• Checklist for Preparing Your 2020 Income Tax

    Author: K&E Professional Accounting Associates | | Categories: businesstax , canada , checklist , CRA , incometax2020 , individualtax , taxplanning

    Accounting Firm in Winnipeg

    While doing their income tax, individuals and businesses often forget to claim deductions that could really benefit them and that might significantly assist in reducing the amount of income tax that they ultimately pay. If you are filing your personal income tax or your business income tax, you will need documentation to support the statements that you make in relation to your income tax submission. If you are or are responsible for any of the following, you will need to include this information on your income tax return- individuals affected by COVID-19; investors; families with students; family members with disabilities;…

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  • Proposed Digital Services Tax

    Author: K&E Professional Accounting Associates | | Categories: digitalsalestax , dst , G20 , globaltaxlaws , oecd

    Accounting Firm in Winnipeg

    A proposed Digital Services Tax (DST) could raise up to $1.2 billion over five years in Canada, which the Federal government wants to introduce in July 2021.  In its fiscal update on November 30, 2020, Ottawa said it will require multinational companies to collect GST or HST on digital products and services.  Once implemented, the cost of digital services sold by foreign companies like Netflix, Amazon Prime (streaming video), HBO (streaming video), Hulu (streaming video), Spotify (streaming audio), and Sony PlayStation (video gaming) will go up.  The government says Canadian companies and foreign companies with physical presence in Canada (such…

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  • Business Ethics and Profitability

    Author: K&E Professional Accounting Associates | | Categories: businessethics , businesstransparency , canada , ethicspolicy , profitability

    Accounting Firm in Winnipeg

    Business ethics refers to the moral principles (trustworthiness, respect, fairness, and caring) that guide the day-to-day operations of a company, which should be important to every business.  They are constantly changing and evolving world-wide due to changing laws and society’s concerns.  Some ethical requirements have been written into law over time by governments as minimum standards, such as employer-employee relations including minimum wage and discrimination, insider trading restrictions, bribery, collusion, money laundering and social responsibility. The 1960’s was a first wave of significant changes in business ethics, when more companies started embracing social responsibility.  Rapid population growth, pollution and resource depletion…

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  • Business Struggles during COVID-19

    Author: K&E Professional Accounting Associates | | Categories: Accounting , businessinsolvency , canada , cashflow , CCAA , Covid19 , preventingbankruptcy

    Accounting Firm in Winnipeg

    If you own your own business, you may have encountered times when finances (particularly cash flow) have become a problem.  A lot of business owners ignore the problem until it is too late, rather than ask for a professional advice early on.  It helps to know the early signs of insolvency so that action can be taken to avert a crisis.  These signs include: operating at bank credit limit, under pressure from suppliers, loss of significant customers, shrinking profit margins, depleting rainy day fund, forced to cut non-essential business expenses, conducting asset sales to generate short term cash flow, struggling…

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  • Individuals With Significant Control

    Author: K&E Professional Accounting Associates | | Categories: canada , cbca , changesincorporationlaw , isc , shareholders

    Accounting Firm in Winnipeg

    On June 13, 2019, the Canadian Government enacted new rules that affect all private companies incorporated under the Canadian Business Corporations Act (CBCA). With the exclusion of public corporations, all federally incorporated companies in Canada are now required to maintain a register that identifies all “individuals with significant control”, or ISCs, over the corporation. Other provinces have already or are in the process of harmonizing their legislation with CBCA, including Manitoba (as of April 8, 2020), British Columbia, Saskatchewan, and Nova Scotia. “Significant control” is defined as individuals that are: registered shareholders; beneficial owners (such as trustee or legal representative);…

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  • Work/Life Balance and Your Business

    Author: K&E Professional Accounting Associates | | Categories: balanceinbusiness , lifebalance , reducestress , successfulbusiness , worklifebalance

    Accounting Firm in Winnipeg

    When you run your own business, you often feel guilty for taking time for yourself, or are constantly thinking that there are things that you need to do. But having the right work/life balance is key to the success of your business. There are things that you can do like four-day workweeks, flex time, cellphone-free weekends—measures that reduce the “work” and boost the “life” in your personal work-life balancing act. But there are other actions that you can take as well to sustain your energy, reduce stress, and increase your productivity. The following are all important strategies to maintain appropriate work/life…

