As Christmas expenses appear on credit card bills, families and individuals are feeling the pinch of inflation and increased costs. Anyone with a new or variable mortgage is also challenged to come up with more money to put toward their payments. Canwest Accounting has put together 4 tips for saving money in 2023; a list of ways to save money and to possibly find money you may have forgotten about. Check over your insurance policies Some life insurance policies have an investment component that earns interest. The insured individual can choose to access the interest from the policy fund, whi ..read more

As we look ahead to 2023, it can be a good time to reflect on one’s finances and health. Great opportunities in 2023 may spring from employer perks and benefits, more education, or being proactive to avoid a tax bill in April. With this in mind, here are Canwest Accounting’s 5 New Year’s Resolutions. Take the kids to the dentist Dental health is important to our overall health. Families earning less than $90,000, and who don’t already have private dental insurance, may be eligible for up to $650 for dental care per child under 12 years through the new interim Canada Dental Benefit. Families ..read more

As speculation continues that Canada is heading into a recessionary period, it’s a good time to think about those who will be most affected by consequent job cuts or reductions in income. High levels of inflation are already undermining many low-income individuals’ and families’ abilities to purchase healthy food, fuel their vehicles, and heat their homes. According to a story by the CBC, “Canadian charities hit by the double whammy of rising costs, more demand”, over the summer, many not-for-profits were seeing enormous growth in demand for their services, but donations were slowing down due ..read more

With economists speculating that a recession is looming in the near future, a lot of businesses are taking steps to protect themselves and their employees from feeling the sting of a downturn in business. Many companies and workers went through this during the 2008 – 2009 recession and want to be better prepared this time. That is prompting some of Canwest Accounting’s business clients to meet with them before making any major capital purchases. “We can help business owners plan for those major expenses, like purchasing a new truck for their business,” says Sharlane Bailey, owner of Canwest A ..read more

Canwest Accounting is seeing a heightened level of scrutiny by the Canada Revenue Agency (CRA) around tax credits and filings. This reinforces owner Sharlane Bailey’s advice to clients that keeping impeccable records is extremely important. Bailey receives a lot of questions from corporations around what can and cannot be expensed. A lot of these fall into the key categories of home office/workspace, automobile usage, and other large expenses. Whether your corporation is using your home’s basement to store inventory, the garage as a shop, or a spare room for a home office, only the space that ..read more

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 provide training and ongoing support. “Business owners need current information in order to make decisions about where they spend their money,” says Sharlane Bailey, owner of Canwest Accounting with offices in Victoria and Langford. “Looking at your company’s information on ..read more

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 Expenses To 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 three months. Instead of leaving this in a savings account where it won’t earn much interest, speak with an investment professional to see if a tax-free savings account (TFSA) would be a good option. Interest earned on funds in a TFSA is not taxed. How ..read more

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 of people with a second job or lucrative side hustle. According to Abacus Data market research, 59% of Canadians took on or considered taking on a side hustle last year. “We are seeing a lot of people who have extra income from a second job or side hustle, like food delivery serv ..read more

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 always possible or preferable. The 2022 federal budget, announced in April, provides some benefits to assist first-time home buyers. A Tax-Free First Home Savings Account will allow individuals to save up to $8,000 per year to a maximum of $40,000. This help for first-time Home Buyers enables the co ..read more

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 leave with a completed tax return emailed to you. A basic return costs just $50; student returns are $35, and for those who have no income or are on social assistance, the cost is only $25. “I recognized that not everyone needs all the service ..read more