In Part 1, we explored the most common tax mistakes business owners make at the start of the year — from delaying tax planning to mismanaging payroll and HST. In Part 2, we shift from what not to do to what you should do.
The start of a new year is a critical time for Canadian business owners. It’s when financial plans are set, budgets are finalized, and tax strategies should be reviewed. Unfortunately, it’s also when many businesses unknowingly make tax mistakes that can lead to higher tax bills, cash-flow strain, and avoidable CRA issues later in the year.
At Koroll & Company, we often see the same early-year missteps repeated across small and mid-sized businesses. Understanding these common mistakes — and how to avoid them — can put your business on much firmer financial footing for the year ahead.
Starting a small business in Ontario in 2026 is an exciting journey, but it’s one that requires solid financial planning and expert guidance. With the economy shifting, rising costs, and evolving tax rules, new entrepreneurs must be strategic about managing money, taxes, and financial risk from day one.
Managing money can feel overwhelming, but a home budget can bring clarity and control. A budget isn’t about restriction — it’s about creating a plan that helps you spend wisely, save consistently, and move toward your financial goals with confidence.
In Part 1, we covered the basics of capital assets, depreciation, and CCA. Now let’s take a closer look at how CCA works in practice, and the rules that can help small business owners in Ontario.
When you run a small business in Ontario, you’ll often need to buy long-term assets — equipment, furniture, vehicles, or even a building. These purchases are different from everyday expenses and must be tracked and reported carefully in your books.
That’s where capital assets and depreciation (or Capital Cost Allowance – CCA) come in.
As digital payments become the norm for small businesses across Canada, fraudsters are constantly evolving their tactics. One growing threat is the fake Interac® e-Transfer deposit scam, where scammers send phishing emails or texts posing as legitimate payment notifications.
In today’s economic climate—with interest rates holding steady at elevated levels and inflation still impacting cash flow—small business owners are re-evaluating their savings strategies more than ever. One often-overlooked tool that can serve both personal and business-related financial goals is the Tax-Free Savings Account (TFSA).