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  • Strategies That Allow Businesses to Thrive in the Post COVID-19 Era

    Author: K&E Professional Accounting Associates | | Categories: canada , empoweringbusiness , postCOVID19 , remotebusiness , thrivingbusiness

    Accounting Firm in Winnipeg

    COVID-19 has been the great equalizer when it comes to running a business. Whether your business is small or large, it is necessary to envision how it will operate in this post COVID-19 era that we are living in. All businesses must develop a plan on how they will operate to ensure that social distancing, sanitizing, and customer numbers remain controllable. For some businesses, it could mean a total restructuring of their businesses, looking at new ways to deliver their product to their customers, and assessing what parts of their business are still viable and which parts are not. Going…

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  • Lies on COVID19 Support Funding Applications Could Result in Charges

    Author: K&E Professional Accounting Associates | | Categories: audit , canadiangovernement , covid19supportfunding , fraud

    Accounting Firm in Winnipeg

    Canada Revenue Agency (CRA) is the watchdog for the Canadian Tax System. It is important to take note that if you have not provided them with accurate information when you applied for any of the COVID19 government supports, you could be in trouble down the line. CRA has very advanced technology that follows your financial activities. If for example you told them that you earned $60,000 per year when you applied for a COVID19 support funding for any of the supports being offered by the Federal Government, but you actually earn $120,000, they will know it. While they may process…

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  • COVID-19 Effects on Private Enterprise Financial Statements

    Author: K&E Professional Accounting Associates | | Categories: Covid19 , Financialstatements , Privatecorporations

    Accounting Firm in Winnipeg

    COVID-19 and related government measures (including shutdowns, restrictions, and protective measures) are having significant impacts on Canadian companies.  CPA Canada issued an alert in March, 2020 to discuss Accounting Standards for Private Enterprises (ASPE), which are small and medium-sized companies that do not report their financial results publicly and their shares are not traded on a public stock exchange. The CPA Canada alert was for management to provide sufficient information on their private enterprise financial statements (including notes) with December 31, 2019 year-ends, when very few COVID-19 impacts were reported in Canada.  Management disclosure of post December 31, 2019 COVID-19 events…

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  • 5 Top Cyber Threats that Cyber Insurance Will Protect You From

    Author: K&E Professional Accounting Associates | | Categories: cyberinsurance , cybersecurity , liabilityinsurance , ransomware

    Accounting Firm in Winnipeg

    Only about one quarter of small businesses have Cyber Insurance.  But for small businesses that rely on technology to do business, it is a vital component of their business security plan.  In this day and age of fast paced changing technology, it has become even more important to protect your small business from cyber threats. These 5 top threats include: ransomware; phishing; data leakage; hacking; and insider threats. Ransomware is malware that is downloaded to the victim’s computer through an email that often looks like it is from a trusted source.  Once the victim opens the email, or clicks on a…

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  • Avoiding Cyber Fraud Scams

    Author: K&E Professional Accounting Associates | | Categories: cyberfraud , fraud , internetfraud , socialmediasafety

    Accounting Firm in Winnipeg

    Anyone can be the victim of cyber fraud. It is not reserved for the elderly, but in fact, more Millennials are falling prey to fraudulent activity than Baby Boomers.  But just because you are not a member of these two groups, it doesn’t mean that you aren’t at risk of being scammed. There are numerous online scams that are being used every day to commit fraud. They include: email scams; pop-up advertising; texts; links or attachments in emails. There is also fraud committed through social media platforms like: Facebook; Tinder; LinkedIn, Instagram; and a variety of other social networking sites.…

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  • Corporate Social Responsibility is Taking Root in Canada

    Author: K&E Professional Accounting Associates | | Categories: Accountants , businessculture , buylocal , canada , CSR , fairtrade , goodcorporatecitizen , pepsico , philanthropy , recycling , starbucks , volunteerservice

    Accounting Firm in Winnipeg

    Corporate Social Responsibility (CSR) is defined as how a business manages their internal processes in order to have a positive impact on the world through sustainability, social impact and ethics. In this age of consumers demanding transparency in businesses, no matter how large or small, it is vital that businesses protect their images and demonstrate their willingness to be good corporate citizens throughout the world. Some companies in Canada have not just talked the talk, but they have made a concerted effort to change the ways that they operate on a daily basis and so have changed the entire culture…

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  • How Financially Literate is the Average Canadian?

