Quickbooks Online – A Tool for Business Success

Part of setting up a new business or taking your company to the next level is ensuring that you have quick access to current information about your business expenses and revenue. The experts at Canwest Accounting help new business owners and those whose businesses are growing to get set up on Quickbooks Online; plus, they [...]

By |2022-09-06T00:45:33+00:00August 26th, 2022|Tips|0 Comments

Tax Tips for Rainy Days and Rental Properties

With news agencies publishing stories daily about inflation, rising interest rates, and a possible recession, it’s wise to evaluate current investments and savings.Saving 3 Months’ Living ExpensesTo survive possible job loss or an extended work absence due to illness, the rule of thumb is to save enough to pay your living expenses for at least [...]

By |2022-07-27T00:45:17+00:00July 26th, 2022|Tips|0 Comments

Methods for Mitigating the Pain of Owing Taxes

Over the last few years, Canwest Accounting has seen a steady increase in the total amount clients owe after completing their tax returns versus refund levels. For example, in 2021, all refunds added up to $900,000 and taxes owing was $1.5 million. A few scenarios have led to this, including an increase in the number [...]

By |2022-06-14T18:49:43+00:00June 14th, 2022|Tips|0 Comments

New Federal Programs to Help First-Time Home Buyers

As one of the most expensive places in Canada to buy a home, many first-time home buyers in the Victoria region struggle to come up with a sufficient down payment to purchase a home. In some cases, parents provide a tax-free gift to their adult children to help with the down payment, but that isn’t [...]

By |2022-06-01T00:23:57+00:00May 18th, 2022|Tips|0 Comments

Affordable Tax Services Available for Basic Tax Returns

Recently, Canwest Accounting launched an affordable tax filing service for those who have just basic tax returns, students, seniors, and those living on social assistance. Affordable Tax Services is a no frills service where you can come into Canwest Accounting’s Langford or Victoria offices, sign some forms, wait while your tax return is completed, and [...]

By |2022-05-03T19:01:44+00:00March 14th, 2022|Tips|0 Comments

Affordable Tax Services Available for Basic Tax Returns

Recently, Canwest Accounting launched an affordable tax filing service for those who have just basic tax returns, students, seniors, and those living on social assistance. Affordable Tax Services is a no frills service where you can come into Canwest Accounting’s Langford or Victoria offices, sign some forms, wait while your tax return is completed, and [...]

By |2022-03-14T21:42:30+00:00March 14th, 2022|Tips|0 Comments

CRA Actively Reviewing Advertising, Promotion and Advertising Expenses

The team at Canwest Accounting has recently seen letters from Canada Revenue Services (CRA) asking companies for copies of receipts for advertising expenses. Some companies claiming high advertising costs are being required to submit their invoices to CRA. Make sure you keep all of your business records and receipts for seven years. Other line items [...]

By |2022-02-28T20:53:49+00:00February 28th, 2022|Tips|0 Comments

CRA Actively Reviewing Advertising, Promotion and Advertising Expenses

The team at Canwest Accounting has recently seen letters from Canada Revenue Services (CRA) asking companies for copies of receipts for advertising expenses. Some companies claiming high advertising costs are being required to submit their invoices to CRA. Make sure you keep all of your business records and receipts for seven years. Other line items [...]

By |2022-05-03T19:01:47+00:00February 17th, 2022|Tips|0 Comments

CRA Actively Reviewing Advertising, Promotion and Advertising Expenses

The team at Canwest Accounting has recently seen letters from Canada Revenue Services (CRA) asking companies for copies of receipts for advertising expenses. Some companies claiming high advertising costs are being required to submit their invoices to CRA. Make sure you keep all of your business records and receipts for seven years. Other line items [...]

By |2022-03-08T22:22:07+00:00February 17th, 2022|Tips|0 Comments

Government Supports for Dealing with Omicron

2022 has kicked off with an unprecedented number of COVID-19 cases, the Omicron variant, resulting in financial strain for several businesses and their employees.“We continue to see some businesses, particularly in the hospitality sector, struggle during this challenging time,” said Sharlane Bailey, owner of Canwest Accounting. “Tapping into Government Supports for Dealing with Omicron can [...]

By |2022-05-03T19:01:48+00:00January 10th, 2022|Tips|0 Comments
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