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KSO Accounting Group Blog
Happy Thanksgiving! – Office Closed
UncategorizedKSO Accounting Group would like to wish everyone a very Happy Thanksgiving. We are thankful for the opportunity to help make life easier for our clients, and look forward to continued growth and success together. Our offices will be...
BC PST Rebate Filing Deadline – October 3rd, 2022
Uncategorized, Covid, Rebate, RefundIn connection with the Covid-19 epidemic, the Province of British Columbia established the PST Rebate on Select Machinery and Equipment. This temporary program offers most incorporated businesses a refund equal to the PST paid on purcha...
B.C. PST rebate on select machinery and equipment
UncategorizedThe Province of BC is offering PST rebates on purchases made by most incorporated businesses, of certain machinery and equipment (see https://www2.gov.bc.ca/gov/content/taxes/sales-taxes/pst/rebate-machinery-equipment) which are: Purchas...
COVID-19
UncategorizedTo Our Valued Clients, In the midst of the COVID-19 pandemic, we are aware that the daily lives of many people have been affected. The priority at this time from the Provincial and National health authorities is to take extra measures in...
Protecting Yourself from Scammers
UncategorizedAs tax season approaches, it is especially important for taxpayers to protect themselves and their personal information from scammers. Following is a list of some indicators that a phone call, voicemail message or email is NOT from the C...
Advantages of a Tax Free Savings Account
UncategorizedThe Tax Free Savings Account (TFSA) was created on January 1, 2009 with the intention of helping Canadians 18 and older to save money. The purpose of the TFSA is to provide Canadians with the opportunity to save money and earn investment...
Tax Gap Estimate
UncategorizedWritten by: Thomas Hirt, CPA, CGA Mark Twain – “There are three types of lies: lies, damned lies, and statistics.” In June 2019, the Canada Revenue Agency (CRA) released a fifth report , “Tax Gap and Compliance Results for the F...
Accelerated Capital Cost Allowance
UncategorizedFor capital assets purchased after November 20, 2018, a new accelerated capital cost allowance has come into effect. For equipment used in the manufacturing or processing of goods or specified clean energy equipment, these rules will a...
Speculation Tax
UncategorizedThe Speculation and Vacancy Tax is an annual tax paid by some owners of residential properties in designated taxable regions of BC. All residential property owners in the taxable regions must complete a declaration by March 31, 2019. The...
Automobile Rates for 2019
UncategorizedWhether you are self-employed, use your vehicle for work, given a monthly car allowance, reimbursed for vehicle expenses or given a company vehicle, the tax implications can be difficult to unravel. For each situation there can be tax a...
Tax Free Savings Account Advantages
UncategorizedThe Tax Free Savings Account (TFSA) was created on January 1, 2009 with the intention of helping Canadians 18 and older to save money. The purpose of the TFSA is to provide Canadians with the opportunity to save money and earn investment...
The Real Cost of Robo-advising Services
UncategorizedWritten by: Evelyn Suvajdzic, CPA, CGA I read a recent article in Business in Vancouver written by Albert Van Santvoort regarding investing fees in traditional finance firms versus robo-advising services. All costs may not be clearly e...
Referendum on Voting in British Columbia
UncategorizedWritten by: Howard Karpes, CPA, CGA This October 22nd, 2018 we in British Columbia (BC) will be voting on whether to change the voting style for future Provincial Elections. If you want, you can read the 114 page document “How we Vot...
Dealing With CRA – The Audit
UncategorizedWritten by: Evelyn Suvajdzic, CPA, CGA During audits, I am frequently asked by clients if the Canada Revenue Agency is entitled to the information they have requested. The Income Tax Act of Canada gives very broad powers to the CRA audi...
Hospitality Staff: Tips and Taxes
UncategorizedWritten by: Evelyn Suvajdzic All servers in the restaurant industry take heed; the CRA wants to tax what you make in tips! A recent article by Peter Shawn Taylor in “Pivot”, the Canadian CPA magazine, talks about a couple of audits the...
US estate tax exposure for Canadians owning USA stocks.
UncategorizedWritten by: Howard Karpes, CPA, CGA What country would think it could tax the deceased citizen and resident of another country? The United States of America, that’s who. Arguably, what I am about to tell you is a very specific circums...
PayPal is forced to disclose to the Canada Revenue Agency
UncategorizedA court order is forcing PayPal to disclose sales made by business accounts between January 1, 2014 and November 10, 2017. What does this mean? If you have a professional accountant, probably nothing. Because your...
Saving For Your Children’s Future
UncategorizedRESP’s – Are You Maximizing Your Child’s Education Savings? We all know how expensive a post-secondary education can be and how important it is to start saving as early as possible. A Registered Education Savings Plan (RESP) can be...
Buying vs Leasing
UncategorizedWritten by: Evelyn Suvajdzic Clients often ask me if they should lease or buy a vehicle. Invariably the question is brought on by a lease dealer stating that, for a little money down and low monthly payments, you can drive a brand new ...
Beware of Hackers
UncategorizedWritten by: Evelyn Suvajdzic Do you think your computer system is secure? The international Monetary Fund’s system was breached last June; theirs is one of the most secure systems on the globe. Lockheed Martin, the defense and securit...
Business Start-Ups and Failure
UncategorizedThere are more and more Canadians starting their own business and it is thought that as many as 3.2 million are thinking of starting a business. An Ipsos-Reid survey showed that 2.8 million existing small and medium-sized business owner...
CPA Level Bookkeeping
UncategorizedWritten by: Evelyn Suvajdzic In our quest to provide proven business solutions to make life easier for our clients, I would like to share a recent read from the September issue of BC Business regarding the advantages of CPA-level bookkee...
Tax Planning Using Private Corporations
UncategorizedWritten by: Rose Ottesen Recently the government issued a new paper titled “Tax Planning Using Private Corporations”. The government feels that, in some cases, private corporations are used in order to take advantage of tax planning...