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.
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
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
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.
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
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.
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
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.
Understanding Canada’s New Underused Housing Tax
[fa icon="calendar'] May 9, 2023 10:58:00 AM / by Koroll & Company posted in Tax Tips
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).
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
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.
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.
Details Released for the New First Home Savings Account
[fa icon="calendar'] Mar 13, 2023 2:06:19 PM / by Koroll & Company posted in Tax Tips
In Budget 2022, the Federal government proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This account will allow first time home buyers to save money for the purchase of their new home. The Bill received a Royal Ascend in December of 2022. The enacted rules permit individuals to use the FHSA and the Home Buyers’ Plan together in respect of the same qualifying home purchase.