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Koroll & Company Blog

Exploring Options for Canadian Businesses When Debt Becomes a Problem

[fa icon="calendar'] Oct 2, 2023 8:45:00 AM / by Koroll & Company posted in Corporate

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Managing business debt can be a challenging task for Canadian business owners. Whether it's due to unexpected financial hurdles or poor financial management, accumulating debt can hinder the growth and stability of your company.

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Canada Has A New Tax On Luxury Cars, Aircraft and Vessels

[fa icon="calendar'] Sep 29, 2023 10:00:00 AM / by Koroll & Company posted in Small Business, Tax Tips

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On June 23, the Select Luxury Items Tax Act received Royal Assent and came into effect on September 1 of this year. 

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The Government’s Proposed Changes To The Principal Residence Exemption

[fa icon="calendar'] Sep 25, 2023 9:55:00 AM / by Koroll & Company posted in Tax Tips

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When you sell your home, the income earned from the sale and any potential capital gains are received tax free thanks to the principal residence exemption. This can mean a substantial amount of income in your pocket. 

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10 Tax Write Offs for Small Businesses in Canada

[fa icon="calendar'] Sep 22, 2023 9:43:53 AM / by Koroll & Company posted in Tax Deductions, Tax Tips

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When you write off something on your business’s tax return, it means you are deducting an amount that has been approved by the CRA to reduce your taxable income. 

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The Importance of Credit Scores for Ontario Businesses

[fa icon="calendar'] Sep 15, 2023 9:15:00 AM / by Koroll & Company posted in Corporate

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If you’ve ever had to finance a car, get a mortgage, apply for a credit card or take out any other form of personal loan, chances are you’ve learned the importance of a good credit score. 

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Understanding Foreign Source Income: What Taxpayers Need to Know

[fa icon="calendar'] Sep 12, 2023 2:30:34 PM / by Koroll & Company posted in Tax Tips

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As the world becomes increasingly interconnected, individuals in Ontario are engaging in more global activities. As a result, it’s critical that taxpayers in the province have a comprehensive understanding of their obligations and reporting requirements related to foreign source income. 

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Estate Planning for Your Digital Assets: Securing Your Online Life

[fa icon="calendar'] Sep 5, 2023 1:01:58 PM / by Koroll & Company posted in Tax Tips

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In an increasingly digitized world, where we conduct a significant portion of our lives online, estate planning must encompass more than just physical assets. It now means planning for your digital assets as well. 

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The Importance Of Getting Your Minute Book In Order

[fa icon="calendar'] Aug 25, 2023 10:20:00 AM / by Allen Koroll posted in Education, Corporate, Small Business

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When you get into the ebb and flow of the day to day - buying supplies, selling goods and services, fulfilling customer orders, getting more business – there are a lot of things that fall by the wayside. And staying up to date with company records is one of them for many business owners. 

If you own a corporation in Canada, one record you are required to keep is an up to date company minute book. Which is something that some business owners aren’t aware of.

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