Koroll & Company Blog

Tax Free Savings Accounts (TFSAs), which were introduced in Canada in 2009, are savings tools that can be used to optimize your yearly tax planning. Each year, the federal government announces an annual contribution limit, which is added to your limits from previous years.

Employees who work from their homes have always been able to claim home office expenses. To do this, the employee had to meet specific criteria, retain receipts, calculate the portion of expenses that were related to work and get certification from their employer.

Every year, the government announces the current rates for Employment Insurance (EI) and Canada Pension Plan (CPP) for both employees and employers. Below are the 2022 rates and maximums. 

As with every new year, 2022 has its own set of payment and filing deadlines that every taxpayer needs to know about. 

To help you out, in this blog we’ve listed the most significant dates and information that you will want to make note of. If you need further tax return help, please do contact one of our chartered professional accountants today!

Now that the new year has come, it is time to start planning for the tax year ahead. That means you need to be aware of the applicable tax brackets, credit rates, contributions and premiums that will apply to you and your specific situation in Ontario in 2022.

Registered Retirement Savings Plans (RRSPs) let you contribute to your savings while benefiting from tax deferral. 

This is because any contributions you make to your RRSP are deducted from your taxable income in the year that they are made. Any amount withdrawn at a future date, including interest income earned on investments, will be taxed at that year’s applicable rate.

Every company needs to have up-to-date financial statements. They provide information about the company’s financial health and business activities, which can improve decisions made by management, investors and directors. Financial statements are also critical if you are looking for new investors or creditors.  

There are three primary types of statements that can be prepared: audited, accountant reviewed and compilation engagement.

New Ontario estate planning legislation came into effect on January 1^st of this year (2022). Are you up to speed on exactly what these changes are and what they mean? 

These new changes were made to help simplify the estate planning process. Changes will affect the validity of wills after marriage, property rights of separated spouses, and wills with technical errors. In this blog, we will also look at the legislated changes and the virtual witnessing of wills.