What you should know about compensation amid the pandemic
Trudeau announces Canadians will be phased out of CERB
Justin Trudeau announced Friday the federal government plans to phase out its Canadian Emergency Response Benefit (CERB). He said those who don't immediately qualify for employment benefits will be given a stipend while the government changes the program. “Here’s the bottom line: we intend to cover every Canadian looking for work with a better 21st-century employment insurance system. That is our goal,” Trudeau said.
Canada's economy signals comeback with new May GDP data, with caveats
Canada’s economy sharply recovered since emerging from nationwide lockdowns, as reported by Bloomberg News. The country's gross domestic product (GDP) rose 4.5 per cent in May, according to Statistics Canada. The agency also reported a flash estimate of five per cent growth for June. Even with these increases, economic activity in the second quarter dropped 12 per cent from the previous quarter. The Bank of Canada has warned that the country's economic recovery may taper off in the second half of the year.
Compensation during the pandemic: What to know
When it comes to remote work, the COVID-19 crisis has raised new questions and concerns around how work-from-home employees should be compensated. BNN Bloomberg’s Anne Gaviola breaks down what both workers and hiring managers need to know, taking advice from a lawyer who specializes in workplace issues and a president of a staffing firm. A word of caution to employers: “There’s still a war for talent.”
Many Canadians still fear losing their jobs due to COVID-19: Poll
One-third of Canadians who still have their jobs are afraid they might lose it due to COVID-19, according to a survey by the Canadian Payroll Association. The survey shows that job losses and workplace safety concerns still weigh on many Canadians' minds, with one-in-five people polled worried they may be forced to return to the office, even if they are feeling sick. CTV's Chief Financial Commentator Pattie Lovett-Reid said the fear of job loss is very real, and for good reason.
How Shopify’s rally is throwing TSX ETFs out of whack
Shares of Toronto-based online retailer Shopify have nearly tripled since April, surpassing Royal Bank of Canada as the country’s largest publicly-traded company by market capitalization. Personal finance columnist Dale Jackson warns that investors who get exposure to Canadian equities through market-weighted ETFs that track the TSX may not have their money where they think. That's because holdings in market-weighted ETFs are based on their current market capitalization and are automatically adjusted as share prices change.
How the COVID-19 pandemic might permanently alter work-life balance
As many Canadians settle into the routine of working from home, the workplace as we know it is undergoing permanent change. Breanna T. Bradham of Bloomberg News explains the different ways in which the pandemic has changed the workplace, including the loss of social events to build office morale and the blurred lines between work and life.
Senate approves wage subsidy extension, one-time disability payments
The Senate passed Bill C-20 on Monday, the law that extends the federal government's emergency wage subsidy for businesses struggling due to pandemic-related shutdowns. The bill also includes one-time payments for Canadians with disabilities who are facing higher expenses. As reported by The Canadian Press, the bill increases the maximum support available to the hardest-hit employers, but starts scaling back aid before ending them in December.
Canadians rush to buy vacation properties for safe getaways
Many Canadians have put their exotic summer vacations on hold amid travel restrictions during the pandemic. Instead of looking overseas, some are exploring options closer to home, according to a report by The Canadian Press. Real estate agents have seen a jump in demand for recreational properties as many people look for alternative places to work remotely or use as a weekend getaway.
“Set aside the money now. Don’t try to look for it next April because if you file and don’t have the money you owe, you’ll be hit with interest and possible penalties." —Jamie Golombek, CIBC's managing director of tax and estate planning, on how CERB recipients can prepare for a looming tax bill
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