Koroll & Company Blog

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.

To help support businesses through this difficult time, the Canadian Federal government is allowing for deferrals that will help ease the financial burden and give businesses time to focus on the matters at hand.

With all of the changes that have come our way as a result of measures put in place to reduce the spread of COVID, many businesses are facing reduced revenues. To help support businesses during this time, prevent additional job loss and encourage the hiring of previously laid-off individuals and new employees, the Canadian Federal Government has introduced as a wage subsidy program.