Client services | Smof Investment Manager, LLC https://www.you-first.com Sat, 27 Feb 2021 00:13:27 +0000 en-US hourly 1 https://www.you-first.com/wp-content/uploads/2017/10/favicon.jpg Client services | Smof Investment Manager, LLC https://www.you-first.com 32 32 BC Speculation Tax Declarations Due March 31st https://www.you-first.com/bc-speculation-tax-declarations-due-march-31st/ Sat, 27 Feb 2021 00:06:37 +0000 https://mammoth-seashore.flywheelsites.com/?p=8025 BC homeowners have begun receiving their Speculation & Vacancy Tax notices in the mail. The deadline to make your declaration is March 31st 2021. This is an annual filing requirement that homeowners are by this point well familiar, but for any new homeowners or those who require a refresher, please read on. Once you receive... Read More

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BC homeowners have begun receiving their Speculation & Vacancy Tax notices in the mail. The deadline to make your declaration is March 31st 2021. This is an annual filing requirement that homeowners are by this point well familiar, but for any new homeowners or those who require a refresher, please read on.

Once you receive your letter in the mail, go to the BC government website’s speculation tax page here.

On the right side of the webpage, click “Declare Now”.

The letter you received will include a Declaration Code and a Letter ID. You will require these to complete the declaration.

Note that joint owners must both file declarations.

It is always advisable to save a copy of your confirmation.

Weekly Update – By The Numbers

North America Friday Close Weekly Change Weekly % Change YTD % Change
Canada – S&P TSX Composite 18,060 -324 -1.76% 3.60%
USA – Dow Jones Industrial Average 30,932 -562 -1.78% 1.07%
USA – S&P 500 3,811 -96 -2.46% 1.46%
USA – Nasdaq 13,192 -682 -4.92% 2.36%
Gold Futures (USD) $1,733.00 -$50.10 -2.81% -8.71%
Crude Oil Futures (USD) $61.66 $2.65 4.49% 27.08%
CAD/USD Exchange Rate $0.7851 -$0.0076 -0.96% -0.10%
       
Europe / Asia Friday Close Weekly Change Weekly % Change YTD % Change
MSCI World Index 2,727 -79 -2.82% 1.38%
Switzerland – Euro Stoxx 50 3,636 -77 -2.07% 1.79%
England – FTSE 100 6,483 -141 -2.13% 0.34%
France – CAC 40 5,703 -71 -1.23% 2.74%
Germany – DAX Performance Index 13,786 -207 -1.48% 0.49%
Japan – Nikkei 225 28,966 -1,052 -3.50% 5.55%
China – Shanghai Composite Index 3,509 -187 -5.06% 1.04%
CAD/EURO Exchange Rate € 0.6499 -€ 0.0039 -0.60% 1.03%
Fixed Income Friday Close Weekly Change Weekly % Change YTD % Change
10-Year Bond Yield (in %) 1.4600 0.1150 8.55% 59.39%

 

 

Sources: Yahoo! Finance, CNBC.com, Government of British Columbia

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The 2020 RRSP Deadline is March 1, 2021: what are your funding options? https://www.you-first.com/the-2020-rrsp-deadline-is-march-1-2021-what-are-your-funding-options/ Fri, 22 Jan 2021 21:07:50 +0000 https://mammoth-seashore.flywheelsites.com/?p=7919 March 1, 2021 is the deadline for contributing to an RRSP for the 2020 tax year. Our office will send out multiple reminders between now and deadline day. Signing your contribution form is easier than ever. With our improved electronic consent procedure, you can now e-sign using your phone in as little as 30 seconds... Read More

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March 1, 2021 is the deadline for contributing to an RRSP for the 2020 tax year. Our office will send out multiple reminders between now and deadline day.

Signing your contribution form is easier than ever. With our improved electronic consent procedure, you can now e-sign using your phone in as little as 30 seconds and without the need to print. Contact us anytime for more information.

