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.Bold Thinking: DAC Brings Keen Thought and Big Fun to Virtual Conferencing
The agenda is amazing and so is the innovative virtual fun factor at DAC Acuity 2020! You are in store for the outstanding educational experience DAC delegates have come to rely on, including the pre-approved CE Credits. But this will be the most memorable virtual conference you will have attended this year. Early registration ends September 15. Here’s the cast and the program guide to this incredibly innovative event:
Virtual CE Summit on Pandemic Financial Fallout: September 30
The financial fallout of the Pandemic will manifest itself in several ways this fall: tax auditing for individuals receiving the CERB and EI payments, estimated Canada Child Benefits, OAS and other government benefits, tax audits for businesses receiving wage subsidies and GST/HST tax filing relief as well as personal and business bankruptcy. As important, financial distress relating to family health care is at the forefront of planning. Learn more at the next Virtual CE Summit on September 30!
Knowledge Bureau and Advocis Partner to Offer MFA-P™ Designation to Members
September 3, 2020. Knowledge Bureau, a pre-eminent national financial education institute and Advocis, The Financial Advisors Association of Canada, are pleased to announce their collaboration in offering specialized financial education to Advocis Members. The first program to be offered, effective September 3, 2020 is the MFA-P™ Designation.
Special Report: The End of the CERB
Canada is transitioning away from the Canada Emergency Response Benefit (CERB) and towards two new pillars of support to ease the economic disruption caused by the pandemic. Pillar 1 includes three pared-down “recovery” benefits and Pillar 2 focuses on a new “Simplified” Employment Insurance regime. The CERB has been extended by another four weeks but will end on September 26.
CERB to EI: The Stakes are High
The final CERB payment period will end on August 29, leaving millions of people at risk of receiving nothing more and wondering what will happen next. Now that Parliament has been prorogued to September 23, a very uncertain fall lies ahead of many of them. However, government sources confirm that more information is forth coming before the end of this month on on how the CERB program will transition to EI. Tax, bookkeeping and financial advisors can identify clients at financial risk to have more proactive discussions about their options, especially as tax bills come due on September 30 for the 2019 tax year. But how do you do so?
Applications Open for CEWS Period 5
Despite a hack at CRA, which shut down its site for applicants of various pandemic relief programs, Period 5 Canada Emergency Wage Subsidy (CEWS) applications can now be accessed. This newly extended program also marks the beginning of new eligibility requirements. There is now a sliding revenue test, eliminating the requirement for a minimum 30% drop. In addition, a special top-up subsidy is available to some employers. Following are details to consider:
