Koroll & Company Blog

2020 may be full of changes but the good news is that post-secondary students still have credits and other opportunities available to them that will help offset the cost of going to school. 

To help students and their families prepare, here are the credits, benefits and deductions you should be aware of. 

The increase in government programs, more people doing their day to day business over the phone and internet, and greater financial stress, has made Canadians more susceptible to scams. 

 2020 has been an anomaly  in terms of filing due dates and paying your tax bill. 

When COVID began and businesses with retail locations were shutting down, more and more Canadians headed online to do their shopping. Now stores are beginning to open back up, and that is good news! But some consumers are sticking to online shopping to minimize their exposure or have decided the conveniences make sense. 

But online shopping can have it’s risks …

Owning a business can be a lot of work. You’re a wearer of many hats. 

And because you’re so busy focusing on marketing, scheduling and getting the day-to day business done, sometimes you drop the ball on other areas … for most businesses this tends to be bookkeeping and tax planning.

We recently talked about the importance of a mid year financial and tax check up. This included making sure your 2019 tax obligations were up to date and making any necessary adjustments to your return. 

But this time of year is also a good time to take stock of your 2020 tax situation so that you can be prepared come year end.

Earlier this year the provincial government announced an additional relief measure to support businesses.  This included increasing the exemption on Employer Health Tax from $490,000 to $1 million. The exemption will return to $490,00 on January 1, 2021. It will be further adjusted based on inflation in 2024.  They are also providing 5 months of relief to businesses that are not able to file/remit their taxes. Today we are going to provide some clarity about EHT and whether you need to file it.

Most taxpayers are now filing their tax returns online. While this is convenient for taxpayers it means that the Canada Revenue Agency (CRA) doesn’t receive the paperwork to back up the returns being filed. 

For this reason, the CRA conducts post-assessment review to verify the validity of returns, offset risks and catch any mistakes, whether accidental or purposeful.