Koroll & Company Blog

Every business owner in Canada is required to report business income when they file their taxes each year, and many of these business owners are also required to charge and remit sales tax on these revenues.

To do so, business owners, whether sole proprietorships, partnerships or corporations, are required to open a GST/HST account. 

For most taxpayers there is little to no relief against the nearly unavoidable rising costs of fuel, which comes with the summer months. There is, however, some relief for taxpayers who drive for the purposes of work, excluding the costs associated with driving to and from the office each day.

Moving can be stressful and costly, especially when moving long distances. While there are a number of reasons for families and individuals to move to a new location, there are some situation in which tax relief is available for taxpayers to help minimize the costs associated with moving.

It’s June which means we are almost halfway through the 2018 tax year. With the exception of small business owners and their spouses, almost all individual Canadian taxpayers will have filed their 2018 income taxes and likely received the Notice of Assessment which summarizes their tax situation for the year.

At this point, you will have made almost six months’ worth of payments toward your income taxes for 2018 in the form of deductions at source, taken from each of your pay cheques. 

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.