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Koroll & Company Blog

Tax Breaks You Should be Aware of For Post-Secondary Students

[fa icon="calendar'] Jan 22, 2024 2:31:37 PM / by Koroll & Company posted in Tax Deductions, Tax Tips

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As we step into the new post-secondary school winter semester, it's important to review the financial aspects of education. 

Despite the shifting landscape of learning over the past few years due to the pandemic, the costs associated with post-secondary education remain a constant challenge. Tuition bills, housing expenses, and meal plans continue to be significant financial burdens for students and their families. 

Fortunately, there are tax credits and benefits available to help alleviate some of these costs.

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Understanding Changes to the Principal Residence Exemption

[fa icon="calendar'] Jan 2, 2024 12:24:00 PM / by Koroll & Company posted in Tax Deductions, Tax Tips

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Buying your first home is a big step in life, and it means more than just having a place to call your own. In Canada, owning a home is seen as a sign of financial success and stability. It's also one of the largest financial transactions you'll ever make.

Owning a home offers tangible financial advantages. When you buy a home, you often make a down payment and borrow the rest from a bank. Over time, you pay off this loan, and at the end, the home is all yours.

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10 Tax Write Offs for Small Businesses in Canada

[fa icon="calendar'] Sep 22, 2023 9:43:53 AM / by Koroll & Company posted in Tax Deductions, Tax Tips

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When you write off something on your business’s tax return, it means you are deducting an amount that has been approved by the CRA to reduce your taxable income. 

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Home Office Expense: What You Need to Know to File Your Tax Return

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

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In 2022, many employees continued to work from home for pandemic-related reasons. Are your staff members ready to claim home office expenses on your tax return

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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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What is the Multi Generational Home Renovation Tax Credit?

[fa icon="calendar'] Mar 8, 2023 10:00:00 AM / by Koroll & Company posted in Tax Deductions, Tax Tips

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Given Canada’s current housing crisis, it shouldn’t come as a surprise that people are looking for creative ways to reduce the cost of owning a home. For some, this includes having multiple generations under the same roof. 

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Should You Keep Contributing to CPP?

[fa icon="calendar'] Mar 2, 2023 11:57:00 AM / by Koroll & Company posted in Tax Deductions

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The Canada Pension Plan (CPP) provides a taxable benefit that provides a basic level of income to retirees. The program is funded by contributions made by employees, employers and the self-employed.

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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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