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Koroll & Company Blog

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

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On June 23, the Select Luxury Items Tax Act received Royal Assent and came into effect on September 1 of this year. 

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The Government’s Proposed Changes To The Principal Residence Exemption

[fa icon="calendar'] Sep 25, 2023 9:55:00 AM / by Koroll & Company posted in Tax Tips

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When you sell your home, the income earned from the sale and any potential capital gains are received tax free thanks to the principal residence exemption. This can mean a substantial amount of income in your pocket. 

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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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Understanding Foreign Source Income: What Taxpayers Need to Know

[fa icon="calendar'] Sep 12, 2023 2:30:34 PM / by Koroll & Company posted in Tax Tips

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As the world becomes increasingly interconnected, individuals in Ontario are engaging in more global activities. As a result, it’s critical that taxpayers in the province have a comprehensive understanding of their obligations and reporting requirements related to foreign source income. 

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Estate Planning for Your Digital Assets: Securing Your Online Life

[fa icon="calendar'] Sep 5, 2023 1:01:58 PM / by Koroll & Company posted in Tax Tips

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In an increasingly digitized world, where we conduct a significant portion of our lives online, estate planning must encompass more than just physical assets. It now means planning for your digital assets as well. 

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Understanding Canada’s New Underused Housing Tax

[fa icon="calendar'] May 9, 2023 10:58:00 AM / by Koroll & Company posted in Tax Tips

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The issue of affordable housing has been a significant concern for Canadians for many years. In an attempt to address this problem, the federal government has introduced a new tax known as the Underused Housing Tax (UHT). 

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What's New on Your 2022 Income Tax Return?

[fa icon="calendar'] Apr 25, 2023 3:09:09 PM / by Koroll & Company posted in Tax Tips

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Each year, Canadian taxpayers must complete and file a tax return. As is the case most years, the 2022 return features several changes. This includes changes to income tax brackets and tax credit amounts as a result of inflation. 

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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

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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.

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