We know most people will make it to retirement without suffering a major illness but if you are one of the unlucky ones, what happens now?

Would you forego 1% of your annual rate of return to eliminate this risk?

Sure, you could use your savings or take out a loan to cover the unexpected costs, however, both options will have a significant impact on your retirements plans.  If you need to access your registered funds, they are taxed in the year you use them.  Accessing those funds prior to retirement is not part of your plan.
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Pass on that risk to an insurance company.  They will take care of the rest with an illness recovery benefit.  This is a tax-free lump sum payment to cover any number of unforeseen expenses.  No need to submit receipts or to justify the costs.  

Keep your retirement goals on track
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If you are diagnosed and survive a major illness like cancer, heart attack or stroke, you receive an illness recovery benefit payment. This will keep your retirement goals on track.

Below is an example of a typical 40-Year-old, on track, saving for retirement.

After diagnosis, he/she needs to access 100k from their registered account at age 55 to cover additional costs associated with fighting an unfortunate cancer diagnosis. The impact is significant:

Take 1% of your annual rate of return to pay the premium.  Your future self and family will be grateful if the worst happens.  ​

902 940 5927 | Call Us at Atlantic Business Federation for more information or talk with one of our licensed advisors to go over all your options.

If you’re looking to staff up this summer, there’s a program for you!

Applications are open until January 29 for the Canada Summer Jobs subsidy, which can help you to hire young people (15-30 years old).

With COVID-19 still wreaking havoc on small business owners and their staff, the government is specifically prioritizing small businesses affected by the pandemic – so take advantage of the funding available to you!

• The subsidy covers up to 75% of your provincial or territorial minimum wage (up from 50%).
  
  
• It can subsidize employment for a longer period of time, from April 26, 2021 to February 26, 2022.
  
  
• You can use it for part-time work – not only full-time.
  
  
• If COVID-19 affects the proposed project, you’re allowed to change the employee’s duties.

The government has established other priorities and eligibility criteria, so read on to see if you could benefit from the Canada Summer Jobs program. The deadline to apply is January 29, so act fast!




Canada Summer Jobs 2021

Employer Flexibilities

For CSJ 2020, the Department introduced temporary flexibilities to respond to the needs of employers and youth in the context of the COVID-19 pandemic. The program will continue to offer these temporary flexibilities for 2021 in order to continue to support employers and youth. The following temporary flexibilities will be in place for CSJ 2021:

• Wage subsidies: Funded public and private sector employers will be eligible to receive a wage subsidy reimbursement of up to 75% of the provincial or territorial minimum hourly wage. Under regular rules, private and public sector employers are only eligible to receive up to 50% of the provincial or territorial minimum wage.

 

• Part-time employment: All funded employers may offer part-time placements (for example, fewer than 30 hours per week). Under regular rules, all CSJ-funded employment has to be full time (a minimum of 30 hours per week).

 

• Employment period: All funded employers may offer job placements between April 26, 2021 and February 26, 2022. Under regular rules, all CSJ-funded positions have to be completed during the summer months.

 

• Changes to project and job activities: All funded employers may amend project and job activities if the proposed project is impacted by COVID-19 restrictions after an agreement is signed. In such cases, the employer should contact Service Canada to discuss potential amendments. All changes must be approved by Service Canada.

How to submit your application

You can submit your application(s) in several ways:

• Using an online fillable application;
• Using Grants and Contributions Online Services (GCOS);
• In person; and,
• By mail.

 

• CSJ Applicant guide 2021 (PDF)
• Canada Summer Jobs (CSJ) Contact information​

Good news: you can now apply for the federal government’s improved rent subsidy program!

What is the new program?

The Canada Emergency Rent Subsidy (CERS) will reimburse eligible businesses up to 65% of their rent expenses, depending on how much revenue they’ve lost as a result of COVID-19.
If you’ve been forced to close your doors by a public health order, you could also qualify for a top-up, bringing your subsidy to 90%.

How much am I eligible for?

It depends on how much revenue you have lost and whether you own or rent the building. Check out our CERS website to better understand how the subsidy is calculated. You can also use CRA’s CERS calculator to find out how much you qualify for.
Please note that you can apply for the subsidy retroactively to September 24, so make sure you get everything you are eligible for!

How do I apply?

You can apply in two ways:

• CRA's My Business Account
• CRA’s Represent a Client

Unlike CECRA, it does not require your landlord’s involvement, so it is much more accessible.


The Canada Emergency Rent Subsidy (CERS) provides easy-to-access rent and mortgage support direct to eligible renters and property owners until June 2021.

Latest Update - November 23rd, 2020: The new CERS and Lockdown Support supports are open for applications. Apply through the CRA for claim period 1: September 27th to October 24th.

What is the Canada Emergency Rent Subsidy (CERS)?This financial support replaces the Canada Emergency Commercial Rent Assistance (CECRA) program. CERS helps businesses, charities, and non-profits that have suffered a revenue drop due to COVID-19. It subsidizes a percentage of your expenses, on a sliding scale, up to a maximum of 65 per cent of eligible expenses until June, 2021. Hard-hit businesses subject to a lockdown could receive rent support of up to 90 per cent.

There is no minimum revenue drop required to qualify for the subsidy.
CERS delivers:

• Direct, targeted, and accessible rent support to qualifying organizations, without the need to go through your landlord
• A subsidy for eligible fixed property expenses
• A new, additional Lockdown Support of 25 per cent for businesses affected by a public health order.

Apply through the CRA

If you have set up direct deposit, you can generally expect to receive your payment 3-8 days after filing your claim.

Who is Eligible?
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This subsidy will provide payments directly to qualifying renters and property owners, without requiring the participation of landlords.

To be eligible, you must:

• Be an eligible B.C. business, charity, or non-profit (eligible entity), or an "affiliated entity"
• Have experienced a drop in revenue due to COVID-19. There is no minimum revenue drop required to qualify for the subsidy.
• Have a qualifying property with specific related expenses

Get full eligibility details.

What is Lockdown Support?

The CERS program includes a new, additional Lockdown Support of 25 per cent for businesses that must shut their doors or significantly limit their activities under a public health order issued under the laws of Canada, a province or territory (including orders made by a municipality or regional health authority under one of those laws).
Combined, this would mean that hard-hit businesses subject to a lockdown could receive rent support of up to 90 per cent.

See more about Lockdown Support eligibility and subsidy amounts.

Eligible Expenses

You can apply for a portion of eligible expenses relevant to each claim period for each qualifying property.
A qualifying property is one that you:

• Own or rent, and
• Use in the course of your ordinary business activities

For each claim period, you can claim eligible expenses up to:

• $75,000 per business location (base subsidy and top-up Lockdown Support)
• $300,000 in total for all locations (including any amounts claimed by affiliated businesses)

Get full details of eligible expenses.

Calculating Your Subsidy

Use the Government of Canada CERS calculator to find out how much your rent subsidy may be. The calculation takes into account:

• Eligible expenses you may claim up to the stated maximums above
• Your base rent subsidy rate based on your revenue drop 
• Your top-up (lockdown support) eligibility and rate

Calculate your rent subsidy.

Important DatesA CERS application must be filed no later than 180 days after the end of a claim period. This support program is due to end in June, 2021.

• Claim period 1: September 27th to October 24th, 2020
• Claim period 2: October 25th to November 21st, 2020 (upcoming)
• Claim period 3: November 22nd to December 19th, 2020 (upcoming)

Learn more about the CERS claim periods.

Useful Resources

• Canada Emergency Rent Subsidy (CERS)
• How to Apply
• Subsidy Calculator
• Technical Guidance