Koroll & Company Blog

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). 

The year is now half over, which makes it the perfect time to check in on your tax position for 2021. This will make sure that you’re on track for the year, give you time to make any necessary adjustments and will help reduce any possible surprises come tax season 2022. 

On April 29, the government of Ontario introduced a new sick day program that provides time off (paid and unpaid) for situations related to COVID and vaccination. This program is called the Worker Income Protection Benefit. 

When the pandemic started, one of the first programs that was launched to support Canadians was the Canada Emergency Relief Benefit (CERB). This program was implemented hastily to help ensure that taxpayers, who were being laid off one after the other, would be supported. 

In Ontario, there are nine official public holidays. This includes New Year’s Day, Family Day, Good Friday, Victoria Day (May 24), Canada Day, Labour Day, Thanksgiving, Christmas Day and Boxing Day. 

If you are the owner or manager of a business, these public holidays may impact how you pay your employees. In order for your employees to qualify for holiday pay on these public holidays, they must meet the “last and first rule”.