Canada Needs a Financial Plan

According to a July 23 publication by the Fraser Institute, we are getting poorer here in Canada and the prospects for economic growth are looking grim.  This should be of concern to every Canadian concerned about their “real income” – that’s their purchasing power – and by extension - their ability to fund consumption now and for important family milestones in the future:  retirements, education and homeownership.  It’s grim, but there are practical suggestions for a turn around plan. Here’s a synopsis of the report.   

An important but underreported trend in the current pandemic is the reality that 25% of our seniors are caregivers, according to a new report released November 24 by Statistics Canada. Further, over 50% of these seniors need more financial support.  Tax and financial advisors are well positioned to help.  

The Canada Emergency Rent Subsidy (CERS) Program,  initially presented in draft legislation back in October,  was just approved by the Senate late last Friday. With new lockdowns in place across Canada and rent due next week, many small business owners are stressed, without revenues, and grasping at this latest straw, which is also very complex. But there is some good news in the detail.

Over the past weekend, the government quietly added to their Canada Emergency Wage Subsidy (CEWS) FAQ and updated the application portal, clarifying a number of important questions for business owners on the deeming rule for claim periods 5 to 10, employee bonus and commission in eligible remuneration calculations, and how to handle pay associated with termination when applying for the CEWS. We’ve pulled out the highlights for you:

Now is the right time to enhance your credentials and train your teams for the upcoming tax season, and our Black Friday Sale is here to get you started. This week only: save 55% on tuition when you enrol in any two courses of your choice for $995.

This just in:  a post-secondary education can bring on joy. A 2018 National Graduates Survey released by Statistics Canada on November 17 surveyed 2015 post-secondary graduates in Canada. It reports that the majority of graduates were satisfied with their jobs, felt qualified for them and 91% were working full time. 

Just released: the agenda for the January 20 Advanced T1 Tax Updated and Virtual CE Summit.  This is your opportunity to attend Canada’s most comprehensive T1 filing course from Canadian tax experts Evelyn Jacks, Larry Frostiak, Dr. Dean Smith and Alan Rowell; this time addressing a national audience in this year’s virtual webinar format. RSVP now: early-bird savings end January 15 and there is special pricing for firms who wish to enrol teams.