Category Archives: Coronavirus – Students

Personal Tax Planning Tips – End of 2020 Tax Year

    To help our clients, we’ve put together a comprehensive article filled with great tips on how to get ready for 2020 tax season. Here’s a summary of our personal tax tips article:

    • Details about the different COVID-19 benefits programs and the tax ramifications of them

    • Information about family tax issues including the Canada Child Benefits and tips on how to split income.

    • Managing investments. Details about contributing to various savings plans such as a TFSA, RESP, or RDSP. Also tips on how and when to donate to charity and how to time the purchase or sale of investments.

    • Retirement planning. How to make the most of your RRSP, things to know if you’ve turned 71, and tips on RRIF conversion.

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    CERB transitions to NEW Recovery Benefits and EI

      On August 20th, the Federal Government announced the extension of the Canada Emergency Response Benefit (CERB) by one month and the transition to the Canada Recovery Benefit, Canada Recovery Sickness Benefit, Canada Recovery Caregiving Benefit and a simplified EI.

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      $1,000 BC Emergency Benefit for Workers applications start May 1st

        On May 1st, the BC Government will start taking applications online for the BC Emergency Benefit for Workers. Telephone applications will start on May 4th but it is strongly recommended that you apply online as they anticipate high call volumes. This benefit provides a one time payment of $1,000 to residents of BC whose ability to work has been affected due to COVID-19.

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        Canada Emergency Student Benefit: Students will be eligible for $1,250 a month from May through August

          Great news for students worried about financially making ends meet. Prime Minister Justin Trudeau announced the Canada Emergency Student Benefit which provides $1,250/month from May through August or $1,750/month for those taking care of someone else or have a disability.

          For students looking to volunteer to help fight COVID-19, the Canada Student Service Grant provides $1,000 to $5,000

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          Expanded eligibility for Canada Emergency Response Benefit (CERB) & Boosted wages for Essential Workers

            Prime Minister Justin Trudeau announced:

            “Today, we’re announcing more help for more Canadians. This includes topping up the pay of essential workers. At the same time, we’ll also be expanding the Canada Emergency Response Benefit to reach people who are earning some income as well as seasonal workers who are facing no jobs and for those who have run out of EI recently. Expanding the CERB to include people who earn up to $1,000 per month. Maybe you’re a volunteer firefighter, or a contractor who can pickup some shifts, or you have a part-time job in a grocery store.”

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