Koroll & Company Blog

Like many businesses, real estate agencies have had to adjust their operations in light of recent events. But regardless of everything that is going on around us, buying and selling homes is still top of mind for some Canadians, whether they are looking to downsize to save money, moving cities for better job opportunities or other reasons. 

Some Canadians may be considering selling their home but are holding off, hoping that there will be more buyers and chances to maximize profits later in the year. 

This year was out of the ordinary when it came to filing taxes. But although taxes did not need to be filed until June 1, many things are still the same. Including what happens once your return is filed. 

After you file your tax return, the Canada Revenue Agency (CRA) will review your return and send you a Notice of Assessment (NOA). 

In most situations, nothing will have changed. The NOA will match what you filed on your tax return. But there are some instances where adjustments will be made. 

It has been quite the year so far and many people are experiencing financial difficulties they never expected. 

And for those with retirement savings, the impact of the stock market downturn can feel intimidating. The good news is, those under the age of 71 have the option to wait it out in hopes that the market makes a recovery. 

With the global pandemic this year, many changes have been made in all areas of our lives, making it difficult to keep track of what is due when.

To help simplify your obligations from a tax perspective, here is all the pertinent information you must know.

At the end of last month, it was announced that a new program would be put in place by the Ontario government to offer relief for landlords and small business owners. 

The program, Ontario-Canada Emergency Commercial Rent Assistance Program (OCECRA), will provide loans to commercial property owners in exchange for reducing rent for small business tenants by at least 75% with a freeze on evictions for three months. These loans will be forgivable.  

The Old Age Security (OAS) benefit is Canada’s largest pension program available to support senior Canadians. Unlike the Canada Pension Plan or private pension/retirement funds, you do not have to pay into OAS to receive it. It is instead paid for by general tax revenues. 

Salons, clothing stores, sit down restaurants, gyms, public services, local attractions – these are just some of the many businesses that are not able to operate during these times, not to mention the number of businesses that have voluntarily shut down in an effort to protect their staff and customers.

As a senior, finding programs and credits that can help you financially can be incredibly important. This tax season, here are three non-refundable tax credits you should know about when filing your tax return.