Koroll & Company Blog

The start of a new year is a critical time for Canadian business owners. It’s when financial plans are set, budgets are finalized, and tax strategies should be reviewed. Unfortunately, it’s also when many businesses unknowingly make tax mistakes that can lead to higher tax bills, cash-flow strain, and avoidable CRA issues later in the year.

At Koroll & Company, we often see the same early-year missteps repeated across small and mid-sized businesses. Understanding these common mistakes — and how to avoid them — can put your business on much firmer financial footing for the year ahead.

Starting a small business in Ontario in 2026 is an exciting journey, but it’s one that requires solid financial planning and expert guidance. With the economy shifting, rising costs, and evolving tax rules, new entrepreneurs must be strategic about managing money, taxes, and financial risk from day one.

In Part 1, we covered the basics of capital assets, depreciation, and CCA. Now let’s take a closer look at how CCA works in practice, and the rules that can help small business owners in Ontario.

As digital payments become the norm for small businesses across Canada, fraudsters are constantly evolving their tactics. One growing threat is the fake Interac® e-Transfer deposit scam, where scammers send phishing emails or texts posing as legitimate payment notifications.

If you’ve ever applied for a car loan, mortgage, or credit card, you know the importance of a good personal credit score. But if you’re a business owner in Canada—whether operating as a sole proprietor, in a partnership, or through a corporation—your business credit score can be just as crucial to your financial success.

If you have a home-based business or work from your home, you should consider getting business insurance. Business insurance can protect you against loss or damage to physical property or the loss of your business's ability to operate and generate income. Home or tenant insurance will generally not pay for claims related to a home-based business.

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.

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.