There are two ways a purchase can be funded:
 

  1. Pre-Authorized Debit (PAD): If we have your banking information on file, the funds can be taken directly from your chequing account. PADs take a few extra days to set up, but we can use this method right up until deadline day. As long as the request is submitted by the deadline, the investment companies will code the purchase as a first 60-day contribution, even if the funds come out of your account afterwards.
  1. Bill Payment (Nominee accounts only): If you have a Nominee RRSP, you can fund your account via bill payment through your financial institution’s online banking platform. The payee is Fundex Investments and the account # will be your RRSP account number (it starts with an N and contains 9 digits).

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Update on the tax benefits of working from home https://www.you-first.com/update-on-the-tax-benefits-of-working-from-home/ Sat, 12 Dec 2020 01:32:12 +0000 https://mammoth-seashore.flywheelsites.com/?p=7854 On March 31st, we posted a blog on the tax benefits of working from home. The information contained in March 31st blog still applies, but we want to make you aware of a potentially easier reporting method. The Federal Government proposed a “Simplified T2200” during their Fall Economic Statement. Under this proposal, the simplified T2200... Read More

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On March 31st, we posted a blog on the tax benefits of working from home. The information contained in March 31st blog still applies, but we want to make you aware of a potentially easier reporting method.

The Federal Government proposed a “Simplified T2200” during their Fall Economic Statement. Under this proposal, the simplified T2200 option would allow you to make a claim to deduct up to $400 in expenses in cases where you were forced to work from home due to the COVID-19 outbreak.

With the simplified T2200, you would not need to include an itemized expenses list and you would not be required to have your employer complete a standard T2200.

While not finalized, here is what a proposed Simplified T2200 might look like. At this point, the simplified T2200 is appears to be applicable only to the 2020 tax filing year.

Of course, you will still have the option of using the detailed T2200 method, should you choose. As many of you will no doubt be aware, the standard T2200 requires a greater level of detail and work on the taxpayer’s part.

Claiming home expense deductions requires keeping track of eligible home expenses like heat, work supplies, utilities, home office repair/maintenance, and providing workspace square footage and total home square footage. You are also required to have your employer complete the T2200 tax form on your behalf.

If you had to work from home more than usual due to COVID-19 but are unsure if the simplified or standard T2200 would be best for you, please contact us. We can help you determine which claim route would be best for you.


Weekly Update: By The Numbers

North America Friday Close Weekly Change Weekly % Change YTD % Change
Canada – S&P TSX Composite 17,549 28 0.16% 2.85%
USA – Dow Jones Industrial Average 30,046 -172 -0.57% 5.28%
USA – S&P 500 3,663 -36 -0.97% 13.37%
USA – NASDAQ 12,378 -86 -0.69% 37.95%
Gold Futures (USD) $1,843.50 $1.40 0.08% 21.28%
Crude Oil Futures (USD) $46.56 $0.49 1.06% -23.93%
CAD/USD Exchange Rate € 0.7833 € 0.0060 0.77% 1.73%
         
Europe / Asia Friday Close Weekly Change Weekly % Change YTD % Change
MSCI World Index 2,622 -18 -0.68% 11.20%
Switzerland – Euro Stoxx 50 3,486 -53 -1.50% -6.99%
England – FTSE 100 6,547 -3 -0.05% -13.35%
France – CAC 40 5,508 -101 -1.80% -7.86%
Germany – DAX Performance Index 13,114 -185 -1.39% -1.02%
Japan – Nikkei 225 26,653 -98 -0.37% 12.66%
China – Shanghai Composite Index 3,347 -98 -2.84% 9.74%
CAD/EURO Exchange Rate € 0.6463 € 0.0064 1.00% -5.84%
         
Fixed Income Friday Close Weekly Change Weekly % Change YTD % Change
10-Year Bond Yield (in %) 0.8930 -0.0760 -7.84% -53.47%

 

 

Sources: Advisor.ca, Yahoo! Canada Finance, CNBC.com

This information is provided for general information purposes only. It does not constitute professional advice. Please contact a professional about your specific needs before taking any action.

