Koroll & Company Blog

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!

In October, the Government of Canada announced that it would be releasing new recovery benefit programs for businesses that have been hardest hit by the COVID-19 pandemic. One of these programs was the Tourism and Hospitality Recovery Program (THRP).

While the name specifies tourism and hospitality, the list of qualifying industries and businesses is actually much broader. 

Some things never change, but the compilation standard isn’t one of them. The Auditing and Assurance Stands Board (AASB) has revised the standard for compilation engagements. The changes are effective for periods ending on or after December 14, 2021. Under these standards, a new compilation engagement report will replace Notice to Reader (NTR).

Earlier this year we shared that the Employment Standards Act (ESA) was providing eligible employees with up to three days paid leave for infectious disease emergency leave (IDEL) related to COVID. 

This paid leave started retroactively on April 19, 2021 and will continue until December 31, 2021. Paid IDEL is available for the following reasons:

Since 2020 the Canadian government has been helping business owners across Canada with benefit programs to help cover fixed costs during lockdowns, as well as to boost rehiring as the country begins to reopen.

If you have set up shop in Ontario and only sell to customers in Ontario, sales tax is straightforward. But what happens when you start shipping goods to other provinces that have different rates of HST or use GST and PST instead? Your business tax starts to become more complex!

Earlier this year, on June 29, Bill C-208 was made law, allowing tax relief for the intergenerational transfer of small businesses and family farms. 

As businesses open up again, there’s still a lot of economic uncertainty. In response, the Government of Canada has extended COVID-19 support for individuals and businesses to help support those who continue to need it.