CMHC expects to see 'severe declines' in home sales due to COVID-19

In its latest housing market forecast, the Canada Mortgage and Housing Corp. said it doesn't expect the country's housing market to bounce back to pre-pandemic levels until the end of 2022. CMHC's Deputy Chief Economist Patrick Perrier noted that there's been "unprecedented impacts" on Canada's major cities and an expected decline in immigration will lower the demand for rental units.

Ontario adds personal finance to elementary school curriculum

Earlier this week, the Ontario government announced plans to introduce personal finance to the elementary school curriculum, which will start this fall in Grade 1 — a move that has been long-needed, says Personal Finance Columnist Dale Jackson. "While it might seem a bit early to bring money into the life of a six-year-old, it’s a long overdue counterbalance to the established influence of corporations on Canadian children," he writes. "'Buy now, pay later' has been the main lesson up to now as bank-sponsored credit card companies ensnare young adults who don’t have the basic tools to know it doesn’t add up over time." Jackson notes while it’s unlikely every student will become the next Warren Buffett, at least young Ontarians will learn the benefits of having a financial advisor, how to find one, and what to expect in terms of fees and services.

Most Canadians support four-day work week, poll finds

More than half of Canadians support the idea of shortening the standard work week, according to the latest survey conducted by the Angus Reid Institute. Fifty-three per cent of the 1,510 respondents said they think it’s a good idea to make a new 30-hour week week — also known as a four-day work week — standard in Canada. That compares with 47 per cent in 2018. The increase in support may be driven in part by the pandemic and the challenges it has presented for many unemployed Canadians, according to the study.

Pandemic may push many prospective homebuyers to sidelines

Real estate has proven to be a great investment over the years — but the upward trajectory of the market may be coming to an end. There is fear that with the economy at a standstill, the housing market could reverse course. With the CMHC expecting a pullback in both prices and demand amid the tightening of mortgage eligibility requirements, CTV’s Chief Financial Commentator Pattie Lovett-Reid says many prospective buyers may be forced out of the market. She also explains how receiving federal aid related to COVID-19 could impact a potential buyer's ability to secure effective funding for a home.

Federal government looks to improve EI as Canadians shift back from CERB

Canada's Employment Minister Carla Qualtrough said federal officials are looking for solutions to fill gaps in employment insurance (EI) system. The minister says the ongoing policy discussions are to ensure that unemployed workers are covered when transferring back from the Canadian Emergency Response Benefit (CERB) to EI benefits. Prime Minister Justin Trudeau announced last week the CERB would be extended by eight weeks, which the Parliamentary Budget Office said would cost the government $17.9 billion.

More financial help for students, recent grads

Prime Minister Justin Trudeau unveiled more details on the federal government’s Canada Student Service Grant program (CSSG) Thursday. The grant for post-secondary students and recent graduates will provide one-time payments of up to $5,000 for volunteering in pandemic-related programs, depending on the number of hours worked. For every 100 hours spent, a student will receive $1,000, with up to a maximum of $5,000 for 500 hours. In order to qualify, you must be 30 years of age or younger, a Canadian citizen, permanent resident, or a student with a refugee status. The deadline to apply is November 6, and applicants can only count hours accumulated from June 25 to October 31.

Transferring a losing stock to a TFSA or RRSP: Ask BNN Bloomberg

As the stock market whipsaws investors amid ongoing volatility from COVID-19, it's difficult to stay optimistic about your portfolio. Tom in Dundas, Ont., asks whether he can transfer a losing stock to a TFSA or an RRSP at today's value, with the hope that it will appreciate in the registered account. Jamie Golombek of CIBC Wealth Advisory Service outlines the steps he should take when doing this and how to avoid missing out on claiming a capital loss.

How to determine whether an online charity is legitimate

Charitable organizations are a great way to help support a cause you believe in, but how do you know the money is actually going towards a legitimate group? In a report from The Canadian Press earlier this week, GoFundMe regional manager Caitlin Stanley said people looking to donate to charities should look at how the organizer is related to the recipient of the donations, how detailed the explanations are for the cause and even contact the organization directly if you have more questions.

TIP JAR

“During bear markets you need at least a three-year cash cushion so that rather than selling stocks when the markets are going down, you just use your cash at that period of time.” —Personal finance expert Suze Orman’s investing advice for retirees

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