Covid financial advice – Canadian government benefits available to individuals & businesses

In preparation of this blog post, it was important for me to again speak upon the “NEW” financial landscape or reality that many have been “thrown” into over the course of the Covid pandemic. As you can imagine, many people, concerned with their personal finances have asked themselves how they should proceed with regards to their wealth management in a COVID-19 context.

This post, again, is to provide support for those who might need. Seriously, feel free to call!

Free financial advice to those who need

First of all, before diving into this month’s blog article on the government benefits available to individuals and businesses, I need to begin by simply reminding people that my team of financial advisors is currently providing free advice to any who need it.

My team at Assante Capital Management Ltd. and I, like many financial advisory firms across Canada have been inspired to lend our expertise to whoever wants or needs it. The goal is simple, to provide a listening ear and some expert advice to anyone, regardless of their situation.

This service has been available since the outset of Covid-19. However, we still meet (virtually for the most part) people that are not necessarily doing everything they could in light of their specific situation. Simply put, not everyone is a financial advisor or financial planner. We want to help people. The way we go about doing so, is by providing financial advice based on each individual’s specific circumstance.

Should you or someone you know be in need of some objective financial advice, please do not hesitate to let them know, I personally, along with my team at Assante am available for free financial advice. We set aside one day per week to schedule meetings and calls to essentially field any and all questions…do not hesitate to take us up on our offer. It is our pleasure to help where we can.

Canadian government benefits available: For individuals & businesses

Along the same lines of providing free financial advice comes this month’s topic, that being Covid-19 financial advice as it relates specifically to government benefits available to individuals and businesses.

For a detailed explanation of any and all of these, please visit the Government of Canada website. For a custom look at how any of these could benefit you individually or for your business feel free to reach out to us to schedule a call.

Individuals & family Covid-19 benefits available

Employment Insurance (EI) program
Canada Recovery Benefit (CRB)
Canada Recovery Sickness Benefit (CRSB)
Canada Recovery Caregiving Benefit (CRCB)
Mortgage payment deferral

Persons with disabilities

Special one-time, tax-free, non-reportable payment

Post-secondary students and recent graduates

Helping student loan borrowers

Seniors

Temporarily extending the Guaranteed Income Supplement and Allowance payments
Reduced minimum withdrawals for Registered Retirement Income Funds

Indigenous peoples

Supporting Indigenous communities
Boosting the On-Reserve Income Assistance Program
Funding for additional health care resources for Indigenous communities
Expanding and improving access to mental wellness services
Making personal hygiene products and nutritious food more affordable
Providing support to Indigenous post-secondary students
Ensuring a safe return to school for First Nations
New shelters to protect and support Indigenous women and children fleeing violence
Indigenous peoples can also access all other benefits

It is worthwhile noting that the Canadian Government has provided an excellent tool for individuals here to help create a personalized list of support options based on your particular situation.

Business Covid-19 benefits available

Avoiding layoffs, rehiring employees and creating new jobs

Canada Emergency Wage Subsidy (CEWS)

Extending the Work-Sharing program

Creating new jobs and opportunities for youth

Extension of lay-off periods

Taxes and tariffs

Waiving tariffs on certain medical goods

Financial support, loans and access to credit

Canada Emergency Business Account (CEBA) interest-free loans

Canada Emergency Rent Subsidy (CERS) find the rent calculator here

Loan Guarantee for Small and Medium-Sized Enterprises

Co-Lending Program for Small and Medium-Sized Enterprises

Regional Relief and Recovery Fund (RRRF)

Canada United Small Business Relief Fund

Mid-Market Financing Program

Mid-Market Guarantee and Financing Program

Large Employer Emergency Financing Facility (LEEFF)

Additional support by sector

Targeted support

Supporting Black-led business organizations through the National Ecosystem Fund
Supporting Black business owners and entrepreneurs through the Black Entrepreneurship Loan Fund
Young entrepreneurs

Support for self-employed individuals

Canada Recovery Benefit (CRB)

Canada Recovery Sickness Benefit (CRSB)

Canada Recovery Caregiving Benefit (CRCB)

Indigenous businesses

Relief measures for Indigenous businesses
Supporting business through the pandemic and into recovery
Supporting the Indigenous tourism industry
Indigenous peoples can also access all other benefits

Supporting financial stability

Relief for federally regulated pension plan sponsors
Launching an Insured Mortgage Purchase Program
Bank of Canada’s actions
Office of the Superintendent of Financial Institutions actions

It is worthwhile noting that the Canadian Government has provided an excellent tool for businesses here to help them create a personalized list of support options based on their particular situation.

In addition to the above governmental resources Assante Wealth Management published an excellent article that too contains a wealth of information for individuals and businesses regarding Covid-19 relief, that article can be found here.

Financial help has becomes free

The financial stress that has been placed on individuals, families, businesses and even our own government is unprecedented. There is no book or plan in place to help navigate the tumultuous reality that is Covid-19 and 2020.

This being said, we are steadfast in our conviction that business, wealth and ultimately recovery will come from all of us doing our part to chip in where we can. In our case, as is the case for many Assante financial advisors across Canada, the best way we can chip in is by lending an ear to listen to those that need to talk finance and then provide advice based on those conversations.

Recovery, growth and even prosperity will come from all of us sharing what we know best, in our case, this means that some of our typical fee-based services, at least at the beginning of our conversations has become free.

As always, as an Assante senior investment advisor my goal is to help you maximize your financial growth, preserve capital and safeguard your family’s financial future with peace of mind.

I or any of my team can be reached anytime via our blog contact page, website and or Facebook Messenger.

Assante Capital Management Ltd. is a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada.

This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please make sure to see a professional advisor for individual financial advice based on your personal circumstances.