AdobeStock_77939924_WM.jpeg

Koroll & Company Blog

Some Ineligible Self-Employed CERB Recipients Won’t be Forced to Repay

[fa icon="calendar'] Feb 12, 2021 4:50:38 PM / by Allen Koroll posted in CRA, Tax Tips

[fa icon="comment"] 0 Comments

The Government of Canada has announced that some self-employed Canadians who were ineligible to receive the Canada Emergency Response Benefit (CERB), and received it anyway, will not be forced to repay the money.

In a statement released in February, the federal government said that self-employed Canadians who applied for, and received CERB payments based on their gross income instead of their net income would not be required to repay the benefit on their 2020 tax year return - as long they also met all other eligibility criteria.

Read More [fa icon="long-arrow-right"]

Tax Brackets and Non-Refundable Tax Credits: What Individuals Need to Know for 2020

[fa icon="calendar'] Mar 3, 2020 10:58:00 AM / by Allen Koroll posted in CRA

[fa icon="comment"] 0 Comments

We are three months into 2020 and while many Canadians are still concerned with their 2019 tax return, we must also remember how important it is to plan and strategize our taxes for the year ahead. 

Read More [fa icon="long-arrow-right"]

Post Assessment: What to Do When the CRA Requests Supporting Tax Documentation

[fa icon="calendar'] Sep 13, 2019 11:00:00 AM / by Allen Koroll posted in CRA

[fa icon="comment"] 0 Comments

It’s the time of year when the Canada Revenue Agency (CRA) moves from the assessment of income tax returns to post-assessment reviews.

There are currently two programs for post-assessment reviews.

Read More [fa icon="long-arrow-right"]

CRA Resources to Help Your Business Deal With the CRA

[fa icon="calendar'] Mar 22, 2019 11:00:00 AM / by Allen Koroll posted in CRA

[fa icon="comment"] 0 Comments

For many Canadians, just thinking of the Canada Revenue Agency (CRA) can give them a headache. But, while the tax man isn’t everyone’s favourite person, they do play an important role in the Canadian tax system.

The CRA administers tax, benefits and related programs - all while ensuring each Canadian is compliant and receives no more or less than that which they are entitled to.

That is why the CRA offers a number of tools and resources to help business owners, like you. Koroll & Company has listed some of those here. 

Read More [fa icon="long-arrow-right"]

2018 Canada Federal Budget Commentary - Part 5: SALES and EXCISE TAX

[fa icon="calendar'] Apr 27, 2018 3:27:58 PM / by Allen Koroll posted in Tax Deductions, CRA

[fa icon="comment"] 0 Comments

Each year, the government of Canada releases a Budget that outlines planned spending and expected government revenue, as well as the current and expected economic positions and conditions.

Read More [fa icon="long-arrow-right"]

2018 Canada Federal Budget Commentary - Part 4: TRUSTS

[fa icon="calendar'] Apr 23, 2018 12:00:00 AM / by Allen Koroll posted in Tax Deductions, CRA

[fa icon="comment"] 0 Comments

In addition to new tax legislation for individuals, business and charities, the 2018 Budget brings forth extensive reporting requirements for Canadian-resident express trusts, including most family trusts, and non-resident trusts.

Read More [fa icon="long-arrow-right"]

2018 Canada Federal Budget Commentary - Part 3: CHARITIES

[fa icon="calendar'] Apr 19, 2018 12:50:24 PM / by Allen Koroll posted in Tax Deductions, CRA

[fa icon="comment"] 0 Comments

The 2018 Budget brought forth a number of changes to individuals, families and for-profit businesses. In addition to these amendments, changes to the taxation and registration of certain charities have also been proposed.

Read More [fa icon="long-arrow-right"]

Year End Tax Planning – Timing of Medical Expenses

[fa icon="calendar'] Jan 5, 2018 10:55:18 AM / by Allen Koroll posted in Tax Deductions, CRA

[fa icon="comment"] 0 Comments

Even with Canada’s provincial healthcare plans, medical expenses can add up quickly. This is because the number of expenses not covered by these plans is constantly increasing.

If you are lucky enough to have a private plan through your employer, these costs may be reduced, but for many, there is no way around partially or fully paying for unavoidable medical expenses including, but not limited to:

  • Dental care
  • Prescription drugs
  • Ambulances
  • Physiotherapy
Read More [fa icon="long-arrow-right"]