Koroll & Company Blog

For some people, completing a tax return means coping with the stress that comes with filing your own taxes. Fortunately, current technology has made it easier for people to file their own taxes…or has it?

Tax software such as UFile and TurboTax have taken some of the complications out of tax filing, but for many people with more complicated profiles, such as small businesses, these programs often fall short. 

The warm weather is upon us and soon school will be out. That means many parents will be making arrangements for child care and summer camp, which often come with a hefty price tag.

The bad news is that a number of credits and deductions that were available in previous years, including the Children’s Fitness Tax Credit and Children’s Art Tax Credit, no longer are. 

The 2017 Tax Return deadline has been and gone for individual taxpayers, whose spouse or common law partner does not own a business.

In most cases, that means you no longer have to concern yourself with your 2017 return, unless of course the CRA reaches out for more information. In some cases, however, you may notice that you filed your return with an unintentional error or omission. 

With spring on it’s way, many Canadians are getting ready to sell their home. While selling your home can come with many costs, one cost you won’t have to worry about is paying tax on your principal residence.

Unlike most income we earn throughout the year, neither the income earned from the sale of your home or the capital gain will be taxed when you file your annual tax return, so long as that home was your principal residence. Given the growth we have been seeing in the value of homes across Canada, this can be a substantial amount of income in your pocket.

Previously, we discussed proposed changes to passive investment income earned by private corporations detailed in the 2018 Federal Budget.

The changes proposed two new measures. The first is a reduction of the business limit for passive income earned over a specific threshold and the second will limit the refundability of taxes paid on investment income. 

Each year, the government of Canada releases a Budget that outlines planned spending and expected government revenue, as well as the current and expected economic positions and conditions.

In addition to new tax legislation for individuals, business and charities, the 2018 Budget brings forth extensive reporting requirements for Canadian-resident express trusts, including most family trusts, and non-resident trusts.

The 2018 Budget brought forth a number of changes to individuals, families and for-profit businesses. In addition to these amendments, changes to the taxation and registration of certain charities have also been proposed.