We examine non-Markovian effects in an open quantum system from the point of view of information flow. To this end, we consider the spin-boson model with a cold reservoir, accounting for the exact time-dependent correlations between the system and the bath to study the exchange of information and heat. We use an information-theoretic measure of the relevant memory effects and demonstrate that the information backflow from the reservoir to the system does not necessarily correlate with the backflow of heat. We also examine the influence of temperature and coupling strength on the loss and gain of information between the system and the bath. Finally, we discuss how additional driving changes the backflow of information, giving rise to potential applications in reservoir engineering.