Financial planning for divorce during lockdown
The COVID-19 pandemic lockdowns have added to the stress of couples undergoing separation or divorce. And with court services limited to very urgent cases involving custody of children, options for settlement proceedings are limited. Divorce proceedings are already often contentious, emotionally fraught, and never easy. The lockdown over the past few months has made it even more difficult to settle on a fair division of financial assets, and newer cases are being delayed or deferred until the lockdown ends and courts can begin to clear the divorce case backlog.
Don’t let pandemic woes infect your bank balance
The COVID-19 pandemic has thrown many families’ financial plans into disarray. And while restrictions are gradually being lifted, activity is still far from normal. And, if the experts are right, there’s still the threat of a secondary wave of infections to contend with in the fall. Most everyone is washing their hands frequently and using masks in public spaces to stay healthy. But what about your finances? Here are five smart ways to sanitize your finances to make sure your bank balance doesn’t end up in the ICU.
Paying down debt, building savings, emergency benefits
This year has been particularly challenging for new graduates of post-secondary schools. Because of the COVID-19 lockdowns, the last semester for most students was likely done online, as were exams and other final submissions. Graduation ceremonies have been postponed. But at least marks and certificates could be mailed out. So congrats to all the new grads! But what’s next? As lockdowns lift and things slowly return to normal, you’ll still have to deal with some “real world” matters – and these are mostly financial.
Robyn Thompson is featured on BNN’s “Ask the Expert” feature on The Open, discussing the salary requirements for small business owners to apply for interest-free loans under the Canada Emergency Business Account (CEBA).
Robyn Thompson is featured on Citytv’s Breakfast Television with Devo, discussing the financial implications of bringing an elderly parent home from a long-term care residence during the COVID-19 pandemic. What you need to know before making the move.
The big come-on from dodgy vaccine-makers, fake gold mines
The COVID-19 pandemic has brought many unpleasant consequences to our economy and social structure through emergency lockdowns and self-isolation. One of these is the proliferation of fraudulent investment schemes and scams designed to part you with your money. As more of us are forced to stay at home, online usage has skyrocketed. And fraudsters are taking advantage. Seniors are especially susceptible, as con men believe they are more trusting but also generally more vulnerable, particularly those living alone. But you can protect yourself by following just five simple rules. READ MORE
June 1 tax-filing deadline
With all the stress of the Covid-19 pandemic lockdown, you might have taken advantage of the one-month extension of the tax-filing deadline to June 1. Payment of any tax owing has been extended to Sept. 1, but you must still file a return by June 1. Those who are self-employed have until June 15 to file. There is unlikely to be any further extension of the deadline, so you’d better make sure you have all your information slips ready ahead of the filing deadline on June 1 (all those documents prefixed with a “T” are critical). And make sure you’ve reviewed the list of deductions and credits you might be entitled to. READ MORE
Coping with withdrawal risks and benefiting from RRIF rule changes
The onset of the COVID-19 pandemic has thrown many retirement plans into disarray. The collapse of the stock market in March, volatility in bond prices, the crash of energy markets, and the shutdown of virtually all economic activity naturally is causing a great deal of anxiety for those who were planning for retirement this year. But even now, there are financial strategies for pre-retirees and those in the early phases of retirement that can help protect your nest-egg and secure your income streams.
Confidence. Grit. Determination. That’s just some of what makes a successful businesswomen. And if you’re thinking now of opportunities when the coronavirus pandemic ends, you might just have what it takes. Read Robyn’s guest blog on Sandbox, as she shines a light on what needs to be at the top of your list when it comes to starting a successful business.
Want to see and hear more of Robyn? Catch her in Sandbox’s latest International Women’s Day 2020 video showcasing inspirational women who have made an impact on the SBX and our surrounding community!
Federal government’s CERB program up and running
Effective April 6, the federal government’s Canada Emergency Response Benefit (CERB) provides eligible employed and self-employed Canadians whose employment has been affected by the COVID-19 pandemic a defined amount of financial support. The benefit provides $500 a week for a four-week period ($2,000) for up to 16 weeks.