Summary of Federal Financial Support

By Scott Boassaly, MBA, President and Principal Advisor at Balance Financial

On March 25, the Federal Government updated their financial support to the growing economic challenges caused by COVID-19. Click on the button or any of the links below for details.

In an effort to keep you as informed as possible on the financial impact of the COVID-19 crisis, we’ve updated our summary of the federal government’s COVID-19 Economic Response Plan announced on Wednesday. Click below for details.

The primary update is the introduction of the Canada Emergency Response Benefit, as well as increasing the wage subsidy for qualifying businesses.

 

As before, we were pleased to see the reduction in the minimum annual RRIF withdrawal, which supports what we’ve been advising our retired clients: avoid, as much as possible, withdrawing from investments when they’re down in value.

 

One caveat is not to take advantage of the extension of the tax filing date for individuals if you receive the Canada Child Benefit. Delaying the filing of your tax return will delay the payment of the enhanced CCB.

 

As always, if you have any questions, please call, text or email us, or request a Zoom video conference. You can also find additional COVID-19 resources on our web site. We’re here to help.

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Scott Boassaly, MBA, President and Principal Advisor at Balance Financial

Scott Boassaly, MBA, President and Principal Advisor at Balance Financial

Scott founded Balance Financial in 2019, the culmination of a 15-year journey to provide accessible and customizable financial planning for clients. In his role as President and Principal Advisor, Scott develops business strategy for the company while managing his own practice. Working closely with his clients, Scott allows people to tell their story and write more chapters as they pave their financial paths together.

A former high school teacher and college instructor, Scott continues that passion for education by providing retirement workshops to the Federal and Provincial public service, as well as free public workshops to adults and teens.

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