Koroll & Company Blog

One of the most commonly overlooked claims during the income tax filing season is for annual union, professional or similar dues.

Like many deductions claimed by taxpayers, expenses related to dues can be deducted dollar for dollar from your annual income, without limit, so long as the fee meets the eligibility requirements. This means that you do not have to pay any income tax on the amount equal to your dues.

It’s that time of year again when the snowbirds take off and head down south for warmer days and sunshine.

If you are a long-time snowbird, then you are well versed in preparing for the worst and expecting the best, taking time to plan ahead, arranging health insurance, preparing your house for the months that you will be away and so much more.

In situations where there is shared custody of a child (i.e. separation or divorce), there can be complications regarding tax considerations, specifically when it comes to dividing tax credits, deductions and benefits received in regard to raising your children.

Two such benefits are;

Year-end employee gifts are a great way to say thank you to your team for everything that they have done throughout the past year.

The problem is, if managed incorrectly, there can be unexpected tax consequences for both you and your employees. That is why, before deciding what you will give, you should first have a better understanding of the tax treatment for employee gifts.

Over the last few months, you may have noticed payments going into your account for the Ontario Trillium Benefit (OTB).

The OTB began in 2012, but there’s often some misunderstanding about what it is for and how it is calculated. Today, Koroll & Company is going to help clear up four of the most commonly asked questions about the OTB.

Right now, many Canadians are enjoying the warm weather that comes with living in Canada but as any Canadian knows, it isn’t something that lasts forever. Eventually the weather will turn cooler and it will be winter again.

To escape this cold, many of us will decide to head to warmer climates south of the border. In fact, as many as 500,000 Canadians will travel to the United States to get away from the frigid months. If you are one of these snowbirds (or spend a lot of time in the US regardless of the season), there is important information you must consider, one of which is the US tax implications of staying too long over the border.

Raising a child and planning for their future can be expensive, even more so when your child has a disability. Thankfully, for families who pay unavoidable additional expenses for their child with a disability - such as therapy, medical equipment, and special programs - there is potential relief to create greater tax equity in the form of tax credits, benefits and government programs.

The deadline for your tax return has been and gone, but it has suddenly come to your attention that you have filed your return with an unintentional error or omission.

Before you start to stress out about the mistake and the possible consequences of submitting incorrect information to the Canada Revenue Agency (CRA), we have some good news – you can make the necessary adjustments.