The Canada Pension Plan (CPP) is an essential part of the Canadian retirement system, designed to provide income for individuals when they retire. For most working Canadians outside of Quebec, making contributions to CPP is mandatory. This guide will help you understand who needs to contribute, how contributions are made, and what changes are coming in 2025.
Understanding CPP Contributions: A Guide for Canadian Taxpayers
[fa icon="calendar'] Feb 13, 2025 3:31:13 PM / by Koroll & Company posted in RRSP, Tax Tips
Financial Forecasting: A Guide for Small Business Owners - Part 2
[fa icon="calendar'] Jan 30, 2025 3:02:17 PM / by Koroll & Company posted in Corporate
As a small business owner, navigating uncertainty is part of the job. Market shifts, evolving customer needs, and technological changes can all impact your operations. That’s why having a solid strategy to anticipate and plan for the future is crucial—and that’s where financial forecasting comes in.
Financial Forecasting: A Guide for Small Business Owners - Part 1
[fa icon="calendar'] Jan 7, 2025 12:44:59 PM / by Koroll & Company posted in Corporate
For small business owners, financial forecasting isn’t just about crunching numbers—it’s a powerful tool that can help you navigate the future with confidence. By predicting revenues, expenses, and cash flow, forecasting provides insights to guide decisions, manage risks, and plan strategically.
In this blog, we look at four common types of financial forecasting and explore how they can support your business’s growth and stability.
Working after 65? Understanding the Old Age Security (OAS) Payment Clawback
[fa icon="calendar'] Dec 16, 2024 11:43:50 AM / by Koroll & Company posted in Tax Tips
If you’re turning 65 soon, and planning to continue working, you might be wondering how much income you can earn before your Old Age Security (OAS) pension is reduced. This reduction, often referred to as the "OAS clawback," is something many Canadians face when their income exceeds certain thresholds. Here's a closer look at how the clawback works and what you can do about it.
Part 2: Business Valuation Methods and Common Mistakes to Avoid
[fa icon="calendar'] Nov 13, 2024 8:00:00 AM / by Koroll & Company posted in Corporate
In Part 1, we discussed why business valuation is important and what information is needed to get started. Now, let’s explore the methods used to value a business in Canada and the common mistakes that business owners often make during the process.
Part 1: Understanding Business Valuation for Canadian Companies – Why It Matters
[fa icon="calendar'] Nov 8, 2024 12:03:12 PM / by Koroll & Company posted in Corporate
When it’s time to sell or transfer ownership of your business, one of the most important steps is to get a clear valuation. A proper valuation not only helps set a fair purchase or selling price, but it also informs your broader business strategy and tax planning. Understanding the value of your business is crucial to securing the best possible outcome in a sale or transfer.
A Guide to Sales Tax for Startups in Canada
[fa icon="calendar'] Nov 1, 2024 1:23:22 PM / by Koroll & Company posted in Corporate, Tax Tips
Starting a business in Canada involves understanding various regulations, one of which is collecting sales tax. Whether you’re selling products or services, knowing when and how to collect sales taxes is crucial for compliance. Here's what you need to know about sales tax as a startup in Canada.
Understanding the TFSA: A Tax-Free Savings Opportunity for Canadians
[fa icon="calendar'] Oct 22, 2024 1:59:12 PM / by Koroll & Company posted in TFSA, Tax Tips
The Tax-Free Savings Account (TFSA) is a powerful financial tool available to Canadians, offering tax advantages to help you save for the future. Introduced in 2009, the TFSA allows individuals who are 18 years of age or older, and have a valid Social Insurance Number (SIN), to set aside money without worrying about taxes on the income earned in the account.