Four trouble areas, and how a planner can help
The Covid-19 pandemic and lockdowns have created plenty of financial stress for individuals and families. Temporary or even permanent income loss has been only partially mitigated by relief programs, such as the Canada Emergency Relief Benefit (CERB) and the Canada Emergency Wage Subsidy (CEWS). In any case, these programs are not permanent and will be wound down eventually. Feeling stressed? This is a good time to take stock of your situation with a financial wellness check in four key areas.
Robyn Thompson is featured in this FP Canada interview, discussing practical strategies for dealing with financial stress during the COVID-19 pandemic.
Watch Robyn Thompson on BNN’s “Ask the Expert” feature on The Open, discussing which form of financial aid works best for someone who is both a seasonal worker and a student.
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.
Robyn Thompson is featured in The Globe and Mail’s “Financial Facelift” series by Diane Maley. Mark and Meredith are well positioned financially with robust cash flow, and want to retire, but they still have mortgages on rental properties. Should they pay off the mortgages as fast as possible? Read Robyn Thompson’s advice on why that might not be the best idea for the couple at this point in their lives.
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.
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.
Robyn Thompson is featured in The Globe and Mail’s “Financial Facelift” series by Diane Maley. READ MORE