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Koroll & Company Blog

New Rules For Employee Stock Options in 2021

[fa icon="calendar'] Jan 19, 2021 12:44:00 PM / by Allen Koroll posted in Corporate

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As of July 1, 2021, new rules will be imposed on employee stock options. 

Employee stock options are a form of compensation that some companies offer their employees. They give an employee the right to buy a specific number of shares at a pre-set price. But they must be purchased within a specific time frame. 

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Understanding The Employer Health Tax In 2020

[fa icon="calendar'] Aug 19, 2020 12:12:12 PM / by Allen Koroll posted in Corporate

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Earlier this year the provincial government announced an additional relief measure to support businesses.  This included increasing the exemption on Employer Health Tax from $490,000 to $1 million. The exemption will return to $490,00 on January 1, 2021. It will be further adjusted based on inflation in 2024.  They are also providing 5 months of relief to businesses that are not able to file/remit their taxes. Today we are going to provide some clarity about EHT and whether you need to file it.

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Are Damages Awarded to Employees Taxable?

[fa icon="calendar'] Jul 31, 2019 11:00:00 AM / by Allen Koroll posted in Corporate

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In 2018, the provincial labour board ordered an employer, who committed an unfair labour practice to pay a lump sum payment to each of their employees.

Generally, when an employee receives a payment in relation to their employment, it is taxable under various provisions, set out in the income tax act.

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2019 Federal Budget Commentary: Business Income Tax

[fa icon="calendar'] Apr 30, 2019 11:00:00 AM / by Allen Koroll posted in Corporate

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The 2019 budget proposes a number of changes that will focus on providing relief to businesses in specific industries including journalism, research and development, film and video production, farming and fishing businesses, as well as new Capital Cost Allowance rules for businesses using zero-emission vehicles.

In addition, the government proposes rules to prevent businesses from circumventing current character conversion transaction rules to gain a tax advantage. 

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Avoid Creating a Taxable Benefit When Celebrating with Employees This Holiday Season

[fa icon="calendar'] Dec 7, 2018 11:00:00 AM / by Allen Koroll posted in Corporate

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Christmas is coming which means it is time to start thinking about company parties, employee gifts and maybe even holiday bonuses.

But before you get into the giving spirit, there are some considerations you may want to keep in mind when it comes to gifting your employees. If you don’t, it could result in greater headaches come tax season and unintended tax consequences for your employees.

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How Koroll & Company Can Help You Manage the Business Audit Process

[fa icon="calendar'] Oct 26, 2018 10:00:00 AM / by Allen Koroll posted in Corporate

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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.

At Koroll & Company, it is our goal to help you better understand what you can expect and, when necessary, help you through the process to reduce the likelihood of adjustment or to resolve reassessments, so that you can stop worrying about what if’s. 

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What is the Business Audit Process and What are the Possible Outcomes?

[fa icon="calendar'] Oct 19, 2018 10:00:00 AM / by Allen Koroll posted in Corporate

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The business audit process can be intimidating, but understanding what the process involves and what your role is can be a big step to alleviating that stress.

To help you better understand the process, Koroll & Company has answered some common questions about the Canada Revenue Agency (CRA) audit. 

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How do I Ensure I’m Meeting the CRA’s Corporate Record Keeping Responsibilities?

[fa icon="calendar'] Oct 5, 2018 11:00:00 AM / by Allen Koroll posted in Corporate

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Effectively managed records play a critical role in the operation of any business. They help you monitor the progress of your business, prepare financial statements, keep track of your deductible expenses, and support claims on your tax return.

But did you know that you have legal requirements to maintain records for all transactions so that you can support your income and expenses? 

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