Koroll & Company Blog

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.

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.