The Covid-19 pandemic brought financial hardship to millions of Canadian residents and they sought the support of government benefits. People who received COVID-19 emergency or recovery benefit payments in 2021 ask these 5 questions during this tax season; 1. Will the COVID-19 benefit payments affect my 2021 taxes? YES. If
The birds are singing and the snow is drip-drip-dripping. Spring is coming. With new seasons also come new costs. When we look at budgeting, we mainly look at monthly expenses and ways to manage those expenses. But there are also seasonal expenses as well. Some may be switching from winter
BEWARE! There is a new way to pay for small purchases… and you should avoid it. More retailers are offering the choice of paying by installments, even for small purchases like cosmetics and clothes. Christmas is a big opportunity for stores to promote the buy now, pay later system. These
Teaching your kids about Budgeting using Halloween Candy Do you remember the thrill and excitement of dumping out your candy on your floor after a night of running around the neighbourhood? I loved sorting the candy and deciding which candies to eat immediately and which to save for later. Would
The Canada Recovery Benefit (CRB) will expire on October 23rd and will be replaced by a new targeted benefit known as the Canada Worker Lockdown Benefit that will run until May 7, 2022 (retroactive to October 24, 2021).The “Lockdown Benefit” will be for those whose work is directly impacted by
For many people, their mental health can be deeply impacted by financial concerns. A recent article by the Financial Post explores the connection of mental health challenges to income, housing and employment insecurity which for many has been made worse by the effects of the pandemic. A survey by Credit
Looking to make some positive changes in your life? Our “Turning Over Stones” brochure contains useful information relating to local utility assistance, home repairs and energy programs, financial literacy, support for children and newcomers and more. This resource along with information on our Financial Literacy Program is available online at
If you’re 60 years or older and you’re living on a fixed income, this video provides valuable information on Federal financial support through the Guaranteed Income Supplement (GIS). Please note that the eligibility criteria for the 2020 tax year has changed since the preparation of this video. Please see cut-off
For those seniors that received the CERB and the Canada Recovery Benefit, many now will not qualify for the Guaranteed Income Supplement (GIS) or may face drastic reductions to their payments. Like employment insurance, the guaranteed income supplement (GIS) is income-tested. That means the previous year’s taxable earnings – including
“Pay yourself first.” This is a mantra that is used to help personal finances.What does it mean? This means putting money away for emergencies. Pick an amount – any amount – and put it in a separate account every month. Make this non-negotiable. You can put it in a regular
