Assuming you aren’t expecting to owe any additional income tax for the 2018 tax year, self-employed individuals have until June 17 to file their income tax forms. That gives you a bit more time to track down those last few receipts that might still be stashed in the glovebox of your vehicle or hiding in…
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…
The April 30 deadline for filing one’s personal income tax is fast approaching. Notably, that is also the deadline for those who are self-employed to pay any tax owing from 2018 if they want to avoid penalties. Otherwise, self-employed individuals have until June 17 to file their income tax forms. At Canwest Accounting, March and…
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.…
As we enter the final stretch before personal income tax returns are due to the Canada Revenue Agency (CRA), a lot of people rush to get their taxes done professionally before the April 30th deadline. Sharlane Bailey, Owner of Canwest Accounting, recommends her clients bring in all their tax receipts by the middle of April…
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…
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,…
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…
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…
The Canada Revenue Agency (CRA) is helping you keep more money in your pocket with tax credits, deductions, and benefits for you when you do your taxes. Even if you have little or no income, you should still file your income tax and benefit return to claim tax credits and get benefits and credits. Here…