Blog
Your Guide to Tax-Free Savings Accounts
Since 2009, tax-free savings accounts (TFSAs) have been available to Canadian citizens and residents as a long-term investment option. If you haven’t yet opened up a TFSA, or you want to know more about whether or not you’re using the one you have to its fullest...
How our accounting firm put mental health first during tax season
If you are, have been, or know an accountant, you know the golden rule: Don’t bother an accountant during tax time. During the busiest time of year at the firm, we at RHN always try to do something nice for our team. In previous years, we’ve hosted lunches and/or...
Tax returns under review by the CRA? Here’s what you need to know.
Filing your taxes is stressful. And if you’ve got a lot of expenses and credits to claim, extra forms to file, or other complex tax issues to deal with, you probably felt relieved when you finally finished them off, never to be thought of again until next year rolls...
Planning for retirement: Should you take that CPP early?
Thinking about retirement? Chances are you’ve started considering how your Canadian Pension Plan (CPP) can help you achieve your retirement goals. But when should you start collecting your CPP payments? Does it really make a difference if you apply to collect at 60 or...
What is a change in use election?
If you’ve either started or stopped renting out your home in the 2021 tax year, you’ll likely need to file a change in use election along with your tax returns this year. This might sound a bit daunting, especially if you’ve never dealt with one before. But, it’s...
The Faces of Accounting in Kelowna: Lynn Galloway, CPA, CGA, and Carmen Liang, CPA, CGA
RHN Chartered Professional Accountants are incredibly people-focused. “I know that may sound strange because accountants aren’t known for being people persons,” said partner Lynn Galloway. “But we are much more hands on with our clients. We ask them what they need...
Organizational tips that will save you money on your tax returns
We know first-hand from our clients how overwhelming it can be to get tax return documents ready for your accountant. All too often, we see things get lost or disorganized in the rush, meaning our team needs to spend extra time getting things in order before we can...
Everything you need to know about RRSPs – just in time for tax season
With the March 1 deadline to contribute to an RRSP for the 2021 tax year fast approaching, you may have questions about how to make your RRSP work best for you. We know trying to figure out the written and unwritten rules of RRSPs can be overwhelming, so we’ve...
NEW Paid Sick Leave in BC for 2022
Effective January 1, 2022, employers are required to provide eligible employees with up to 5 days of paid sick leave per year if they need to stay home because they are sick or injured. Employees are also entitled to 3 days of unpaid sick leave.
3 ways bookkeeping has changed in a pandemic
For people who run their own businesses, or manage a team, there are new considerations to take into account, and this can leave you scrabbling for time when it comes to doing your own bookkeeping. For added reassurance, you might look to hire a bookkeeping professional to keep on top of these new changes, challenges, and opportunities.
TARGETED COVID 19 SUBSIDIES
Throughout the pandemic, the Government of Canada has rolled out several subsidy programs aimed to provide financial support to businesses. These subsidies and programs expired on October 23, 2021
Land Owner Transparency Registry
The Province of British Columbia introduced the Land Owner Transparency Act (“LOTA”) in May 2019 in the hopes of uncovering hidden ownership in real estate as a means to crack down on tax fraud, money laundering and close tax loopholes.