. In January 2011, the trading value of the virtual currency or “cryptocurrency” was as little as $.30 per unit. By mid-December last year, it reached nearly $20,000 per unit! “Investors should be aware that in…

Tax Deductions for Small Businesses

Tax Deductions for Small Businesses

The end of the calendar year also marks the end of many small businesses’ fiscal year – and that signals filing a tax return in April. For small businesses, many of the tax deductions are obvious in terms of hydro, rent, internet, advertising, vehicle leases, etc., but some may not be as obvious. Sharlane Bailey,…

Are Office Parties Tax Deductible?

  It’s the start of the Christmas rush, and if you’re a business owner, you’ve probably already booked a room or a caterer for your office holiday party. But along with planning the date and the dress code, did you know you can plan your tax considerations, too? According to Canada Revenue Agency, social events…

education tax credits

The ABCs of Education Tax Credits

Back-to-school season not only means a lot of expenses, but also potential education tax credits depending on the situation. We often receive questions about what families can and cannot claim – and the answers sometimes surprise parents. Most students fall into one of these categories: Public school: Unfortunately, fees for supplies, field trips or extracurricular…

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2016 Personal Tax Checklist

It’s Personal Income Tax Time Again… At Canwest Accounting, we are happy to help you with your personal income tax returns.  That’s why we have created a “2016 Personal Tax Checklist” for you to fill in before you come to see us. Simply print out the checklist, fill in, then let us help you with…