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What a different week this has been. First of all, we are thankful and grateful to have the privilege to help advisors with content, get email newsletters sent out, post to their social media accounts, keep their website up to date and test out their first zoom meetings.

We know advisors are business owners too so we thought we would include links that can help support your advisory practice:

Support for Advisors that employ staff

  • Wage Subsidy: To support businesses that are facing revenue losses and to help prevent lay-offs, the government is proposing to provide eligible small employers a temporary wage subsidy for a period of three months. The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees’ remuneration. Employers benefiting from this measure will include corporations eligible for the small business deduction, as well as non-profit organizations and charities. Eligible for those with payroll under $1M.
  • Work-Sharing Program to support your Employees
  • Employment Insurance Information– Dedicated Covid-19 EI phone number 1-833-381-2725

Credit support

  • BDC Loan Expansion Facility– Details and contact information on tapping into the expanded credit. You must have been in business for at least two years;  You must have more than $100,000 in annual gross revenues and should be profitable under normal operating conditions;  Owners and/or business should have good credit history; The program enables business owners to apply for a Loan or Line of Credit with BDC for up to $100,000 to be repaid within five years. The interest rate is set today at 3.3%, which is very low for a business loan. The application is done on-line, and applicants would need to have various financial documents available to upload to complete the application. The processing time is about 2-3 weeks at present.
  • Facebook announces $100M grant program for small businesses– Facebook announced yesterday that it’s creating a $100 million grant program for small businesses. Applications aren’t open yet, but the company says this will include both ad credits and cash grants that can be spent on operational costs like paying workers and paying rent. It will be available to up to 30,000 businesses in the 30-plus countries where Facebook operates. Facebook has also created a Business Hub with tips and resources for businesses trying to survive during the outbreak.

Tax support: 

  • Extending the tax filing deadline to June 1
  • Allowing taxpayers to defer tax payments until after August 31 (for amounts that are due after today and before September)
  • Temporarily boosting of the Canada Child Benefit payments
  • Banks deferring mortgage payments for up to 6 months- RBC, TD, BMO, CIBC, Scotiabank & National Bank.

We will also be creating a post for advisors to share with their clients.

On another note, for advisors this is a good time to talk about:

  • Seg Funds- the maturity and death benefit guarantees
  • Whole life insurance as an asset class
  • The importance of disability insurance

If you need help, please don’t hesitate to reach out. We’re here for you.