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An Update on the U.S. Economy https://www.you-first.com/an-update-on-the-u-s-economy/ Fri, 30 Oct 2020 23:51:58 +0000 https://mammoth-seashore.flywheelsites.com/?p=7827 Myles Zyblock, Dynamic Funds’ Chief Investment Strategist, offered the following insights around the U.S. economy this week: U.S. Economy: Q3 GDP and Beyond The world’s largest economy is in recovery mode. U.S. consumer spending has made an impressive comeback, manufacturing activity has firmed, and the stabilization in international markets is supporting trade. The second-quarter GDP... Read More

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Myles Zyblock, Dynamic Funds’ Chief Investment Strategist, offered the following insights around the U.S. economy this week:

U.S. Economy: Q3 GDP and Beyond

The world’s largest economy is in recovery mode. U.S. consumer spending has made an impressive comeback, manufacturing activity has firmed, and the stabilization in international markets is supporting trade. The second-quarter GDP collapse is likely to be followed by a sharp bounce higher, upwards of +25% annualized, when Q3 data is reported later this week.

The economic expansion is expected to stretch into 2021. The gathering momentum across the private sector is being supported by ongoing government stimulus. The combination of excess productive capacity and elevated personal savings rates points to the potential for above-trend economic growth, say close to 4%, over the coming calendar year.

COVID-19 is the wildcard. The key economic risk, in our opinion, is not the upcoming U.S. election. It is how the renewed spread from the coronavirus across many states feeds into behavior over the winter months. At this stage, we do not see it offering enough of a headwind to short-circuit the budding recovery, but it’s something which will require ongoing monitoring.

The Consumer is Making a Comeback

Core retail sales have more than recovered all that was lost during the early days of the pandemic. On a year-over-year basis, retail sales expanded by 9.1% in September which was the fastest pace of growth recorded since this series came into existence in 1993.

The consumer is being helped by an improving labor market. The unemployment rate has dropped to 7.9% from its peak level of 14.7% reached in April. Close to 11.5 million of the 22.1 million jobs initially lost in the pandemic have been restored. While it still has a long way to go, the labor market has made up a significant amount of lost ground over the past few months.

Trade Activity has Started to Mend

Trade was hit hard in the initial stages of the coronavirus pandemic. Exports fell by a whopping 33% and imports declined by 19% from February through to May. Both have started to recover. Firming global end-market demand has lifted exports, which are up by 21% from the May low. Imports have rallied by a respectable 20% since May, buoyed by strengthening domestic demand.

A better tone to trade signifies a recovering global economy and should help further support U.S. corporate earnings given that a growing share, now 21%, of those earnings are sourced from abroad. As a side note, the foreign exposure of S&P 500 earnings is estimated at a much higher 35-40% given that the index is dominated by large multi-national companies.

Government Activity is White Hot

According to the monthly Treasury statement, U.S. federal outlays for fiscal year-to-date have surpassed $3.6 trillion dollars. This represents an increase of about $1.2 trillion over the same period a year ago. This unprecedented spending surge has helped push the Federal Government’s deficit for 2020 to $3.1 trillion, or 16% of GDP. And the year’s not over.

Admittedly, government support has been a critical bridge for the private sector which has suffered staggering job and income losses. At the same time, it is pushing gross federal debt as a % of GDP above 100%, a level which surpasses the debt load carried as a result of WWII.

Wrapping It Up

  • The second quarter was one of the weakest quarters for U.S. GDP growth recorded in the past 100 years. However, a new recovery has begun. Growth has resumed for many indicators across the consumer, manufacturing and trade sectors. This is occurring alongside the ongoing support of government policy stimulus.
  • Q3 GDP is going to be released on Thursday, October 29th. The economics community expects growth of close to +30% on an annualized basis. GDP growth is likely to remain positive beyond the third quarter, albeit at a much slower pace.
  • The key economic risk, in our opinion, is not the upcoming U.S. election. Rather, it is how the renewed spread from the coronavirus feeds through into economic activity. At this stage, we do not see it as offering enough of a headwind to short-circuit the budding recovery.

(End of Myles Zyblock commentary)

New Containment Measures Enacted as Cases Rise, Markets Decline

As case counts continue to rise, new containment measures were announced in the past week in renewed efforts to mitigate the spread of COVID-19:

  • The measures announced yesterday remain in line with the base-case scenario, which calls for the use of more targeted restrictions rather than a return to the total lockdown of early 2020.
  • The new European measures are similar to those announced by the Quebec government earlier in October: four weeks of closures of restaurants, bars, cinemas, gyms; restrictions on gatherings; while keeping most businesses and schools open. The silver lining is that this approach appears to have had some success in the province as cases have since stabilized.
  • Markets are likely to remain hesitant until a date can be put on the arrival of a permanent solution to the pandemic. There is no way to know for sure when that will be, but recent news surrounding vaccine research remains generally positive as evidenced by the increased likelihood of a vaccine being available by the end of Q1-2021.

