COVID-19 financial literacy: I lost my job. What do I do now?

Lost your job due to COVID-19? Find out how to manage your expenses and access government support programs that can help you weather this storm.

Many Canadians have lost their jobs due to COVID-19. CPA Canada provides tools and resources on managing your finances during an emergency and provides guidance on programs the federal government has put into place to help you through this difficult time.

Webinars

These webinars are made possible by the generous support of Canada Life, our national development sponsor.

Survive and thrive: Move forward financially after job loss due to COVID-19
Learn how to move ahead financially after the loss of a job. Understand how to budget after job loss and how to deal with debt.

Journey out of debt after COVID-19
Learn how to take control of debt, assessing the amount of debt, dept repayment options and more.

Protecting yourself from fraud during COVID-19
Get tips on how to protect yourself from fraudsters during this crisis

Coping with stress during COVID-19
Learn how to take control of your stress during this uncontrollable time

Tools

Cash Flow Organizer
Get a clear picture of your cash flow — what is coming in and what is going out. 

Net Worth Worksheet
Get a snapshot of what you own (your assets) and what you owe (your liabilities).

Document Organizer
Organize your documents in preparation for filing your taxes.

Financial Wellness Guide
Our interactive questionnaire helps you understand money basics and how they apply to you.

Survive and Thrive: Moving ahead financially after losing your job (Publication)
Find out how to take control of finances if you or a family member is facing unemployment.

Just the facts – Adults
Get access to educational materials targeting the diverse financial needs of adults, ranging from topics on financial statements basics to effective financial management.

Podcasts

Tax in turbulent times

Tax season comes every year, but this year looks a bit different given the pandemic circumstances. In this episode, we talk all things tax with Fabio Bonanno, CPA, CA, principal, Taxation at CPA Canada, as he walks us through some of the government benefits available and what we need to know about tax during the COVID-19 crisis. This episode was recorded via Skype.

Apple Podcasts | Podbean | Google Podcasts | Spotify

Saving with volatile incomes

The pandemic has caused many to re-evaluate their financial situation and closely analyze expenses and needs versus wants. In such unpredictability, some are even wondering what they can do now to benefit their financial situation long-term, including saving. Join entrepreneur Garth Sheriff, CPA, CA, as he shares his story on how he and his family are tracking costs during COVID-19 and provides listeners with practical strategies for saving during this volatile time. This episode was recorded via Skype.

Apple Podcasts | Podbean | Google Podcasts | Spotify

To listen to more episodes, visit Mastering Money: The Educator’s Edition podcast page.

Articles

Avoiding fraud and identity theft in times of crisis
It’s said that a crisis brings out the best in people and, in most cases, that’s true. But there is a dark side to tough times, as fraudsters prey on people who are uncertain and looking for easy answers.

Habits to improve financial wellness
Many of us find ourselves in the same financial rut over and over again. The following blog post offers tips on improving your financial wellness.

Being financially savvy will help you sleep better at night
Financial wellness has less to do with how much money you earn, and more to do with how you manage it.

Real estate investments: How to manage your mortgage interest deductible
How do homeowners deduct their mortgage interest? Read more and find out the pros and cons.

Federal government support

  • Canada Emergency Response Benefit (CERB)
    • taxable benefit of $2,000 a month for up to six months – available March 15 to October 3. Deadline is December 2, 2020
    • eligibility
      • live in Canada and are at least 15 years old
      • stopped working because of COVID-19 or are eligible for EI regular or sickness benefits
      • have not voluntarily quit their job
      • had income of at least $5,000 in 2019 or in the 12 months prior to the date of their application
    • allows people to earn up to $1,000 per month while collecting the CERB
    • extend the CERB to seasonal workers who have exhausted their EI regular benefits and are unable to undertake their regular seasonal work because of COVID-19
    • extend the CERB to workers who have recently exhausted their EI regular benefits and are unable to find a job because of COVID-19
    • should not apply for the CERB if already applied for EI
  • Employment Insurance
    • a medical certificate is no longer required for EI claims beginning March 15, 2020 or later
    • if you are eligible for a new EI claim starting March 15, 2020 or after, your EI Regular and Sickness benefits will be delivered as part of Canada Emergency Response Benefit
    • if already applied for EI, should not apply for the CERB
  • increasing the Canada Child Benefit – An extra $300 per child
  • special Goods and Services Tax credit payment
    • one-time payment for low-income and modest income families
    • close to $400 for single individuals
    • close to $600 for couples
  • extra time to file income tax returns
    • filing due date for 2019 tax returns of individuals (other than trusts) deferred until June 1, 2020 (Payment due date for 2019 tax year is extended to September 1, 2020.)
    • any new income tax balances due, or instalments, being deferred until after August 31, 2020 without incurring interest or penalties
    • if expecting benefits under the Goods and Services Tax credit or the Canada Child Benefit, do not delay filing
  • mortgage support
    • homeowners may be eligible for mortgage payment deferral for an indefinite period
    • not mortgage forgiveness
      • interest is added to the outstanding balance of the mortgage
      • incorporated into the monthly payment either when payments resume at the end of the deferral or upon renewal at the end of the mortgage term
    • For more information, contact your bank or visit the Canada Mortgage and Housing Corporation’s webpage COVID-19: Understanding Mortgage Payment Deferral.
  • a moratorium on the repayment of Canada Student Loans
    • six-month interest-free moratorium placed on federal portion of student loans
    • loan repayments and interest automatically suspended until September 30, 2020
    • students do not need to apply for the repayment pause

View a complete list of support and up-to-date information on the Federal Government’s COVID-19 Response Plan

Provincial support

Alberta

British Columbia

Manitoba

Newfoundland & Labrador

New Brunswick

Northwest Territories

Nova Scotia

Nunavut

Ontario

Quebec

Prince Edward Island

Saskatchewan

Yukon

 

For questions, please email us.