No quick snapback expected in battered Canadian labour market: RBC economist
Canada sees record job drop in April amid virus shutdown
Canada’s economy shed two million jobs in the month of April as a result of pandemic-related shutdowns, marking the biggest decline on record. CTV’s Chief Financial Commentator Pattie Lovett-Reid says this bleak data shows just how devastating the financial fallout has been for so many Canadian families whose livelihoods have been upended by the COVID-19 pandemic.
Wage-subsidy program to be extended beyond June
Prime Minister Justin Trudeau announced that the federal government will be extending the emergency wage subsidy program as steep job losses continue across the country due to COVID-19. The program covers 75 per cent of workers’ pay up to $847 a week to help companies keep employees at work and avoid mass layoffs. The news comes after the Canadian economy lost a record number of jobs in April as many businesses temporarily closed up shop during the lockdown.
Ask BNN Bloomberg: Can I qualify for CERB while stuck overseas?
As the COVID-19 pandemic continues to disrupt almost every aspect of life, some Canadians are looking for with financial solutions while being stuck thousands of miles away from home. Diane from Montreal says she was on a working visa in Italy when her flight home was cancelled due to the pandemic. Diane says she’s been stuck in quarantine for well over a month now and she is unsure whether or not she can qualify for the Canadian Emergency Response Benefit (CERB) while being overseas. Jamie Golombek, managing director of tax and estate planning at CIBC Wealth Advisory Service, gave Diane some insight on the criteria to qualify for the program.
Turn your attention to taxes with the deadline fast approaching
While it can be hard to focus on anything other than the pandemic, tax season is still upon us and the deadline is fast approaching. Personal Finance Columnist Dale Jackson says Canadians should be taking advantage of this time in quarantine to plan out their 2019 tax returns. But, he says, it's important to also look ahead to the 2020 tax season, especially if you have received payment from recently-introduced government programs like CERB. They will play a factor in your next tax return.
Nearly seven out of 10 Canadians say job disruption would trigger a personal financial crisis
In a new survey by Credit Canada, 66 per cent of Canadians say a job loss or a reduced income would result in a severe crisis of their finances. In addition, more than half of Canadians are worried that a health or mental health crisis would trigger financial upheaval in their lives. Pattie Lovett-Reid says now is the time to take control of your financial situation. She explains how Canadians can come out of the pandemic with their financial well-being intact.
Hitting the jackpot with aid benefits
For some, CERB means the difference between paying bills for the month or having to turn the lights off. But for some part-time workers, the benefit has given them more spending money than usual. For example, one group of Canadians who have particularly benefitted are students living at home, many of whom get more spending money from the CERB than from their part-time job. So how can the government make sure the benefit is going to individuals who are actually in need? BNN Bloomberg dives into the details of the aid package and how government officials will need to monitor the program to make sure help is being appropriately distributed.
Do the rules of tipping change during a pandemic?
During the COVID-19 pandemic many people have turned to food delivery services as a way to still order from their favourite restaurants while staying indoors. But as the popularity of these services continues to grow, so does the risk for many workers. As couriers risk their health delivering food to paying customers during the outbreak, people are asking the question: "Should I tip more during a pandemic?" The Canadian Press’s Audrey Carleton looks into the issue.
"To the extent that you can, let employees know that you are there to keep them in the loop as to what the next steps might be for your business."
-Muneeza Sheikh, labour lawyer and senior partner at Levitt LLP
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