Weekly Update – By The Numbers

North America Friday Close Weekly Change Weekly % Change YTD % Change
Canada – S&P TSX Composite 15,581 -723 -4.43% -8.69%
USA – Dow Jones Industrial Average 26,502 -1,834 -6.47% -7.13%
USA – S&P 500 3,270 -195 -5.63% 1.21%
USA – NASDAQ 10,912 -636 -5.51% 21.61%
Gold Futures (USD) $1,878.80 -$24.60 -1.29% 23.61%
Crude Oil Futures (USD) $35.72 -$4.06 -10.21% -41.64%
CAD/USD Exchange Rate € 0.7505 -€ 0.0110 -1.44% -2.53%
         
Europe / Asia Friday Close Weekly Change Weekly % Change YTD % Change
MSCI World Index 2,293 -138 -5.68% -2.76%
Switzerland – Euro Stoxx 50 2,958 -241 -7.53% -21.08%
England – FTSE 100 5,577 -283 -4.83% -26.19%
France – CAC 40 4,594 -316 -6.44% -23.15%
Germany – DAX Performance Index 11,556 -1,090 -8.62% -12.78%
Japan – Nikkei 225 22,977 -540 -2.30% -2.87%
China – Shanghai Composite Index 3,225 -53 -1.62% 5.74%
CAD/EURO Exchange Rate € 0.6441 € 0.0018 0.28% -6.16%
         
Fixed Income Friday Close Weekly Change Weekly % Change YTD % Change
10-Year Bond Yield (in %) 0.8600 0.0190 2.26% -55.18%

 

Source: Yahoo! Finance, CNBC.com, National Bank Investments, Dynamic Funds

This information is provided for general information purposes only. It does not constitute professional advice. Please contact a professional about your specific needs before taking any action.

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Trudeau Survives Confidence Vote, Averting Snap Election https://www.you-first.com/trudeau-survives-confidence-vote-averting-snap-election/ Fri, 23 Oct 2020 23:43:53 +0000 https://mammoth-seashore.flywheelsites.com/?p=7821 On Wednesday, Members of Parliament voted on a Conservative motion intended to create a special committee to probe the government’s ethics and its spending through the pandemic. Prime Minister Trudeau countered with his own proposal for a more narrowly-mandated ethics committee into the government’s COVID-19 spending only; however, he also stated on Tuesday that Canadians... Read More

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On Wednesday, Members of Parliament voted on a Conservative motion intended to create a special committee to probe the government’s ethics and its spending through the pandemic. Prime Minister Trudeau countered with his own proposal for a more narrowly-mandated ethics committee into the government’s COVID-19 spending only; however, he also stated on Tuesday that Canadians would go to the polls if his government lost a confidence vote on the Conservative motion.

The motion was defeated by a vote of 180-146, with the majority of NDP, Green, and Independent MPs voting with the Liberal party. Thus, there will be no election this fall.

Even if a snap election were to have been the outcome of the vote, it is worth remembering that while markets can be choppy before and after an election, when taking the long term view, the Canadian stock market is largely unaffected by the occupant of the Prime Minister’s residence at 10 Sussex Drive.

