Koroll & Company Blog

When you get into the ebb and flow of the day to day - buying supplies, selling goods and services, fulfilling customer orders, getting more business – there are a lot of things that fall by the wayside. And staying up to date with company records is one of them for many business owners. 

If you own a corporation in Canada, one record you are required to keep is an up to date company minute book. Which is something that some business owners aren’t aware of.

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 Any amount withdrawn at a future date, including interest income earned on investments, will be taxed at that year’s applicable rate.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.