Feds adjust CERB as many Canadians face end of eligibility
The federal government rolled out changes to the Canada Emergency Response Benefit (CERB) on Thursday, extending its lifespan and introducing a raft of amendments and additional benefits to help transition some Canadians to Employment Insurance. BNN Bloomberg’s Ian Vandaelle breaks the measures down into bite-sized morsels to help you understand all the changes.
New CERB should remove concerns workers are disincentivized to return
One of the benefits of the new programs how they could allay any concerns that CERB was disincentivizing Canadians from returning to the workforce. “Under the new programs, you can work, and you can work while on claim and collect EI, and if you qualify you also get Canada Recovery benefit as a self-employed person,” CIBC Private Wealth Management managing director Jamie Golombek told BNN Bloomberg in a Friday interview. “I think that employees need to look at the big picture long-term to get reconnected with an employer," he added, encouraging both sides to examine all their options when returning to work.
Top tips on what to avoid when saving with a TFSA
Nearly two-thirds of Canadians have opened a tax-free savings account since it was introduced over a decade ago. But while many people have adapted the savings plan into their investment strategy, there are many restrictions you should be aware of. Personal finance columnist Dale Jackson outlines eight things to keep in mind to get the most out of your TFSA.
Canadians cut back on credit card spending and focus on paying off balances
Access to credit slowed in the second quarter as applications for credit cards and lines of credit dropped. A TransUnion report found a pullback in credit card usage as many Canadians cut back their spending and turned their focus to reducing outstanding credit balances. CTV's chief financial commentator Pattie Lovett-Reid said this report may signal that Canadians are preparing for more uncertainty due to the COVID-19 pandemic and taking the time to help fix their credit situation while they still can.
PPE, sanitizer and masks: School supplies in the age of COVID-19
The classic back-to-school supply list will look a little different this year as items like hand sanitizer and masks join the ranks of binders and pencil cases. According to a Deloitte survey of 1,200 parents, families already planning to spend an average of $102 on school supplies, $216 on clothing and accessories, and $395 on computers and hardware, will kick in an additional $61 for supplies to ward off COVID-19. However, a Ryerson University associate professor says parents should not rush into purchasing supplies just yet. “Find out more about what your school district is doing, and then adjust according to that,” Seung Hwan (Mark) Lee told The Canadian Press. “A deal can always be had.”
TIP JAR
"Splitting retirement savings between an RRSP and TFSA allows you to limit RRSP withdrawals to the lowest tax bracket... It’s a great way to keep more of your retirement dollars in your pocket."
- Personal finance columnist Dale Jackson on passing the ball when it comes to where you put your retirement savings