Weekly Update – By The Numbers

North America Friday Close Weekly Change Weekly % Change YTD % Change
Canada – S&P TSX Composite 16,304 -135 -0.82% -4.45%
USA – Dow Jones Industrial Average 28,336 -270 -0.94% -0.71%
USA – S&P 500 3,465 -19 -0.55% 7.24%
USA – NASDAQ 11,548 -124 -1.06% 28.70%
Gold Futures (USD) $1,903.40 $0.50 0.03% 25.22%
Crude Oil Futures (USD) $39.78 -$1.00 -2.45% -35.01%
CAD/USD Exchange Rate € 0.7615 € 0.0036 0.47% -1.10%
     
Europe / Asia Friday Close Weekly Change Weekly % Change YTD % Change
MSCI World Index 2,431 -9 -0.37% 3.10%
Switzerland – Euro Stoxx 50 3,199 -46 -1.42% -14.65%
England – FTSE 100 5,860 -60 -1.01% -22.45%
France – CAC 40 4,910 -26 -0.53% -17.87%
Germany – DAX Performance Index 12,646 -263 -2.04% -4.55%
Japan – Nikkei 225 23,517 106 0.45% -0.59%
China – Shanghai Composite Index 3,278 -58 -1.74% 7.48%
CAD/EURO Exchange Rate € 0.6423 -€ 0.0042 -0.65% -6.42%
Fixed Income Friday Close Weekly Change Weekly % Change YTD % Change
10-Year Bond Yield (in %) 0.8410 0.0970 13.04% -56.18%

 

Source: Yahoo! Finance, cnbc.com, cbc.ca

This information is provided for general information purposes only. It does not constitute professional advice. Please contact a professional about your specific needs before taking any action.

 

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Weekly Update – By The Numbers https://www.you-first.com/weekly-update-by-the-numbers/ Fri, 16 Oct 2020 23:46:59 +0000 https://mammoth-seashore.flywheelsites.com/?p=7818 North America Friday Close Weekly Change Weekly % Change YTD % Change Canada – S&P TSX Composite 16,439 -124 -0.75% -3.66% USA – Dow Jones Industrial Average 28,606 19 0.07% 0.24% USA – S&P 500 3,484 7 0.20% 7.83% USA – NASDAQ 11,672 92 0.79% 30.08% Gold Futures (USD) $1,902.90 -$33.40 -1.72% 25.19% Crude Oil... Read More

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North America Friday Close Weekly Change Weekly % Change YTD % Change Canada – S&P TSX Composite 16,439 -124 -0.75% -3.66% USA – Dow Jones Industrial Average 28,606 19 0.07% 0.24% USA – S&P 500 3,484 7 0.20% 7.83% USA – NASDAQ 11,672 92 0.79% 30.08% Gold Futures (USD) $1,902.90 -$33.40 -1.72% 25.19% Crude Oil Futures (USD) $40.78 $0.26 0.64% -33.38% CAD/USD Exchange Rate € 0.7579 -€ 0.0045 -0.59% -1.57% Europe / Asia Friday Close Weekly Change Weekly % Change YTD % Change MSCI World Index 2,440 -8 -0.33% 3.48% Switzerland – Euro Stoxx 50 3,245 -28 -0.86% -13.42% England – FTSE 100 5,920 -98 -1.63% -21.65% France – CAC 40 4,936 -11 -0.22% -17.43% Germany – DAX Performance Index 12,909 -142 -1.09% -2.57% Japan – Nikkei 225 23,411 -209 -0.88% -1.04% China – Shanghai Composite Index 3,336 64 1.96% 9.38% CAD/EURO Exchange Rate € 0.6465 € 0.0023 0.36% -5.81% Fixed Income Friday Close Weekly Change Weekly % Change YTD % Change 10-Year Bond Yield (in %) 0.7440 -0.0310 -4.00% -61.23%

 

Sources: Yahoo! Finance, cnbc.com

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Applications for the Canada Recovery Benefit open on Monday https://www.you-first.com/applications-for-the-canada-recovery-benefit-open-on-monday/ Fri, 09 Oct 2020 21:55:11 +0000 https://mammoth-seashore.flywheelsites.com/?p=7806 Please note that our office will be closed on Monday, October 12, 2020, for Thanksgiving Day.  We will resume regular business hours on Tuesday, October 13. Happy Thanksgiving to all of you! Applications for the Canada Recovery Benefit open on Monday The Canada.ca website has now been updated with all application details for the Canada... Read More

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Please note that our office will be closed on Monday, October 12, 2020, for Thanksgiving Day.  We will resume regular business hours on Tuesday, October 13. Happy Thanksgiving to all of you!


Applications for the Canada Recovery Benefit open on Monday

The Canada.ca website has now been updated with all application details for the Canada Recovery Benefit.

