Tax Planning Blog Articles

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  • 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. . .

  • 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. . .

  • 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. . . .

  • 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. . .

Principle Residence Exemption, Personal Income taxes
  • 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. . . .

GST, bookkeeping, audit
  • 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. . .

Provincial Sales Tax, Saskatchewan Provincial Sales Tax, Saskatchewan PST, Small Business Bookkeeping
  • 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. . .


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