What is the Canada Emergency Response Benefit (CERB)? This is a federal financial aid option to help business owners, employees, and self-employed get much-needed financial relief during the COVID-19 crisis.
CERB covers individuals who are not covered by Employment Insurance (EI) and if you qualify, you can start applying on April 6, 2020. The first payment will come within 10 days of applying for the CERB and it will be paid out in a $2,000 lump sum every four weeks, for up to 16 weeks.
How do you apply for the Canada Emergency Response Benefit (CERB)? You’ll be able to apply through the CRA MyAccount secure portal, your secure My Service Canada Account or over the phone.
Due to the expected application load, you will be able to apply on certain dates depending on your month of birth: January to March can apply on April 6, April to June on April 7, July to September on April 8 and October to December on April 9, 2020.
Please do not hesitate to call Rumanek & Company at 416-665-3328 if you need personal finance help, you are considering personal bankruptcy in Ontario or would like answers concerning filing for either a consumer proposal or bankruptcy in Ontario.
Contact Rumanek & Company Ltd. for more information on bankruptcy in Ontario and debt solutions. Please fill out the bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
Once you contact a financial specialist, you will jointly determine your first steps to financial freedom. This will help in lowering stress. Get outside and walk. This will lower your blood pressure and give you clarity of mind and improve your mood. Practice deep breathing and regain focus in order to relax the mind. This will help you make thoughtful financial decisions everyday. Finally, get seven hours of sleep per night. Good quality sleep is vital for quality financial and other decisions.
Healthy lifestyle routines lead to healthy financial strategies and habits—address debt head on with these initial steps:
1. Talk to a financial specialist and know where your money goes
2. Try to cut back costs 10%, start today
3. Establish an emergency fund after you have paid off your debt so you can be preventative instead of responsive with your finances.
Our children and grandchildren are our future and what better gift can we give them than the gift of financial literacy. We need to teach the next generations about money: how to save, how to think about spending, how to budget, how to think about their financial future and who to go to for extra financial advice—when the time comes. Children need to understand the practical basics of money and develop a positive relationship with money in order to help them achieve what they want.
Here are a few tips to help parents get started:
First, know that parental involvement is key in children’s financial success
Teach children the value of money, how to earn money and how to budget
Do not spoil your children regardless of your income
Do not pay for whining or crying children
Do not always say no!
Discuss your family budget openly and often
Open a bank account for your child
Develop the idea of quality over quantity
Develop the notion that you can’t always get what you want
Teach young children how to count change and introduce and explain tax
Have a family discussion about allowance: Is it necessity?
Teach the “Pay yourself First” lesson or let them read: The Wealthy Barber
Introduce the idea of Good vs. Bad spending
Discuss the true nature of Credit Cards: Pros and Cons
Introduce the idea of charity and why people give to others—if possible
In years gone by, a person would graduate from high school, trade school, university or a college and have a well paying job in a relatively short period of time. He or she would move out of the family house, buy a car, get married, etc. Credit was available, but it was relatively difficult to obtain. Financial difficulties would sometimes occur, but it was usually the result of a specific catastrophe such as divorce, medical issues, or some similar event.
Fast forward to 2015, students are staying in school much longer than before, graduating with a high student debt and are taking a longer period of time to find the perfect job. Many people have theorized that the lack of an available job is one of the reasons why students elect to stay in school as long as they do. Banks and other credit grantors have responded by being lenient in their collection procedures on debts owed by recent graduates. The government has even changed the Bankruptcy and Insolvency Act to increase the waiting time after you ceased to be a full or part time student from two years to seven years before you can claim student loans in a bankruptcy or a (debt consolidation) consumer proposal. So, what is the issue!
Students are staying at home longer, and by the time they move out, have less time to save for their own apartment, marriage, children or even their own retirement. It was not uncommon for family to help in the purchase of their children’s first house. Now, it is becoming common for family to assist in living expenses and even a second house as their children’s family expands. This has resulted in the parents’ ability being reduced to finance their own retirement plans. As well, many of the older generation are working well past the normal retirement age of 65.
By the numbers over the past 10 years, the age of consumer debtors filing a bankruptcy or a consumer proposal has been decreasing for debtors under the age of 44. At the age of 45, the statistics start to change as the number of debtors filing bankruptcy or a consumer proposal have increased over the past 10 years. The largest increase is for seniors in the 65 + age bracket where filings have grown from 6.2% to 10% of the total filings.