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Financial Issues & Answers for Everyone
A thorough analysis of today’s financial news—delivered weekly to your inbox or via social media. As part of Knowledge Bureau’s interactive network, the Report covers current issues on the tax and financial services landscape and provides a wide range of professional benefits, including access to peer-to-peer blogs, opinion polls, online lessons, and vital industry information from Canada’s only multi-disciplinary financial educator.
May 2025 Poll
Does the Liberal promise expected soon to cut the lowest personal income tax rate by 1% to 14%, go far enough to help Canadians impacted by high costs?
CERB: New Help for Under-Employed & Front-Line Workers
The eligibility criteria for the CERB has been criticized for its failure to help those that have jobs but are under-employed and under-earning during the pandemic. This was addressed on April 15, when the federal government introduced new eligibility criteria for those earning less than $1,000 per month. It’s been a gap since zero income for at least two consecutive weeks has been a requirement to receive the CERB so far.
Recently Laid-Off? Process for New CERB Applications
Recently unemployed or are earning zero income due to COVID-19 and need to apply for the CERB for the first time? The application process has changed slightly since it first opened. So, beware: how you apply may not be the same as what you heard your friends, family, or colleagues did earlier this month.
Make it Right: Returning CERB Payments You’re Ineligible For
On April 6, the government initially opened the CRA application process with two portals: one through the CRA (for those ineligible for standard EI) and one through Service Canada and the standard EI program. This lead to many Canadians receiving duplicate $2,000 payments last week – one from each program. What now?
Small Business Owners Still Falling Through the Cracks
Small business owners in Canada are among the most impacted fiscally by the pandemic, according to the Canadian Federation for Small Business (CFIB). In a recent survey, the group reported that almost 80% of small businesses are fully or partially closed, and on average, it’s cost them more than $200,000 already. Will the new announcements from this week help?
Wage Subsidy: Finally, Details on New EI/CPP Refunds
With the passing of Bill C-14, the COVID-19 Emergency Response Act, No. 2 on April 12, 2020 Canadian businesses have some surety on the 75% Canada Emergency Wage Subsidy (CEWS), and the money could flow in 2 to 5 weeks. However, there are some of the important new details to consider including a new refund of the employer’s portion of EI/CPP benefits.
