Koroll & Company Blog

Canada’s Employment Insurance program provides regular benefits to individuals who lose their jobs and can’t find a new one but are still available and able to work. 

This program is funded by contributions you and your employee make. Employees pay 5/12 of the total contributions and employers pay 7/12 (or 1.4 times the employee contribution). 

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. 

Summer is still going strong, but the school year is also fast approaching and that means many post-secondary school students and their families are looking at ways to cut the costs of further education.  

While certain costs (like personal and living expenses) aren’t eligible for any tax breaks, there are tax deductions and credits still available to students and their families. The most beneficial, and substantial, is the tuition tax credit.

You’ve probably heard that the real estate market has been booming this year, maybe you’ve even made a big move yourself, or are planning to shortly. 

If that’s the case, we’ve got news for you - you may be able to deduct your moving expenses from your 2021 tax return, even if you moved to a rental property.

When you apply for a mortgage, the lender will offer you an interest rate based on your credit score and other financial information. But as of 2018, that rate is not what the bank uses to determine how much you qualify for. 

As a Canadian, there are a few different benefit and tax programs available through the government to help you through your retirement years. One of these programs is Old Age Security (OAS), and it’s the only program that you aren’t required to make a contribution to if you want to receive it. 

The good news is that, while limited, summer camps are back this year. The bad news is … so is the cost. Fortunately, there are tax deductions to help offset the cost of camp and care for children this summer (and all year round).