Feds cut projected wage subsidy cost as more Canadians opt for CERB

The federal government cut the projected cost of its wage subsidy program while increasing financing for direct support to individuals. Canada's wage subsidy program will cost 38 per cent less than previously estimated. Meanwhile the cost of the Canada Emergency Response Benefit (CERB) has almost do personal finance ubled, growing to $60 billion from $35 billion as more workers apply for the program. This suggests many Canadians may be unemployed for longer than predicted due to the COVID-19 pandemic.

How to spend your tax refund wisely

If you are fortunate enough to be getting a tax refund this year, it can feel like newfound money (though it’s technically already yours). It could also be the lifeline you need right now, as the pandemic continues to compromise the finances of Canadians across the country. CTV’s Chief Financial Commentator Pattie Lovett-Reid outlines five ways you can use your tax refund to your advantage, especially if money is tight.

Is homeownership still a good investment?

With a recent warning from the Canada Mortgage and Housing Corporation (CMHC) that Canadian home prices could fall as much as 18 per cent amid the COVID-19 pandemic, is real estate still the attractive investment it once was? Personal Finance Columnist Dale Jackson makes the case that it still is. “Many homeowners have already benefited from the pre-pandemic housing boom, and for new homeowners, any decline over the next three years can easily be absorbed once the market gets back on track,” he writes.

Ask BNN Bloomberg: Can I collect CERB after refusing to return to work?

There are a number of different factors Canadians are having to consider before returning back to work amid the COVID-19 pandemic. Whether it's concerns about a workplace following public health guidelines or a family member being sick with COVID-19, people are having to decide when they feel comfortable returning to work. Gerry from Guelph, Ont., asked BNN Bloomberg if he can refuse to return to work if he lives with someone whose previous health conditions put them at more risk of contracting the virus. Gerry says he's unsure if he can continue to collect the Canadian Emergency Response Benefit if he doesn't return to work due to his loved one's condition. Personal finance expert Janine Rogan breaks down his options.

Canadians rethink returning to the gym after COVID-19 lockdown

With gyms closed during the COVID-19 pandemic, many people are turning to online membership-based platforms to work out at home. But as Canadians find new, lower-cost ways to stay active while self-isolating, many are debating whether or not they will return to gyms and studios once they reopen, as reported by Audrey Carleton of The Canadian Press.

Some re-opened businesses refusing cash

Businesses including Longos, Best Buy and The Shoe Company said they will not accept cash when they reopen out of concern that bills are a vector for the coronavirus, according to a report by The Canadian Press. This could signal an acceleration of what the Bank of Canada has described as a decade-long shift away from cash. The central bank has warned that while the decision to refuse to accept cash is legal, it could be harmful for vulnerable and homeless people without bank accounts. Meanwhile, the Retail Council of Canada urges businesses to discourage the use of cash instead of refusing it outright.

TIP JAR

"If you're getting a [tax] refund, you might as well get your own money back. It's not earning any interest just sitting there with the government. So file as quickly as possible to get that refund."  -Jamie Golembek, managing director of tax and estate planning at CIBC Wealth Advisory Service, on why taxpayers shouldn't wait until September to file

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