Expanded eligibility for Canada Emergency Response Benefit (CERB) & Boosted wages for Essential Workers

Prime Minister Justin Trudeau announced:

"Today, we're announcing more help for more Canadians. This includes topping up the pay of essential workers. At the same time, we'll also be expanding the Canada Emergency Response Benefit to reach people who are earning some income as well as seasonal workers who are facing no jobs and for those who have run out of EI recently. Expanding the CERB to include people who earn up to $1,000 per month. Maybe you're a volunteer firefighter, or a contractor who can pickup some shifts, or you have a part-time job in a grocery store."
April 15, 2020/by Financial Tech Tools

Saskatchewan Small Business Emergency Payment – up to $5,000 for business

The Saskatchewan Small Business Emergency Payment program provides up to $5,000 in financial assistance to small businesses in Saskatchewan that have been ordered to temporarily close or significantly curtail operations during the public emergency period due to a public health order to help control transmission of COVID-19.
April 14, 2020/by Financial Tech Tools

Applications for the Canada Emergency Business Account starts TODAY!

The new Canada Emergency Business Account (CEBA) is available starting TODAY and is available through major banking institutions.

The CEBA will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
April 9, 2020/by Financial Tech Tools

Rules changed to allow more struggling business owners access to CERB, Wage Subsidy. Summer jobs program increased to 100%

A big win today for some small business owners who previously did not qualify for the $500/week Canada Emergency Response Benefit (CERB) or the 75% Canada Emergency Wage Subsidy (CEWS).
April 8, 2020/by Financial Tech Tools

Accepting Applications starting April 6th – Canada Emergency Response Benefit (CERB)

The sheer volume of applications for the Canada Emergency Response Benefit (CERB) will likely overwhelm the system. If you or someone you know need to apply for this benefit, we suggest you prepare TODAY before the applications begin:

Double check your myCRA account username and password

Setup Direct Deposit with CRA
April 5, 2020/by Financial Tech Tools

Saskatoon: SREDA SMALL BUSINESS EMERGENCY CONTINUITY GRANT PROGRAM

Helping small businesses that are experiencing significant financial challenges due to the COVID-19 pandemic

Grants of up to $5,000 to small businesses located in the Saskatoon Region

Application deadline: April 6, 2020 at 12:00 p.m.
April 3, 2020/by Financial Tech Tools

Alberta: Emergency isolation support

Eligible working Albertans can receive a one-time emergency isolation support payment of $1,146 if they are required to self-isolate or are the sole caregiver of someone in self-isolation and they have no other source of pay or compensation.

This is a temporary program to bridge the gap until the Federal Emergency Care Benefit is available in April.
April 3, 2020/by Financial Tech Tools

BC Government supporting renters, landlords during COVID-19

To support people and prevent the spread of COVID-19, the Province is introducing a new temporary rental supplement, halting evictions and freezing rents, among other actions. This includes $500/month towards rent.
April 2, 2020/by Financial Tech Tools

BC COVID-19 Action Plan

$5 billion in income supports, tax relief and direct funding for people, businesses and services.
April 2, 2020/by Financial Tech Tools

BC Hydro customers to get 3 months bill relief | ICBC providing Autoplan payment deferral

BC Hydro: If you or your spouse/partner have lost employment or have become unable to work due to COVID-19, you may be eligible for three months of bill credit based on your average consumption.

ICBC: For customers that have been financially impacted by COVID-19, ICBC will provide some relief during this challenging time. Customers on a monthly Autoplan payment plan, who are facing financial challenges due to COVID-19, can defer their payment for up to 90 days with no penalty
April 2, 2020/by Financial Tech Tools

Tax Loss Selling

Over the last few weeks, the financial market has taken a downturn amidst fears over Coronavirus.

Understandably, you are concerned with your portfolio, it’s important to stay level-headed to avoid making financial missteps. However, staying level-headed doesn’t necessarily mean you sit there and do nothing. In fact, one consideration you can look is taking an active tax management approach.

Tax loss selling is a strategy to crystallize or realize any capital losses in your non-registered accounts so it can be used to offset any capital gains.
April 1, 2020/by Financial Tech Tools

Do I Qualify for the Canada Emergency Response Benefit & EI?

To help Canadians through this difficult time, the Federal Government created the Canada Emergency Response Benefit (CERB) and made changes to the Employment Insurance Program (EI). For those whose employment has affected by the Coronavirus, we have created a chart to help you figure out which program you qualify for and provide links to apply for each program.
March 30, 2020/by Financial Tech Tools