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Aug
26

3 New Financial Support Measures for Individuals Announced

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The Federal Government recently introduced the following financial support measures to help individuals during this difficult time:• Canada Recovery Benefit (CRB): The CRB will provide $400 per week for up to 26 weeks to workers who are self-employed, are not eligible for EI but still need income support, are available and looking for work and whose income has dropped or not returned due to COVID-19. Please note that you must have at least $5,000 of employment and/or self-employment income in 2019 or in 2020 to be eligible and have not quit your job voluntarily. This benefit will start on September 27th...
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Aug
19

What you need to know about the recent CRA cyberattacks

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Recently, the Federal Government announced incidents of “credential stuffing” attacks on the GCkey service and CRA accounts. These attacks allowed hackers to take advantage of the fact that many people reuse passwords and usernames across multiple accounts. The GCkey is used to access several services such as Employment and Social Development Canada’s My Service Canada Account or their Immigration, Refugees and Citizenship Canada account. 9,041 users from about 12 million active GCkey accounts were fraudently used to access government services. The Federal Government said that it has cancelled the affected GC Key accounts as soon as the threat was discovered. Affected...
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Aug
16

Government Measures to Help us Manage our Finances through the Pandemic

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The Federal Government has offered several support measures to help Canadians manage their finances during this difficult time.  Here is a quick reference list of what is/was available: Tax:  The CRA deferred the filing of tax returns and have also extended the payment deadline to September 30, 2020.  Benefits:  In May 2020, the Canada Child Benefit was increased to an extra $300 per child.  Special one-time payment for Seniors was also given in July 2020. Loss of income:  The Federal Government introduced the Canada Emergency Response Benefit for individuals who lost their jobs due to COVID and the Canada Emergency Student Benefit for students...
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Jul
29

Canada Emergency Wage Subsidy (CEWS) Extension and Other Updates

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Canada’s Finance Minister recently announced proposed changes to the Canada Emergency Wage Subsidy (CEWS) including the extension of the program until December 2020. Please note that there are significant changes to this program because of these announced proposals, effective July 5, 2020. The following are the legislative proposals for the CEWS: Extension of the CEWS until December 19, 2020 including redesigned program details until November 21, 2020.Make subsidy available to employers with a revenue decline of less than 30% and provide a gradually decreasing base subsidy to all qualifying employers.Introduce a top-up subsidy of up to an additional 25% for employers...
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