How to Apply
Through CRA My Account

Amount & eligibility periods
If you are eligible for the CRB, you can receive $1,000 ($900 after taxes withheld) for a 2-week period. The first period is September 27 – October 10. Applications will open on Monday, October 12.

If your situation continues past 2 weeks, you will need to apply again
You may apply up to a total of 13 eligibility periods (26 weeks) between September 27, 2020 and September 25, 2021. You can apply for a maximum of 13 periods out of the total 26 periods available. The 13 periods do not have to be taken consecutively.

Who can apply?
During the period you are applying for:

  • You were not working for reasons related to COVID-19 or you had a 50% reduction in your average weekly income compared to the previous year due to COVID-19
  • You were not eligible for EI benefits
  • You were present in Canada
  • You earned at least $5,000 in 2019, 2020, or in the 12 months before the date you apply from any of the following sources:
    • employment income (total or gross pay)
    • Net self-employment income (after deducting expenses)
    • Maternity and parental benefits from EI or similar QPIP benefits
  • You were seeking work during the period, either as an employee or in self-employment
  • You have not turned down reasonable work during the 2-week period you’re applying for
  • You have not quit your job or reduced your hours voluntarily on or after September 27, 2020, unless it was reasonable to do so

How to calculate the 50% reduction
The 50% reduction is based on your average weekly employment or self-employment income from either 2019, 2020, or the previous 12 months. You will need to check that you meet this criteria for every period you apply for.

Example:

2019 or the last 12 months (first item of comparison)
$26,000 (employment and self-employment income in 2019 or the last 12 months)

÷ 52

= $500 (average weekly income in 2019 or the last 12 months)

÷ 2

= $250 (50% of the average weekly income in 2019 or the last 12 months)

CRB 2-week period (second item of comparison)
$100 (employment and self-employment income for the CRB period)

÷ 2

= $50 (average weekly income for the CRB period)

The average weekly income for the CRB period must be less than 50% of the average weekly income in 2019, 2020, or the last 12 months. In this example, since $50 (average weekly income for the CRB period) is less than $250 (50% of the average weekly income in 2019 or the last 12 months), the individual would meet this criteria.

How your income affects what you keep
You may earn employment or self-employment income while you receive the CRB. But to make sure the benefit reaches those who need it most, there is a difference in how much you can keep if you earn more than $38,000 in the calendar year. This amount excludes CRB payments.

You will have to reimburse $0.50 of the CRB for every dollar of net income you earned above $38,000 on your income tax return. You will not have to pay back more than your benefit amount for that year. This will be due at the same time as your income tax return for the year. Late payments will be charged interest.

 

Source: Canada.ca

 

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CERB 2.0: The Canada Recovery Benefit https://www.you-first.com/cerb-2-0-the-canada-recovery-benefit/ Fri, 25 Sep 2020 23:39:04 +0000 https://mammoth-seashore.flywheelsites.com/?p=7794 As the CERB winds down, a new program has been proposed to take its place. The Canada Recovery Benefit aims to be effective for 1 year, as of September 27, 2020 and will provide up to $500 per week for 26 weeks to workers not eligible for EI – mainly gig economy & self-employed individuals.... Read More

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As the CERB winds down, a new program has been proposed to take its place. The Canada Recovery Benefit aims to be effective for 1 year, as of September 27, 2020 and will provide up to $500 per week for 26 weeks to workers not eligible for EI – mainly gig economy & self-employed individuals. This benefit is taxable.

Such individuals unable to return to work due to COVID-19, or those who have reduced income versus pre-COVID-19 times would be eligible.

To be eligible, you must be a Canadian resident who:

  • Is at least 15 years old with a valid Social Insurance Number
  • has stopped working due to the COVID-19 pandemic and are available and looking for work; or are working and have had a reduction in their employment/self-employment income for reasons related to COVID-19
  • is not eligible for EI
  • had employment and/or self-employment income of at least $5,000 in 2019 or in 2020 and
  • has not quit their job voluntarily

Eligible applicants can even receive the benefit while earning some income, so long as other eligibility criteria continue to be met.

