Koroll & Company Blog

With the COVID-19 pandemic easing up, an increasing number of organizations are moving away from online events and reintroducing in-person conventions. 

This is good news if you are self-employed. That’s because the self-employed can deduct expenses for attending up to two conventions per year from their business income when it comes to filing their taxes.

Last year’s Federal Budget announced a big tax change that could provide businesses with substantial tax breaks. This change allows businesses to immediately expense up to $1.5 million dollars in newly acquired assets each year.

The Canadian 2022 Federal Budget was released back in the spring. No changes were made to the tax rates, however, tax changes were announced for corporations and businesses.

In this blog, we take a look at some of the Budget highlights:

In the 2022 Federal budget, the government proposed a new tax-free savings plan called the First Home Savings Account (FHSA). This account will take the benefits of a TFSA and combine them with the benefits of an RRSP to help Canadians save for their first home.

In 2021, the government introduced a Small Business Air Quality Improvement Tax Credit. This is a temporary credit designed to help businesses upgrade their air systems in response to the COVID-19 pandemic.

Your company’s balance sheet is one of your company’s major financial statements. It reports your business’s assets, liabilities and equity at a specified time – usually at the end of a month, quarter or year. It is a snapshot of what you owe and own.

The new Ontario Business Registry was recently released, giving businesses and non-profit corporations the ability to complete a number of transactions online. Using this registry you can register your business, incorporate, and update your company’s information. You can also file your annual returns directly through the Ontario Business Registry. 

The climate action incentive is a payment received by taxpayers to help offset increased costs related to carbon pollution pricing, which is exactly as it sounds – a charge for putting pollutants into the environment.