Financial aid for low-income Canadians
Federal government extends wage subsidy until end of August
Prime Minister Justin Trudeau announced Friday the federal government will be extending its wage subsidy program for businesses impacted by COVID-19 until at least the end of August. Trudeau says the move is meant to give employers more confidence to resume operations if they have to. The program covers 75 per cent of wages for employers hit by the pandemic, or up to $847 per worker per week.
Ask BNN Bloomberg: Do I have to return to work if I feel unsafe?
The COVID-19 pandemic has thrown a wrench in the day-to-day routines of Canadians across the country and forced companies to change the way they conduct business. Stephen from Edmonton says he was laid off due to the pandemic but now his employer wants to reopen. He says that the business hasn't taken any steps to protect workers against COVID-19 and he's worried about returning to work. Jamie Golombek, managing director of tax and estate planning at CIBC Wealth Advisory Service, explains Stephen's options.
More than half of Canadians say COVID-19 is impacting their mental health
A new survey by Sun Life shows that 56 per cent of Canadians say COVID-19 is having a negative impact on their mental health. The study found 66 per cent of Canadians think social isolation is the main challenge they face to their well-being, while 51 per cent say it's their financial situation. CTV's Chief Financial Commentator Pattie Lovett-Reid discusses the survey and how Canadians are adapting their pocketbook priorities amid the pandemic.
Feds pledge one-time payment for seniors to help manage COVID-19 costs
Prime Minister Justin Trudeau announced earlier this week that the federal government will be giving seniors a one-time, tax-free top-up payment to help manage extra costs related to COVID-19. The benefit will be a $300 payment to people who receive Old Age Security (OAS), and an additional $200 for seniors who also receive the Guaranteed Income Supplement (GIS). As well, the government said it will not be suspending OAS and GIS payments this summer to seniors who forget to file their taxes on time.
Last-minute tax filing tips
As the revised June 1 personal income tax filing deadline nears, a new study suggests more Canadians are doing their taxes at home as the COVID-19 pandemic keeps people inside. Sixty per cent of Canadians are doing their own taxes this year, according to an April poll conducted by Turbo Tax Canada. For those who are taking matters into their own hands, Personal Finance Columnist Dale Jackson spoke to Turbo Tax Canada for some last-minute filing tips, such as filing on time and including at-home business expenses.
Retailers reckon with the changing consumer
The retail landscape is constantly shifting to accommodate restrictions during the pandemic. But companies are starting to look towards the future and consider how the virus will impact Canadian consumers in the long run. Pattie Lovett-Reid discusses the growing trends among shoppers, including buying local and from companies that provide a safe and welcoming environment.
"We’re going to see a lot of discounts ... But I can tell you, it’s better to save, rather than 30 per cent on a new car, save 100 per cent on a new car by not buying one unless you’re in a job that you’re confident is stable and you have the wiggle room financially.”
-Bruce Sellery, personal finance expert and author of 'Moolala: Why Smart People Do Dumb Things with Their Money (and What You Can Do About It)'
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