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​