Government of Canada’s Fall Economic Statement and Budget – Highlights

A picture of someone holding Canadian money to denote how the Government of Canada's fall economic statement will affects many Canadian's pocket books.

On Monday November 30, 2020, I got up and watched the Government of Canada’s fall economic statement. I wanted to see what further relief plans they had for Canadians who are struggling due to the ongoing COVID-19 pandemic. The finance minister, Chyrstia Freeland, mentioned a myriad of things they were planning to do with some ideas being more concrete than others. Here are some of the highlights below.

Government of Canada’s Fall Economic Statement- Increasing the Canada Emergency Wage Subsidy (CEWS) Rate

To continue to help businesses, the government is increasing the maximum rate of the Canada Emergency Wage Subsidy to 75 per cent for the period beginning December 20, 2020 and extending this rate until March 13, 2021. This means the government will cover up to 75% of employees’ wages during this time period. Originally, this had decreased, but this amount has now been restored to cover up to 75% of wages again.

Extension of The Canada Emergency Rent Subsidy (CERS) Rate and Lockdown Support

The current maximum rate of the Canada Emergency Rent Subsidy is 65 percent and businesses severely affected by a lockdown good get could get up to additional 25 percent of eligible expenses. This rate was to last until December 19, 2020 but now has been extended until March 13, 2021.

Potential Support for Airlines, Tourism, Hotels, Arts – Highly Affected Sectors Credit

The Finance Minister also mentioned setting up low interest loans in these industries of up to a million dollars. Those industries, as noted in the heading, are airlines, tourism, hotels and the arts. The terms of these loans would be extended over a period of up to 10 years. This will be called the Highly Affected Sectors Credit Availability Program.

Government of Canada’s Fall Economic Statement – More Support for Families

To help families with young children through the pandemic, the government will provide temporary support of up to $1,200 in 2021 for each child under the age of six for families entitled to the Canada Child Benefit.

Conclusion

The Government of Canada’s Fall Economic statement contained a lot of details on programs and ideas to help Canadians navigate through this pandemic and beyond. The above were just some of the main highlights gleaned from it. If you want a more detailed listing, please visit the government’s website. The cost of these programs will be enormous but the government feels it is necessary for the situation we are in. Will it help? Only time will tell but for many who are suffering due to covid-19, any help at all is good help. Stay safe.

Bowflex Motivator 2 – Is it Still Available?

Here's a picture of the bowflex motivator 2 home gym.

The Bowflex Motivator 2 is a popular home gym that is in high demand today due to the pandemic. And this makes sense because in many places, gyms and workout studios are closed. Also, in places where these are still open, many people are nervous to go to these places due to fear of catching the virus. As a result, many are now purchasing home gyms to keep themselves in shape.

At the top of the list is the Bowflex Motivator 2. And it makes sense because this is a versatile home gym that can give anyone a quality full body workout. Also, it is easy to move from one exercise to another. It is not big and bulky like some other home gyms on the market. And finally, it is fairly durable. So where can I purchase it?

Bowflex Motivator 2 – Discontinued

Unfortunately, this product has been discontinued. Are there any other options that Bowflex provides? Fortunately, there are a couple other home gyms that are available such as the Bowflex Pr 1000, Bowflex Pr3000 and Bowflex Blaze. These home gyms are very similar to the Bowflex Motivator 2 in providing a variety of exercises, durability and easy transition. For further analysis, please have a look at the following Bowflex home gyms below:


Bowflex PR3000 Home Gym


Bowflex Blaze Home Gym

Conclusion

The Bowflex Motivator 2 might be discontinued but all is not lost. There are alternative home gyms available such as the Bowflex Pr1000, the Bowflex Pr3000 and the Bowflex Blaze. These home gyms provide similar results and quality as provided by the Motivator 2. So if you are looking to keep in shape during these unprecedented times and going to the gym is not an option. Perhaps getting a Bowflex might be for you! Take care and stay safe everyone.

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New Canada Emergency Rent Subsidy – What is it? (CERS details)

A for rent sign to denote the new Canada Emergency Rent Subsidy program for businesses and organizations.

A few days ago the federal government announced the new Canada Emergency Rent Subsidy to help businesses cover their rent due to the continued financial crisis caused by the COVID-19 pandemic. This was good news to the many businesses struggling to stay afloat. What is this new program?

New Canada Emergency Rent Subsidy (CERS) Replaces CERCA Program

The New Canada Emergency Program (CERS) will replace the old Canada Emergency Commercial Rent Assistance Program (CECRA) which ended on September 26, 2020. The biggest change between the two programs was that under the old CECRA program the commercial landlords had to apply for the program for businesses that needed rent relief. And they were under no obligation to apply, often leaving tenants in a very difficult situation.

However, under the New Canada Emergency Rent Subsidy Program, the government will now directly help the businesses and organizations who need relief. This means that businesses can apply to the program themselves and no longer need their landlords to apply. So what are the details of the program?

