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Koroll & Company Blog

Principal Residence Exemption and CRA Reporting Requirements

[fa icon="calendar'] Sep 6, 2024 7:49:52 AM / by Koroll & Company posted in Real Estate, Tax Tips

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The fall can be an ideal time to sell your home in Canada. During this season, you often encounter serious buyers who are motivated to finalize their purchase before winter sets in, and you’ll benefit from a less crowded market compared to the busy spring season. Whether you’re selling now or later, you can take advantage of the principal residence exemption, which can significantly impact your financial outcome.

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Navigating the 2024 Changes to Canada’s Capital Gains Inclusion Rate: What You Need to Know

[fa icon="calendar'] Jul 24, 2024 1:09:43 PM / by Koroll & Company posted in Corporate, Tax Tips

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Since the 2024 federal budget announcement and the increase in the capital gains inclusion rate became effective June 25, 2024, the increased tax rate has garnered significant public attention. 

If this impacted you, you must know what capital gains are and how the new federal budget impacts individuals and business owners moving forward.

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Home Accessibility Tax Credit (HATC): Enhancing Safety & Accessibility at Home

[fa icon="calendar'] Mar 27, 2024 1:52:20 PM / by Koroll & Company posted in Tax Tips

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Renovating a home to make it safer and more accessible for seniors or individuals with disabilities can be a transformative endeavour. Fortunately, in Canada, there's financial assistance available through the Federal Home Accessibility Tax Credit (HATC). This tax credit aims to alleviate some of the financial burden associated with making these necessary improvements. Let's delve into what the HATC entails and how it can benefit eligible individuals.

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Understanding Bare Trusts and Their Tax Implications for Estate Planning

[fa icon="calendar'] Mar 6, 2024 11:09:56 AM / by Koroll & Company posted in Tax Tips

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Are you someone who has joint accounts, or jointly holds real estate with your children for estate planning purposes? If so, you might be subject to new legislation regarding enhanced reporting requirements for trusts, with a trust tax return due by March 30, 2024.

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Reshaping Education Finance: Understanding Adjustments in RESP

[fa icon="calendar'] Feb 20, 2024 12:46:33 PM / by Koroll & Company posted in Tax Tips

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The cost of higher education has become a financial juggling act for many. You've got tuition, books, living expenses - the list goes on. 

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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 the Upcoming Changes to CPP

[fa icon="calendar'] Jan 19, 2024 2:54:43 PM / by Koroll & Company posted in RRSP, Tax Tips

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In Canada, we have two public retirement income programs – Old Age Security (OAS) and the Canada Pension Plan (CPP). While you’re still allowed to accumulate your own savings in registered pension plans or registered retirement savings plans, these two programs ensure that all Canadians get a basic level of income when they retire. 

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Prepare For The 2024 Tax Season: A Guide for Business Owners

[fa icon="calendar'] Jan 5, 2024 12:30:00 PM / by Koroll & Company posted in Small Business, Tax Tips

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Tax season in Canada is approaching rapidly, and for business owners, this period can be particularly stressful without proper preparation. 

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