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…

Should you buy or lease a new vehicle?

Is It Best to Buy or Lease a Vehicle?

  Every autumn, automobile dealerships typically discount the present year’s new vehicles to make room for next year’s vehicles coming in fresh off the assembly line. One of the most common questions the staff at Canwest Accounting hear is, “Should I buy or lease a vehicle? What makes the most sense for my taxes?” “When asked…

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…

making donations for BC wildfire and other causes

The Ins and Outs of Making Donations

Wildfires have sparked evacuations of several B.C. communities this summer. With many people forced to leave their own homes, they’ve needed to rely on assistance from family, friends, strangers and charitable organizations like the Canadian Red Cross. While most people donate out of good will, there are also opportunities for making donations and using them…