If you own a small business in Canada then you must file taxes each year. This includes business owners with brick-and-mortar locations, as well as people who sell products online only. It also includes freelancers, consultants, ride-share drivers and contract writers, as well as individuals who sell products at markets and fairs.
How to File Taxes for a Small Business in Canada
[fa icon="calendar'] Mar 20, 2023 2:27:00 PM / by Koroll & Company posted in Corporate
Corporate Transparency Registry 2023
[fa icon="calendar'] Mar 17, 2023 2:18:00 PM / by Koroll & Company posted in Corporate
In 2019, new legislation was implemented that required private corporations governed by the Canada Business Corporations Act to create and maintain a register with up-to-date information on individuals with significant control (ISC) over the corporation.
Details Released for the New First Home Savings Account
[fa icon="calendar'] Mar 13, 2023 2:06:19 PM / by Koroll & Company posted in Tax Tips
In Budget 2022, the Federal government proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This account will allow first time home buyers to save money for the purchase of their new home. The Bill received a Royal Ascend in December of 2022. The enacted rules permit individuals to use the FHSA and the Home Buyers’ Plan together in respect of the same qualifying home purchase.
What is the Multi Generational Home Renovation Tax Credit?
[fa icon="calendar'] Mar 8, 2023 10:00:00 AM / by Koroll & Company posted in Tax Deductions, Tax Tips
Given Canada’s current housing crisis, it shouldn’t come as a surprise that people are looking for creative ways to reduce the cost of owning a home. For some, this includes having multiple generations under the same roof.
Answering Your Common Questions About The Tax Free FHSA
[fa icon="calendar'] Mar 6, 2023 8:45:00 AM / by Koroll & Company posted in Tax Tips
The federal government recently released new details about the First Home Savings Account (FHSA). The account is a registered savings plan that was designed to help Canadians save for their first home.
Should You Keep Contributing to CPP?
[fa icon="calendar'] Mar 2, 2023 11:57:00 AM / by Koroll & Company posted in Tax Deductions
The Canada Pension Plan (CPP) provides a taxable benefit that provides a basic level of income to retirees. The program is funded by contributions made by employees, employers and the self-employed.
Make a Note of These Important Tax Deadlines in 2023
[fa icon="calendar'] Feb 28, 2023 2:43:00 PM / by Koroll & Company posted in Tax Tips
If you haven't already, it’s time to mark the 2023 tax deadlines in your calendar. For individuals and businesses alike, this deadline is an essential time to organize financial documents, gather receipts, and ensure that all necessary forms and payments are submitted to the Canada Revenue Agency (CRA) in a timely manner.
The RRSP Deadline for the 2022 Tax Year is Fast Approaching
[fa icon="calendar'] Feb 27, 2023 2:49:18 PM / by Koroll & Company posted in Tax Tips
Registered Retirement Savings Plan (RRSP) contributions are one of the last opportunities Canadian taxpayers have to affect their 2022 tax position.
With the deadline for contributions falling on March 1 of each year, now is the perfect time to review your financial goals and consider contributing to your RRSP before the deadline. In this blog, we’ll answer some of the most common RRSP questions.