Koroll & Company Blog

It’s the dream of nearly every business owner to pass down their legacy through generations, envisioning a future where the business they built with sweat, tears, and determination thrives long after they are gone. 

But while 88% of current family business owners believe their business will remain in the family, the harsh reality paints a different picture.

Managing records and bookkeeping is essential for any business, regardless of its size. Keeping your financial records organized not only ensures compliance with regulations but also provides valuable insights into your business's financial health. 

As we step into the new post-secondary school winter semester, it's important to review the financial aspects of education. 

Despite the shifting landscape of learning over the past few years due to the pandemic, the costs associated with post-secondary education remain a constant challenge. Tuition bills, housing expenses, and meal plans continue to be significant financial burdens for students and their families. 

Fortunately, there are tax credits and benefits available to help alleviate some of these costs.

In Canada, we have two public retirement income programs – Old Age Security (OAS) and the Canada Pension Plan (CPP). While you’re still allowed to accumulate your own savings in registered pension plans or registered retirement savings plans, these two programs ensure that all Canadians get a basic level of income when they retire. 

As a self-employed business owner, keeping track of your finances is crucial for the success and growth of your business. But managing your finances can be a daunting task, especially if you're not familiar with accounting practices. 

Fortunately, with the right accounting software, you can streamline your financial management and focus on what you do best – running your business.

Tax season in Canada is approaching rapidly, and for business owners, this period can be particularly stressful without proper preparation. 

Buying your first home is a big step in life, and it means more than just having a place to call your own. In Canada, owning a home is seen as a sign of financial success and stability. It's also one of the largest financial transactions you'll ever make.

Owning a home offers tangible financial advantages. When you buy a home, you often make a down payment and borrow the rest from a bank. Over time, you pay off this loan, and at the end, the home is all yours.

As a self-employed individual in Canada, it's essential to take advantage of tax planning strategies to reduce your tax bill and maximize your deductions.