• CRA Income Tax Review

    Author: K&E Professional Accounting Associates | | Categories: canada , CRA , incometax , incometaxreview , taxreview

    Accounting Firm in Winnipeg

    A CRA review is not a tax audit. The biggest difference between a tax review and a tax audit is that a tax review may be completed in a matter of weeks, but an audit can take months or even years to complete. A tax review is simply a routine check to ensure that the information that you have provided on your income tax return is correct. CRA can contact you for additional information with a letter or a telephone call. We want to assure you that individuals are less likely to be selected for a review than businesses because…

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  • 2021 Federal Budget

    Author: K&E Professional Accounting Associates | | Categories: canada , CERS , changestosubsidies , CRA , federalbudget2021

    Accounting Firm in Winnipeg

    The new Canadian federal budget was tabled on April 19, 2021 by finance minister Chrystia Freeland. The federal deficit is estimated to be $354.2 billion for fiscal year 2020-21 and next year’s deficit is expected to be $154.7 billion.  By the end of 2021-22 fiscal year, the federal debt is expected to be over $1.2 trillion. The budget introduced a $30 billion national childcare plan over 5 years, to reduce kindergarten prices by 50% in 2022, with a target of $10 per day by 2026.  The budget included several targeted taxes effective January 1, 2022 on luxury cars, jets, and…

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  • 2021 Federal Budget

    Author: K&E Professional Accounting Associates | | Categories: canada , CCPCdeductions , CERS , CEWS , changestocovidsubsidies , CRA , federalbudget2021

    Accounting Firm in Winnipeg

    The new Canadian federal budget was tabled on April 19, 2021 by finance minister Chrystia Freeland. The federal deficit is estimated to be $354.2 billion for fiscal year 2020-21 and next year’s deficit is expected to be $154.7 billion.  By the end of 2021-22 fiscal year, the federal debt is expected to be over $1.2 trillion. The budget introduced a $30 billion national childcare plan over 5 years, to reduce kindergarten prices by 50% in 2022, with a target of $10 per day by 2026.  The budget included several targeted taxes effective January 1, 2022 on luxury cars, jets, and…

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  • New Simplified Home Office Deduction for 2020 Income Tax Year

    Author: K&E Professional Accounting Associates | | Categories: 2020incometax , canada , covid19deduction , CRA , workingfromhomededuction

    Accounting Firm in Winnipeg

    With the onset of the COVID-19 crisis in 2020, numerous employers allowed their employees to work from home.  It is for this reason that Canada Revenue Agency (CRA) introduced a new temporary flat rate method to simplify the process for claiming a deduction for home office expenses for the 2020 tax year.  This is a personal income tax deduction to be calculated on form T777S (Statement of Employment Expenses for Working at Home due to COVID-19), which then needs to be attached to 2020 income tax return.  Only employees that worked more than 50% of the time from home for…

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  • Blockchain: Responsible for Increasing Transparency

    Author: K&E Professional Accounting Associates | | Categories: blockchain , canada , cryptocurrency , improvedtransparency , investing , taxreinvented

    Accounting Firm in Winnipeg

    You have probably heard of Blockchain. It is the computer technology that is used for cryptocurrency trading, but this is only one of it’s many uses. In fact, they have partnered with Hyperledger, and several other high profile industry leaders (IBM, Intel, and SAP Ariba) to develop a way that Blockchain can be used by both business, industry and by the non-profit sectors. Using Blockchain technology and its partners, the result is: increased security, improved transparency, expanded access to a greater number of people and expanded economic efficiency. This technology is more secure because there is no one point of…

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  • 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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  • 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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  • 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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  • 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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