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CRA My Account is a secure online portal that helps Canadians manage their taxes with ease. From viewing tax slips and notices of assessment to tracking refunds and updating personal details, this tool streamlines your tax process and keeps you organized year-round. Learn how to register, use key features, and authorize representatives efficiently.

Operational controls are the guardrails of your small business—keeping your operations smooth, your records accurate, and your risks low. Learn how preventative, detective, and corrective controls protect your finances, ensure compliance with Canadian regulations, and help your business grow securely.

Mistakes on your tax return happen — but they don’t have to cost you. Learn how to amend your return, respond to CRA reassessments, and understand your rights as a taxpayer. KLV Accounting explains when to file an adjustment, how penalties and interest work, and what to do if you receive a Notice of Reassessment.

Cash and inventory are two of the most vulnerable assets in any business. Strong internal controls help prevent theft, fraud, and mismanagement while ensuring financial accuracy and compliance. This blog explores preventative, detective, and corrective measures Canadian businesses can use to protect cash and inventory—and why these safeguards are vital for long-term success.

Filing your taxes on time is key to avoiding penalties and protecting your benefits. Learn the essentials of Canadian tax filing, including deadlines, penalties for late filing, required slips, and filing methods. We also cover the benefits of using CRA My Account and tips for a smooth filing process so you can stay compliant and stress-free.

Strong business controls are like seatbelts for your company—keeping operations safe, accurate, and efficient. From preventing fraud to building trust with investors, effective controls help Canadian businesses reduce risk, improve reporting, and boost confidence. Learn the top 10 most common controls and how to tailor them to your business for long-term success.

Tax instalments are periodic payments required when not enough tax is withheld at source. Self-employed individuals, investors, and pensioners often need to make these quarterly payments. Learn who needs to pay, how CRA calculates instalments, the risks of underpaying, and strategies to avoid costly interest and penalties. KLV Accounting can help you manage instalments effectively and reduce financial stress.

Understanding cash flow is vital for any business. In this guide, KLV Accounting shows you step-by-step how to prepare a Cash Flow Statement using your Income Statement and Balance Sheet. Learn how to connect these core financial reports, see where your money really goes, and make smarter business decisions—no accounting background required.

Income tax deducted at source ensures Canadians meet their tax obligations throughout the year. Whether from employment, pensions, or investments, withholdings act as advance payments toward your taxes. Understanding how they’re calculated, how they impact your return, and how to adjust them can help you avoid large balances owing or overpayments at tax time.

Understanding how taxes payable are calculated is key to managing your tax liability in Canada. From taxable income and marginal rates to credits, refunds, and payment strategies, this blog breaks down how to calculate what you owe and how to pay it efficiently. Learn how to avoid penalties, maximize refunds, and keep your finances on track.

Provincial tax credits can help reduce your provincial taxes while supporting regional priorities. From personal amounts to seniors’ and family benefits, energy efficiency, and education credits, each province offers unique opportunities. Learn how to claim, document, and maximize your provincial tax benefits to lower your overall tax burden.

Learn how Present Value (PV) and Net Present Value (NPV) can guide better financial decisions for your business. This blog breaks down the formulas, examples, and real applications in Balance Sheets and Income Statements—helping you evaluate investments, leases, and projects with confidence.

The Political Contributions Tax Credit helps Canadians support democracy while saving on taxes. Learn what qualifies, how much you can claim, and strategies for maximizing benefits for you and your household.

Unlock hidden value in your business with a deeper look at lesser-known assets like deposits, prepaids, investments, capital leases, and leasehold improvements. Understanding how these items are classified on your Balance Sheet can boost transparency, strengthen financial planning, and improve borrowing power. KLV Accounting in Calgary helps you navigate asset classification and maximize your business’s financial strategy.

Supporting charitable causes not only benefits communities but can also reduce your taxes. The Charitable Donations Tax Credit allows Canadians to claim eligible donations, including cash and property, for significant tax savings. Learn about eligibility, calculation methods, donation limits, and strategies to maximize your charitable tax benefits while giving back.

Not all liabilities are obvious. From deferred revenues to bad debt, learn how lesser-known liabilities impact your balance sheet and business strategy.

Health care can be expensive, but the Medical Expense Tax Credit helps Canadian taxpayers ease the burden. Learn who qualifies, what expenses count, and how to maximize your return.

The Cash Flow Statement reveals how money moves in and out of your business. Learn what it is, why it matters, and how to use it to make smart financial decisions.

Learn how to claim the Tuition Tax Credit and Canada Training Credit in Canada. Understand eligibility, carryforward rules, and strategies to maximize your tax savings.

Student loan interest can reduce your tax bill. Learn who qualifies, how to claim it, when to carry it forward, and how to maximize your deduction for better savings.