What COVID-benefit recipients need to know for tax filing season
The Canada Revenue Agency has begun sending T4A slips to Canadians who received COVID-19 benefits last year. While you don’t need to file until the April 30 tax deadline, personal finance columnist Dale Jackson said the slips should serve as a wakeup call for Canadians to set aside some cash to avoid paying draconian interest rates. Check out Jackson’s column for a rundown of some other key things to consider, including how the Canada Emergency Response Benefit will be taxed and how you can claim home office expenses.
More than half of Canadians remain bullish on housing prices: Poll
Do you think housing is a good investment? Eighty per cent of Canadians still have faith the housing market is a good bet, according to a recent poll by RBC. Despite the strain COVID-19 has had on the economy, 52 per cent of survey respondents said they believe housing prices will only go up in the near future. CTV Chief Financial Commentator Pattie Lovett-Reid argues this may have a lot to do with Canadians’ spending more time at home during the pandemic, and the realization that where you live and how your home serves your needs has never been more important.
Canadians might keep saving cash hoards post-pandemic
There’s a lot of hope that Canadian consumers will go on a spending spree and drive an economic recovery once the COVID-19 pandemic is over. But a recent poll by Nanos Research Group for Bloomberg News is pouring cold water on that optimism. Three out of four Canadians said that their top financial priority is to pay down debt or retain an elevated level of savings, the survey found. Meanwhile, only 11 per cent of respondents stated they plan to make a major purchase.
COVID-19 causing confusion over retail return policies
The COVID-19 pandemic has caused many retailers to change their return policies, making it unclear to shoppers when they are entitled to a refund. In Canada, there are no laws requiring companies to accept returns, however, different provincial and territorial legislation provide some rights to consumers. “This is truly customer beware territory,” Joanne McNeish, a Ryerson University professor who specializes in marketing, told The Canadian Press. McNeish warns Canadians to do their research about return options on items before buying.
Pandemic could disrupt students’ career plans
With the COVID-19 pandemic forcing post-secondary students to take classes virtually, some are considering postponing their studies until in-person teaching resumes. Many students feel they are missing out on the hands-on learning experience promised by the school during enrollment, according to The Canadian Press. The trend of delaying post-secondary education could have far-reaching consequences for young Canadians and the country’s workforce.
“Immigration is eventually going to come back. And there may be an element of investors out there right now that are maybe bargain hunting, or trying to position themselves for the return towards downtown, and rentals.”
-RBC Senior Economist Robert Hogue on the recent pickup in condo sales