Blog Articles
- Feb 03, 2022
- KB Accounting
How Outsourcing Payroll Services Can Save Your Business from Making Errors
The holidays recently passed and one of the most common errors I see around this time of year are taxable benefits not being properly recorded for payroll. At first, it may seem like an innocent mistake. But — the ripple effect can be. . .
- Nov 16, 2021
- KB Accounting
Why Accurate Balance Sheets Are Key for Future Growth When Bookkeeping for a Small Business/Corporation
As a business owner — how will you get your business where you want it to go if you don’t know where you are financially? Establishing accurate records on your company’s balance sheet when Bookkeeping for a Small Business/Corporation is the. . .
- Jul 22, 2021
- KB Accounting
3 Bookkeeping Basics You Should Know as a Small Business Owner to Guarantee Your Business is in Good Health Financially
A businesses finances ranks high among the priority list for a small business owner as it is the lifeline to all other areas of a business. Without money a business is unable to operate. Which is why we’re sharing the 3 Bookkeeping Basics you. . .
- Mar 05, 2021
- KB Accounting
Why You Should Research the Person or Business You Plan to Hire for Income Tax Preparation This Year
Have you done your research before hiring a person or business to file your taxes? This is the time of year when the “Backyard Bookkeepers” and “Tax Preparers” come out of hibernation. Make sure you’re crossing your t’s and dotting your. . .
- Jan 21, 2021
- KB Accounting
How Using KB Accounting Services Inc.’s Bookkeeping Services for Small Businesses Can Bolster Your Businesses This Year
Sound bookkeeping records are crucial for any small business owner. The Canada Revenue Agency (CRA) recently shifted gears and is focused on supporting documentation and line audits. Would your business be able to withstand an audit from CRA? Keep. . .
- Nov 27, 2020
- KB Accounting
How to Distinguish the Difference Between a Subcontractor and Employee and Why It Matters for Your Small Business Tax Planning Strategy
Are you aware of the difference between subcontractors and employees? Both have different tax implications and will determine how your business prepares for its small business tax planning strategy. Keep reading to ensure you don’t find yourself. . .
- Oct 19, 2020
- KB Accounting
How Using Professional Payroll Services Can be One of Your Businesses Greatest Assets
Did you know that 90% of employers who opt out of professional payroll services and attempt to do it themselves in-house, do it incorrectly? This is due to a lack of understanding the difference between taxable and non-taxable benefits. To help. . .
- Mar 30, 2020
- KB Accounting
Small Business Accounting Guide: How Your Business Can Benefit From Canada's COVID-19 Economic Response Plan
The Government of Canada announced last Friday that more measures have been added to the current COVID-19 Economic Response Plan which to date is committing $107 billion in financial support. The Canadian Government is hoping that this increase in. . .
- Mar 26, 2020
- KB Accounting
What You Need to Know About Tax Filing in Canada Right Now Due to COVID-19
The Government of Canada announced one week ago that tax-filing and payment-deadlines for individuals, businesses and charities have been adjusted and extended due to the emerging COVID-19 threat. In addition, the Canada Revenue Agency (CRA) has. . .
- Mar 09, 2020
- KB Accounting
KB Accounting Services Inc.’s Payroll Business Services: When to Complete TD1 Forms as an Employer
KB Accounting Services Inc. ’s Payroll Business Service will make sure your company’s payroll is meeting requirements set out by the Government of Canada by ensuring all necessary paperwork is filled out—including mandatory TD1 forms for all. . .
- Feb 25, 2020
- KB Accounting
Small Business Accounting 101: The Short and Sweet on Allowable Business Expenses in Canada
Self-employment is on the rise in Canada. In 2018, 2. 9 million Canadians were classified as self-employed. That number is continuing to grow across the country. KB Accounting Services Inc. recognizes the value of equipping self-employed individuals. . .
