Koroll & Company Blog

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.

The fall can be a great time to sell your home. You will be dealing with serious buyers who want to move before the season changes, and you’ll also have a less saturated market since many sellers list their homes in the spring.

Whether you decide to sell now or later, however, if you are selling your home, you will benefit from the principal residence exemption.

If you own an incorporated business, you likely know that you can withdraw funds from your corporation in one of three ways - a salary, a dividend, or a shareholder loan.

Of these, shareholder loans are the most often misunderstood and misused form of withdrawal. A fact that can result in negative tax implications for the withdrawer, if not used correctly.

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.

It is not uncommon for a business to be audited by the Canada Revenue Agency (CRA) and for most taxpayers, the idea of being audited is something that is dreaded by most small to medium-sized business owners.

But, having a better understanding of the process and knowing where to get help can be an effective way to help make the process easier and less stressful.

As a business, you have the legal right to your ideas, innovations, and designs, not to mention the elements that represent you as a brand - names, images, models and symbols. While intangible, these intellectual assets have value and give you a competitive edge. That is why you need to protect it.

But to protect your intellectual property you must ensure it has been properly registered.

In our last blog, titled ‘4 Common Legal Mistakes Made by Small Businesses: Legal Mistake #2 Not Receiving Key Agreements in Writing’, we discussed the importance of drafting written agreements when it comes to protecting you and your business.

While verbal agreements may have been sufficient in past business dealings, we are increasingly seeing deal breaking and lawsuits happening as a result of verbal agreements or contracts that are poorly drafted.

Unfortunately, small business owners, especially those just starting up, continue to enter into verbal agreements without even realizing the risk they are putting themselves in.