On June 23, the Select Luxury Items Tax Act received Royal Assent and came into effect on September 1 of this year.
Canada Has A New Tax On Luxury Cars, Aircraft and Vessels
[fa icon="calendar'] Sep 29, 2023 10:00:00 AM / by Koroll & Company posted in Small Business, Tax Tips
The Importance Of Getting Your Minute Book In Order
[fa icon="calendar'] Aug 25, 2023 10:20:00 AM / by Allen Koroll posted in Education, Corporate, Small Business
When you get into the ebb and flow of the day to day - buying supplies, selling goods and services, fulfilling customer orders, getting more business – there are a lot of things that fall by the wayside. And staying up to date with company records is one of them for many business owners.
If you own a corporation in Canada, one record you are required to keep is an up to date company minute book. Which is something that some business owners aren’t aware of.
Should You Loan Yourself Money From Your Corporation?
[fa icon="calendar'] Apr 11, 2023 10:43:25 AM / by Koroll & Company posted in Small Business, Tax Tips
When pulling money from a corporation for personal use, many business owners will pay themselves a salary or dividend. There is, however, another tactic that many have used over the years to pay themselves money from the corporation, with mixed results, and that is using a loan.
Highlights From the Canadian 2022 Federal Budget
[fa icon="calendar'] Sep 23, 2022 9:31:00 AM / by Koroll & Company posted in Small Business
The Canadian 2022 Federal Budget was released back in the spring. No changes were made to the tax rates, however, tax changes were announced for corporations and businesses.
In this blog, we take a look at some of the Budget highlights:
Understanding Income Statements: What You Need to Know
[fa icon="calendar'] Apr 26, 2022 10:12:55 AM / by Koroll & Company posted in Education, Small Business
Your business’ income statement (also referred to as a statement of earnings, statement of operations, statement of income or profit & loss P&L statement) is one of the most important statements for you to understand.
What You Should Include in a Professional Invoice
[fa icon="calendar'] Apr 19, 2022 12:48:54 PM / by Koroll & Company posted in Corporate, Small Business
As a business owner, getting paid and getting paid on time is a critical part of running a successful business. And to do that, you need to provide your client with a well-formatted professional invoice that includes all the information your client needs.
What the New Compilation Engagement Standard Means for Your Business
[fa icon="calendar'] Jan 26, 2022 10:06:30 AM / by Allen Koroll posted in Corporate, Small Business
Some things never change, but the compilation standard isn’t one of them. The Auditing and Assurance Stands Board (AASB) has revised the standard for compilation engagements. The changes are effective for periods ending on or after December 14, 2021. Under these standards, a new compilation engagement report will replace Notice to Reader (NTR).
Don’t Wait to File! COVID Benefit Programs are Coming to an End
[fa icon="calendar'] Nov 16, 2021 1:04:06 PM / by Allen Koroll posted in Corporate, CRA, Small Business
Since 2020 the Canadian government has been helping business owners across Canada with benefit programs to help cover fixed costs during lockdowns, as well as to boost rehiring as the country begins to reopen.