Koroll & Company Blog

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.

Parties are a great way to celebrate the holidays and give your employees an opportunity to relax and mingle outside of the regular day-to-day activities in the office. As a business, the cost of these parties may be fully deductible on your business’s tax return.

There are, however, two important rules to remember when hosting a holiday party, or any employer-organized social event. These rules will ensure you can take advantage of these deductions.

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.