Koroll & Company Blog

The business audit process can be intimidating, but understanding what the process involves and what your role is can be a big step to alleviating that stress.

To help you better understand the process, Koroll & Company has answered some common questions about the Canada Revenue Agency (CRA) audit. 

September is here which means school has begun and you, as parents, have begun incurring educational costs. The costs associated with sending your child to school will depend on what grade your child is in and the type of education they are receiving.

In some cases, your child may be too young for grade school but it is likely that they attend pre-school or daycare on a part-time or full-time basis while you, yourself, are at work or school.

Koroll & Company has outlined the credits and deductions that are available to you as a parent at each stage of your child’s education. 

Effectively managed records play a critical role in the operation of any business. They help you monitor the progress of your business, prepare financial statements, keep track of your deductible expenses, and support claims on your tax return.

But did you know that you have legal requirements to maintain records for all transactions so that you can support your income and expenses? 

Well-managed records are critical to the success of any company, but unfortunately, this is something that falls by the wayside for many businesses.

The problem is that poor record keeping often leads to missed opportunities and, when looking at taxes, your records can be the difference between you optimizing your tax return and paying substantially more than you ever should have. 

All employees receive payment for their work in the form of salaries or wages. But in some cases, employers will also provide additional goods, services, and allowances to the employee as an added benefit of working for them.

It is important that, when filing your return, these benefits be properly claimed, to ensure the correct amount of tax is paid. 

Come mid-summer, the CRA will be close to finalizing their assessment of taxpayers returns. While there will still be a few people awaiting assessment, the Canada Revenue Agency (CRA) will be focused on post-assessment reviews. 

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.