The program intends to encourage people to return to work if possible. Once 2020 income (excluding the Canada Recovery Benefit) reaches $38,000, they would repay their benefit on future income at a rate of $0.50 to the dollar. In other words, benefit recipients would need to repay $0.50 of the benefit for each dollar of their annual net income above $38,000 in the calendar year to a maximum of the amount of benefit they received. In this manner, only those who need the benefit the most end up receiving it.

Scenario for the Canada Recovery Benefit: Self-employed worker whose business is affected by the COVID-19 pandemic

  • Jack is a self-employed bookkeeper in Victoria, BC
  • He earned $34,000 in 2019 but his business has slowed due to COVID-19
  • Jack applied for and received the Canada Emergency Response Benefit (CERB) but his benefits will run out in September
  • While his business has begun to rebound, it is still not business as usual and he is only back to working at 40% capacity

What could Jack qualify for:

  • With the Canada Recovery Benefit, he could receive $500 per week for up to 26 weeks. If his annual net income for 2020 is above $38,000 (excluding the Canada Recovery Benefit payments), he would need to repay some or all of the benefit when he files his annual income tax return for 2020

This benefit is pending the passage of legislation in the House of Commons and Senate. More details will be made available soon.

Source: Canada.ca

This information is provided for general information purposes only. It does not constitute professional advice. Please contact a professional about your specific needs before taking any action.

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E-Solutions available to Smof Investment / Fundex clients https://www.you-first.com/e-solutions-available-to-you-first-fundex-clients/ https://www.you-first.com/e-solutions-available-to-you-first-fundex-clients/#respond Thu, 17 Sep 2020 21:55:19 +0000 https://mammoth-seashore.flywheelsites.com/?p=7743 2020 has forced us to quickly adapt to a changing business environment, and we have learned a lot about the convenience of e-solutions. As a refresher, we want to let you know what e-solutions are available to you: You can login online to Fundex Wealthview and view your account balance, individual holdings, investment performance, quarterly... Read More

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2020 has forced us to quickly adapt to a changing business environment, and we have learned a lot about the convenience of e-solutions.

As a refresher, we want to let you know what e-solutions are available to you:

  • You can login online to Fundex Wealthview and view your account balance, individual holdings, investment performance, quarterly statements, and RRSP contribution receipts (statements and tax receipts for nominee account holders only).
  • On Wealthview, you can update your address, e-mail, and telephone number. We will be informed of the update, as will all fund companies you have investments with.
  • On Wealthview, you can securely upload documents. This will be more secure than sending documents over e-mail and is a useful tool for highly sensitive documents or during tax season.
  • If you have a Nominee account, you can contribute to it the same way you make a bill payment, with your online banking.
  • You can sign almost all order entry forms electronically, with just a password and a few clicks.
  • You can meet with us virtually by Zoom or by telephone.

 

If you want detailed instructions on any of the above options, kindly let JoAnne know and she can send you instructions by email or walk you through the steps by phone.

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Pay your taxes: The CRA interest-free deferral of your 2019 tax balance and 2020 instalments ends on September 30th https://www.you-first.com/pay-your-taxes-the-cra-interest-free-deferral-of-your-2019-tax-balance-and-2020-instalments-ends-on-september-30th/ https://www.you-first.com/pay-your-taxes-the-cra-interest-free-deferral-of-your-2019-tax-balance-and-2020-instalments-ends-on-september-30th/#respond Thu, 17 Sep 2020 21:54:34 +0000 https://mammoth-seashore.flywheelsites.com/?p=7747 This is yet another reminder that the interest-free payment deadline for your 2019 individual income tax returns and 2020 March/June/September instalments is Wednesday, September 30, 2020. Penalties and interest will not be charged if returns are filed and payments are made by this date. This includes the late-filing penalty. Source: Canada.ca

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This is yet another reminder that the interest-free payment deadline for your 2019 individual income tax returns and 2020 March/June/September instalments is Wednesday, September 30, 2020.

Penalties and interest will not be charged if returns are filed and payments are made by this date. This includes the late-filing penalty.

Source: Canada.ca

The post Pay your taxes: The CRA interest-free deferral of your 2019 tax balance and 2020 instalments ends on September 30th appeared first on Smof Investment Manager, LLC.

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