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Koroll & Company Blog

Buying or Selling a Company Car? Here’s What You Need to Know

[fa icon="calendar'] May 1, 2023 3:04:00 PM / by Koroll & Company posted in Corporate

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Buying or selling a company car can be a daunting task, with many legal and financial considerations to take into account. In fact, it’s a complicated process for many business owners - especially when it comes to HST on vehicles, which can result in missed opportunities or non-compliance. 

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Compensation Planning for Incorporated Business Owners

[fa icon="calendar'] Apr 17, 2023 10:49:00 AM / by Koroll & Company posted in Corporate

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As a business owner of a corporation, you can receive income in one of two ways - salary or dividends. This decision can be a complex one but taking the time to make it will maximize your after tax position.

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What You Need to Know About The Small Business Deduction

[fa icon="calendar'] Apr 3, 2023 9:43:00 AM / by Koroll & Company posted in Tax Deductions, Corporate

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Canadian corporate taxation can be complicated. Many business owners of incorporated businesses are unaware that their tax rate is 38%. That’s because there are multiple deductions that come into play before corporate business income is taxed. 

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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

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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. 

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Corporate Transparency Registry 2023

[fa icon="calendar'] Mar 17, 2023 2:18:00 PM / by Koroll & Company posted in Corporate

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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. 

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What is the Small Business Tax Rate in Canada?

[fa icon="calendar'] Jan 23, 2023 2:10:00 PM / by Koroll & Company posted in Corporate

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In Canada, the general corporate tax rate is 15%, after the federal tax abatement of 10% and the general tax reduction of 13%. However, small businesses have a reduced federal tax rate of 9%. 

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What is a Bad Debt Expense, and How Do You Record it in Your Accounts?

[fa icon="calendar'] Jan 19, 2023 2:17:00 PM / by Koroll & Company posted in Tax Deductions, Corporate

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When a customer buys goods or services and is not required to pay for it until a later date, you are extending credit to that customer. Normally, this credit is paid off in full within a designated time frame. 

But sometimes, a customer is unable to pay an outstanding invoice due to bankruptcy or other financial problems. When you have exhausted all means of collecting it, this unpaid credit becomes a bad debt expense.

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What is Profit Sharing?

[fa icon="calendar'] Oct 25, 2022 3:32:55 PM / by Koroll & Company posted in Corporate

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When deciding how to compensate your employees, there are many different options. The traditional methods are salaries, wages, bonuses and benefits. There’s also a system called profit sharing. 

Profit sharing is a compensation program that awards employees with a portion of the company’s profits. The amount received is usually based on quarterly or annual earnings. Though it could be for a longer or shorter period.

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