What Income Do You Have to Report When Completing Tax Return

Lisa C. Finance, Newcomer Information Leave a Comment

For the part of the tax year that you were considered a resident of Canada You have to report your world income. World income is income from all sources both inside and outside Canada earned after becoming a resident of Canada for income tax purposes on your Canadian tax return. Are you a resident of Canada? You become a resident …

Money Smart Program

Michelle Mak Community, Daily Life, Finance, Newcomer Information

Need some tips on how to save money? Or are you struggling on understanding the Canadian financial system? The Immigrant Education Society has programs and services that are available for you! Money Smart offers help in 4 different ways: 1. Financial CoachingFinancial Coaching offers one-on-one support for anything related to your finances. Meet with an expert who can answer your …

Federal Investments Announced to Launch Black Entrepreneurship Program

Lisa C. Finance, Settlement & Community News, Settlement News, Updates

The COVID-19 pandemic has exacerbated existing systemic barriers faced by Black entrepreneurs and small and medium-sized business owners in Canada. We need to do more to support them and address anti-Black racism. The Prime Minister, Justin Trudeau, has announced investments of up to nearly $221 million in partnership with Canadian financial institutions (including RBC, BMO Financial Group, Scotiabank, CIBC, National …

Financial Relief Navigator

Michelle Mak Finance, Newcomer Information

Prosper Canada has launched an online tool: Financial Relief Navigator (FRN). This tool helps vulnerable Canadians and those impacted financially by COVID-19 access critical emergency benefits and financial relief from governments, financial institutions, telecoms and internet providers. While some other tools focus on only emergency benefits, the FRN acts as a one-stop portal where Canadians can access relief measures from …

Minimum Unemployment Rate Set for EI Program

Lisa C. Settlement & Community News, Updates

The Canadian government is preparing to transition as many Canadians as possible from the Canada Emergency Response Benefit (CERB) back to the Employment Insurance (EI) system by September. Effective August 9, 2020, a minimum unemployment rate of 13.1% will be applied temporarily for all EI economic regions across Canada. Why is this important? Because the unemployment rate is one of the 2 factors that …

The Small and Medium Enterprise Relaunch Grant

Lisa Cai Finance, Settlement & Community News, Updates

The Small and Medium Enterprise Relaunch Grant offers financial assistance to Alberta businesses, co-ops, and non-profits that were ordered to close or reduce operations, and that experienced a revenue reduction of at least 50%, as a result of the COVID-19 pandemic. Eligible organizations can apply for 15% of their pre-COVID-19 revenue, up to a maximum of $5,000 in funding. The …

Increase in Canada Child Benefit in July 2020

Michelle Mak Newcomer Information, Settlement & Community News, Settlement News, Updates

Recently in May 2020, families already receiving the Canada Child Benefit (CCB) got an additional one-time payment of $300 per child. This was in addition to their regular May CCB payment. Starting in July 2020, the maximum annual Canada Child Benefit will increase once again to keep pace with the cost of living. That means: up to $6,765 per child …