Koroll & Company Blog

Most Canadian taxpayers will have filed their 2019 income taxes by now, and likely received the Notice of Assessment which summarizes their tax situation for the year. 

At this point in time, you have made half of your years’ worth of payments toward your income taxes for 2020 through deductions taken at source from each of your paycheques. In addition, you’ll have incurred 6 months’ worth of expenses, some of which will result in tax credits, benefits and deductions that can offset your tax owing come the next tax filing season. 

When you buy a home in Canada, you are only required to make a minimum payment of 5%. There is however one stipulation. If your down payment is less than 20%, you must obtain mortgage default insurance from the Canada Mortgage and Housing Corporation (CMHC).

The Canadian Pension Plan (CPP) has had changes made to it in recent years to give Canadians more flexibility. But with this, has come more complexity. Today I would like to add some clarity to help you better understand how the program works. 

As a business owner, you are legally obligated to maintain records that are complete and dependable, including supporting documents. You are also required to protect these records (even if they are held by a third party) and maintain a backup. 

Like many businesses, real estate agencies have had to adjust their operations in light of recent events. But regardless of everything that is going on around us, buying and selling homes is still top of mind for some Canadians, whether they are looking to downsize to save money, moving cities for better job opportunities or other reasons. 

Some Canadians may be considering selling their home but are holding off, hoping that there will be more buyers and chances to maximize profits later in the year. 

This year was out of the ordinary when it came to filing taxes. But although taxes did not need to be filed until June 1, many things are still the same. Including what happens once your return is filed. 

After you file your tax return, the Canada Revenue Agency (CRA) will review your return and send you a Notice of Assessment (NOA). 

In most situations, nothing will have changed. The NOA will match what you filed on your tax return. But there are some instances where adjustments will be made. 

It has been quite the year so far and many people are experiencing financial difficulties they never expected. 

And for those with retirement savings, the impact of the stock market downturn can feel intimidating. The good news is, those under the age of 71 have the option to wait it out in hopes that the market makes a recovery. 

With the global pandemic this year, many changes have been made in all areas of our lives, making it difficult to keep track of what is due when.

To help simplify your obligations from a tax perspective, here is all the pertinent information you must know.