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.