Details of Canada Emergency Rent Subsidy Program (CERS)

The program so far is thin on details and even on the government’s website it says that more information will be coming soon. But from the government’s news release on October 9, 2020 and other reports, here’s what has been shared so far.  The new rent subsidy will support businesses, charities and non-profits that have suffered revenue drops by subsidizing a percentage of their expenses on a sliding scale, up to a maximum of 65 per cent of eligible expenses. This will last until December 19, 2020.

In addition to the rent subsidy, there will be a top-up of 25 percent available for organizations that have been temporarily shut down by a mandatory public health order.

When Will it Start? Conclusion – CERS for Business owners

There was no indication of when businesses and organizations can apply for this new program. However, when it does finally start, applicants can apply for their subsidy to start retroactively as of September 27, 2020. Once the government announces when people can apply, we will provide an update.

The new wage subsidy program is a potential relief for businesses and organizations that are struggling to survive during these unprecedented times. Hopefully, more details will become available shortly as the situation is dire for many businesses. And with COVID-19 cases on the rise again, the financial future seems more uncertain than ever. Stay safe.

When Will CERB Finally End? New End Date and Programs

A picture to denote someone getting ready to crunch their finances based on the question will cerb finally end and the programs to come afterwards.

When will CERB finally end? That has been the million dollar question for the summer of 2020. However, now it seems the government has given a definite answer after extending the program one more time and has laid out plans for other programs to start right afterwards. Let’s look at these details.

When Will CERB Finally End? – CERB Extension and End Date

CERB or the Canada Emergency Response Benefit has been extended 4 more weeks for a total of 28 weeks. The rate is still $500.00 per week. However, the end date of CERB has changed. It is now ending as of September 26, 2020. So the window to collect a potential of 28 weeks goes from March 15, 2020 to September 26, 2020. What happens next?

When Will CERB Finally End? – New Programs Announced

The government announced that as of September 27, 2020, there will be four new programs that Canadians can apply for to help them through the financial crisis caused by COVID-19. They are a new EI program, and three new temporary benefits programs. Let’s take a look at each one these.

Restructured Employment Insurance Program

The government announced that people who are currently are on CERB and who qualify for EI benefits will be transitioned into the Employment Insurance program. This means that if you applied for CERB through Service Canada, you will automatically be set up for EI benefits. If you applied for CERB through CRA, then you would have to apply for EI. So what are the details of the EI program?

Here are some of the details from the government of Canada’s website below:

“EI will now be available to more Canadians, including those who would not have qualified for EI in the past, adding more than 400,000 people into the program.Those receiving EI will be eligible for a taxable benefit rate of at least $400 per week, or $240 per week for extended parental benefits, and regular benefits will be accessible for a minimum duration of 26 weeks. “

How Many Insurable Hours Do I Need to Qualify for EI Benefits?

The Government has lowered the required insurable hours of work to qualify for EI benefits to 120 hours in the last 52 weeks or since your last Employment claim. How can they do this?

First as indicated from their website, they are going to give a person a credit of 300 insurable hours if they are applying for Regular Employment insurance benefits. If someone is applying for special benefits such as sickness or maternity benefits they will receive a credit of 480 insurable hours. So the government is giving a credit to help make up the difference so you can qualify for EI.

Second, the government has established a minimum unemployment rate for the EI program of 13.1% across Canada. What does this mean? It basically means that a person cannot collect anything less then 26 weeks of benefits. Normally, the unemployment rate used was based in the city or area you lived and the lower the rate of unemployment, the lower the minimum weeks that someone could collect.

If I Do Not Qualify for EI Benefits, Are There Other Options?

As previously indicated, if someone does not qualify for Employment Insurance benefits, the government announced three addition programs. Here they are one by one below.

Canada Recovery Benefit – This program is for self employed workers who do not qualify for employment insurance benefits and need income support and who are looking and are available for work. They can be provided with $400.00 per week up to 26 weeks.

Canada Recovery Sickness Benefit – The government will provide up to $500.00 per week for up to two weeks for someone who has to self isolate for reasons related to COVID-19.

Canada Recovery Caregiving Benefit – This program will provide up to $500.00 per week for up to 26 weeks per household to eligible persons who have to take care of a child, family member with a disability or a dependent who cannot attend school or be at a care facility or get other care due to COVID-19.

All of these new programs start as of September 27, 2020 and all are temporary with a duration of one year. For more details on the specific eligibility requirements, please look at the government of Canada’s website.

Conclusion

CERB will finally end on September 27, 2020. At this point the government has revamped the Employment Insurance program and set up three temporary programs to help Canadians transition out of the financial crisis caused by the pandemic. The goal is to get as many Canadians back to work as possible in this time as the financial costs of having so many Canadians on CERB was immense. Will it work? Only time will tell. However, no matter how good the plans may be, everything will be dependent on how COVID-19 affects life and the economy in the fall and winter. And that is the ultimate wild card. Please stay safe.