Koroll & Company Blog

Every tax season, we have two options for filing our returns – paper-filing by mail, or e-filing online. In most cases, the method of choice is e-filing, with 88% of taxpayers filing online in 2018.

While filing online expedites the filing process and requires less review by Canada Revenue Agency (CRA), there is no paperwork that can be used to verify the authenticity of our claims. 

“Innovation distinguishes between a leader and a follower” - Steve Jobs.

Research and development fuels innovation and helps with advancement at all levels. From the perspective of the government, it helps improve the economy and bring us to the forefront of innovation. From a business perspective it helps your company stay ahead of market trends and remain relevant. For individuals, it allows us to enjoy an improved lifestyle.

It is for this reason that, in an attempt to support research and development (R&D) in Ontario, the provincial government is looking to enhance the current tax credits aimed at promoting innovation as well as research and development in Ontario.

The number of senior Ontarians is quickly growing, and it is estimated that, by 2041, 25% of the population in Ontario will be 65 and over - almost doubling since 2016. In response to this, as well as other factors, the Ontario Government has decided to implement new programs as part of the 2018 provincial budget to further assist seniors, those 65 years of age and older.

In doing so, the provincial government is attempting to improve the life of seniors and help them to remain in their homes longer. 

In our last blog we talked about the Ontario Trillium Benefit and the three credits that can be received as part of your monthly payment - the Northern Ontario Energy Credit, the Ontario Energy and Property Tax Credit and the Ontario Sales Tax Credit.

Once you understand the credits that make up the Ontario Trillium Benefit (OTB) it is time to find out how the OTB is paid out. 

July 1 of each year marks the beginning of a new provincial tax credit benefit year in Ontario. To be eligible to receive these benefits, it is important that you have filed your previous year’s tax return. This is because benefits are based, in part, on your previous years income.

Most of these benefits are filed on a monthly basis. If you have failed to file your tax return, you will not receive the monthly instalments of any benefits you are otherwise eligible for, however, they will be reinstated once you file your return and it has been assessed. 

While there is still time before we have to worry about filing our 2018 tax return, being sure you understand what tax savings are available to you is important to ensure that you properly prepare for the upcoming tax filing season and maintain the proper records.

Here are common tax credits that can be claimed by individuals, families, and working Canadians. 

Deductions, credits, refundable, non-refundable, carry-forwards - when tax planning, there are a lot of terms thrown around that all mean tax savings. For many Canadians, however, the distinction between these terms are not clear.

To be able to properly understand your tax planning strategy, understanding these terms is essential. 

By now, all Canadian taxpayers should have their 2017 income tax filed. While it is a relief knowing that your taxes have been filed, it is not time to forget about taxes altogether. Instead, you should be focused on planning for your 2018 taxes.

Doing so, in advance of tax filing season, will ensure that you take full advantage of the opportunities available to you. To do this, it is always best to reach out to a professional tax preparer, such as Koroll & Company, who can help you come up with a tax strategy.