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Claiming A Tax Credit For Out-of-Pocket Medical Expenses On

WEBFor 2016, the general rule for the credit is that is that a taxpayer may claim paid medical expenses that were more than 3% of the taxpayer’s net income (the amount that …

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URL: https://www.koroll.ca/koroll-and-company-blog/claiming-a-tax-credit-for-out-of-pocket-medical-expenses-on-your-income-tax

How to Maximize Your Medical Expense Tax Credit in …

WEBThe rule of thumb, for claiming eligible medical expenses, is that any amount over the lesser of 3% of your income OR $2,352 (in 2019) can be claimed for the medical expense tax …

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What is the new Tourism and Hospitality Recovery Program

WEBWhat is the new Tourism and Hospitality Recovery Program? Feb 2, 2022 2:00:42 PM / by Allen Koroll. In October, the Government of Canada announced that it would be …

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Tax 101 for snowbirds

WEBIncome tax is paid to the federal government and to the province with which their residential ties are kept. Finally, snowbirds who remain factual residents of Canada remain eligible …

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Tax Breaks You Should be Aware of For Post-Secondary Students

WEBAs we step into the new post-secondary school winter semester, it's important to review the financial aspects of education. Despite the shifting landscape of learning over the past …

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How to Properly Report Taxable Benefits as both an …

WEB4 - File a return. Report the value of all taxable benefits in Box 14 of your employees’ T4s as well as in the “Other Information” area at the bottom of the T4 using code 40 unless …

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Your Guide to Canadian Tax Benefits in 2023-2024

WEBFor those under 6 years old, the maximum amount is $7,437 per year per child. For those 6 to 17, the maximum amount is $6,275 per year per child. These amounts will begin to …

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Your Complete Guide to the 2021 Payroll Deduction …

WEBIt’s a new tax year and your tax return has now been filed. That means ç. Canada Pension Plan . The Canada Pension Plan (CPP) is a pension program that provides partial …

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What Payroll Source Deductions are Employers Required to Remit

WEBBecause they have already made more than $3,500 you are required to deduct and remit CPP on the full $1,000. Employee Contribution = $1,000 x 5.95% = $59.50. You’ll …

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Understanding The Employer Health Tax In 2020

WEBUnderstanding The Employer Health Tax In 2020. Aug 19, 2020 12:12:12 PM / by Allen Koroll. Earlier this year the provincial government announced an additional relief …

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Why Residency Matters When Filing Your Tax Return

WEBIf you maintain or establish residential ties in Canada, you’re deemed to be a resident of Canada and therefore have to file a Canadian Tax Return. According to the CRA …

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Compilation Engagement, Reviewed or Audited Financials: Which …

WEBCompilation engagements are prepared with specific purposes in mind. This may include preparing financials for an investor with specific information related to assets, liabilities, …

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10 Tax Write Offs for Small Businesses in Canada

WEBHere are 10 of the most common tax write offs for small businesses in Canada: #1 - Vehicle expenses. Businesses can deduct expenses related to operating a vehicle including: …

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Attendance Policies and Entitlements for Ontario Business

WEBDuring this time, you may also see an increase in absences. As such, every company should have an attendance policy in place that has been well communicated to …

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Helpful Tips to Keep Your Records and Bookkeeping in Order

WEBHere are some easy tips to help keep your records and bookkeeping in order. Embrace Digital Tools. With so much technology available to you, there’s no need to rely on pen …

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What are the Child Care Expense Deductions For 2021

WEBThe calculation for your deduction would be as follows. Step 1: 2/3 of the taxpayer’s net income for the year (where both parents work, the calculation is made using the lower …

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6 Common Non-Refundable Tax Credits for Canadian Taxpayers

WEBThe Federal government offers a 15% non-refundable tax credit on the first $200 of donations. For most Canadians, any donations you make over the $200 threshold, you …

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Non-Refundable vs. Refundable Tax Credits: What’s the

WEBThere are two types of tax credits – refundable and non-refundable. A refundable tax credit means that the government will return the unused portion of your tax credit to you if your …

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