    Author: K&E Professional Accounting Associates | | Categories: canada , financialliteracy , investment , Savings , wealthmanagement

    Accounting Firm in Winnipeg

    Two independent studies, the 2019 Canadian Financial Capability Survey (CFCS) and the Canadian Bankers Association Survey (CBAS) show that very few Canadians can be considered Financially Literate. The surveys found that people who made use of financial planning services were more financially literate overall. Financial planners assist people with meeting their financial challenges now and to plan for future expenses and retirement. They can help you develop a strategy to make your money work for you through: setting saving goals and strategies, tax planning, retirement planning, as well as will and estate planning and setting up trusts for those left…

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  • 5 Strategies for Saving Money for Christmas 2020

    Author: K&E Professional Accounting Associates | | Categories: KEPAAssociates , KEProfessionals , KLiuAccounting , MoneySavingTips , Savings

    Accounting Firm in Winnipeg

    Christmas can be a very stressful time of year. Between the amount of money that you think you need to spend on presents, your additional food costs, baking costs (if you still do your own baking), and travel costs (in Canada, it always costs to travel, whether it be by car, train or plane). That is why we recommend that you set up your Xmas budget for December of 2020 on January 1, 2020. In this way, you can anticipate any unforeseen costs but also prevent yourself from going over budget because your purchasing will be strategic. The best place…

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  • Cyber Security and Your Business

    Author: K&E Professional Accounting Associates | | Categories: business , businessinformation , businesssecurity , cyberattack , cybersecuritycanada , EmeraldTreeAccounting , entrepreneurship , KEProfessionals , KLiuAccounting , management , PIPEDA , smallbusiness , taxreinvented , technology

    Accounting Firm in Winnipeg

    Technology has become an integral part of the workplace. As a result, businesses have become dependent of technology to function in this millennium. They use technology for everything from; online networking, collaborating on work, sending and receiving emails, and financial transactions. So keeping all of this information safe and not accessible to the general public has become a crucial part of doing business. This is why Cyber Security has become so important to businesses of all sizes. All businesses are at risk for cyber-attacks and must put in place the tools to protect their information or the results can be…

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  • Cannabis Industry & Accounting Practices

    Author: K&E Professional Accounting Associates | | Categories: Accountants , Accounting , Accounting and Marijuana , Accounting Firm , Bookkeeping , CannabisAccountingPractices , CannabisIndustry , EmeraldTreeAccounting , KEPAAssociates , KLiuAccounting , Tax Accountants , Tax Reinvented , Tax Tips

    Accounting Firm in Winnipeg

    The Canadian cannabis market has grown significantly since the federal Cannabis Act came into effect on October 17, 2018, to legalize the cultivation, possession, acquisition and adult recreational consumption. Canada is the first G7 and G20 nation to do so. The distribution and monitoring of cannabis was left to the Provinces. There is a huge global market and Canada is well positioned to lead that market. Medicinal use of cannabis was legalized on July 30, 2001 and is regulated federally by Health Canada. Countries like Germany and Italy allow Canadian producers to supply their medicinal cannabis.  Cannabis is completely illegal…

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  • The Benefits of RRSPs Withdrawals

    Author: K&E Professional Accounting Associates | | Categories: Accountants , Accounting , Accounting Firm , Bookkeeping , Education First , Education Savings , First Home , HBP , Home Buyer , Home Purchase , LLP , RRSP , Tax Accountants , Tax Filing , Tax Planning , Tax Preparation , Tax Tips

    Accounting Firm in Winnipeg

    Buying RRSPs can provide you with great tax savings in that they can be deducted to reduce your taxable income, and they can also be non-taxable when withdrawn if the amount is paid back in full over the time permitted for the repayment of the withdrawal. There are two types of RRSPs withdraw plans that this applies to: the Home Buyer’s Plan (HBP) and the Lifelong Learning Plan (LLP). First of all, it’s good to know that your deduction limit on your yearly contribution to RRSP is not affected by a withdrawal from your RRSP. For 2019, the contribution limit is…

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  • Announcing the new website

    Author: K&E Professional Accounting Associates | | Categories: Accountants , Accounting , Accounting Firm , Bookkeeping , GST Winnipeg , Payroll , Tax Accountants , Tax Filing , Tax Preparation

    Accounting Firm in Winnipeg

    We are delighted to announce the launch of our new website!

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