Koroll & Company Blog

As a Canadian, you benefit from publicly funded health care. There are, however, a number of medical expenses not covered by this system.

For some of you, these costs may be completely covered by an employment benefits plan but, for many taxpayers, expenses such as dental care, prescription drugs, psychologists, registered massage therapists and physiotherapy are paid partially, if not fully, out of pocket.

The holiday season is here. This season of giving will see many of us making last-minute donations to charities and organizations which help make the holidays special for every individual and family in our community.

It also represents the perfect time to donate to other charities that are important to you, whether they support medical research, affordable housing, community centers or any of the other causes that are close to our hearts.

As we start making plans for how we are going to ring in the New Year, it is a good time to take a moment and consider whether or not you need to fill in a new TD1 Form.

Every employee’s tax circumstances are different, which means the amount of tax that employers deduct from each individual’s pay differs.

One of the most commonly overlooked claims during the income tax filing season is for annual union, professional or similar dues.

Like many deductions claimed by taxpayers, expenses related to dues can be deducted dollar for dollar from your annual income, without limit, so long as the fee meets the eligibility requirements. This means that you do not have to pay any income tax on the amount equal to your dues.

It’s that time of year again when the snowbirds take off and head down south for warmer days and sunshine.

If you are a long-time snowbird, then you are well versed in preparing for the worst and expecting the best, taking time to plan ahead, arranging health insurance, preparing your house for the months that you will be away and so much more.

In situations where there is shared custody of a child (i.e. separation or divorce), there can be complications regarding tax considerations, specifically when it comes to dividing tax credits, deductions and benefits received in regard to raising your children.

Two such benefits are;

Year-end employee gifts are a great way to say thank you to your team for everything that they have done throughout the past year.

The problem is, if managed incorrectly, there can be unexpected tax consequences for both you and your employees. That is why, before deciding what you will give, you should first have a better understanding of the tax treatment for employee gifts.

Parties are a great way to celebrate the holidays and give your employees an opportunity to relax and mingle outside of the regular day-to-day activities in the office. As a business, the cost of these parties may be fully deductible on your business’s tax return.

There are, however, two important rules to remember when hosting a holiday party, or any employer-organized social event. These rules will ensure you can take advantage of these deductions.