- Feb 10, 2020
- KB Accounting
Important Deadline Approaching for Small Businesses Filing Taxes in Canada
Important deadlines are nearing in regard to filing taxes in Canada as a small business owner. Many small businesses depend on subcontractors to ensure operations are running at full tilt. If you are a small business owner that has used a. . .
- Jan 19, 2020
- KB Accounting
How Smart Income Tax Preparation in Canada Can Save a Commissioned Employee Money at Tax Time
It is a smart practice to take control of your income tax preparation in Canada as a commissioned employee. Proper preparation can help commissioned employees save money by making informed decisions in regards to business-related expenses. . . .
- Dec 12, 2019
- KB Accounting
How a Small Business Accountant Can Provide Peace of Mind for Businesses During CRA's Audit Season
The Canada Revenue Agency (CRA) is focusing more and more on targeted auditing which can have serious repercussions on small business owners if the numbers on their filings at tax time are not adding up. As an experienced small business accountant,. . .
- Nov 18, 2019
- KB Accounting
KB Accounting Services Inc. Named Top Accounting Firm in Regina
ThreeBest Rated® (TBR®) is a platform set-out to honour and support local businesses that are making waves in their community. (TBR® Canada) was created with a simple goal to help its 3 million customers find the top three local best businesses. . .
- Nov 05, 2019
- KB Accounting
Everything You Need to Know About Motor Vehicles if You Are Self-Employed and Filing Taxes in Canada
Self-employment has the benefit of being able to leverage many day-to-day business expenses when filing taxes in Canada. One of these expenses being motor vehicle expenses. I have discovered that far too often at the time of inception of a new. . .
- Oct 12, 2019
- KB Accounting
Small Business Tax Planning — Should I Stay a Sole Proprietor or Incorporate?
Most small businesses start out as sole proprietors. When sole proprietors net income begins to near the $80K mark, I highly recommend businesses look at adjusting their current business structure and incorporating. It is important to understand the. . .
- Feb 04, 2019
- KB Accounting
Principle Residence Exemptions (PRE) Changes For Personal Income Tax & Rental Portion
In October of 2016, the Federal government introduced changes to the Principle Residence Exemption Tax Rules (PRE). These changes were targeted at individuals who flip houses and avoided paying personal tax by declaring it as a primary residence. . . .
- Jan 21, 2019
- KB Accounting
Goods and Service Tax (GST) & Bookkeeping
This Federal tax was first introduced in Canada in 1991. It is a sales tax that is charged on sales between individuals, businesses and organizations. It was the first tax of its type introduced at the federal level. The purchaser or consumer must. . .
- Jan 07, 2019
- KB Accounting
Saskatchewan Provincial Sales Tax (PST)
What Is PST And When Does It Apply? Saskatchewan's Provincial Sales tax is a consumption tax. This means all goods and services bought, sold or consumed in Saskatchewan are subject to a six percent tax. It is to be charged on goods and. . .
- Dec 14, 2017
- KB Accounting
3 Tax Planning Strategies You Can Implement Today
Tax planning involves reviewing your finances with an eye to lowering your tax burden. You plan your finances out in accordance with what will save you the most money. There are many different strategies, and within each strategy, many different. . .
- Dec 14, 2017
- KB Accounting
4 Common Bookkeeping Mistakes Your Small Business Is Making
Small business owners have a lot of their plate. They’re an expert in whatever product or service they offer, but they’re also in charge of an entire business, and that’s a whole job unto itself. Chances are if you’re a small business owner,. . .
- Dec 14, 2017
- KB Accounting
How To Choose The Best Payroll Solution For You
Imagine this: at the end of the month an employee reports an incorrect paycheque, the CRA says you owe extra taxes, and you lose a big client because you just couldn’t make enough time for them. What’s one easy solution to all of these problems? . . .
- Dec 14, 2017
- KB Accounting
The Importance Of Accounting To Your Small Business
If you’re running a business your bottom line is important to you. Accounting deals with everything related to your finances, so being careful with your accounting is important to your bottom line. But how does everything fit. . .
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