Jamie Golombek, Managing Director, Tax and Estate Planning with CIBC talks with Financial Post’s Larysa Harapyn about the Canadian government’s aid package – and whether it’s enough.
Related story: What the government is offering you in coronavirus-related benefits and how to get them:
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The Covid-19 pandemic has caused unprecedented challenges for individuals and businesses alike in Canada and around the world. As the economy continues to struggle and unemployment rates soar, the Canadian government has been facing increasing pressure to provide financial relief to those in need. In response, the government has introduced a number of measures to help Canadians weather the storm, including the Canada Emergency Response Benefit (CERB) and the Canada Emergency Wage Subsidy (CEWS).
However, as the pandemic rages on and the economic outlook remains uncertain, there is growing calls for further action from the government to support Canadians through this difficult time. Many are calling for a “Great Canadian Bailout” – a comprehensive package of financial aid and assistance to help individuals, businesses, and communities impacted by the pandemic.
So, what are some of the options available to Ottawa to provide this much-needed support? One option is to expand the existing CERB program to cover more workers and provide additional financial assistance to those who are struggling to make ends meet. This could include increasing the amount of the benefit, extending the duration of the program, or making it available to more categories of workers.
Another option is to provide targeted support to industries that have been hit particularly hard by the pandemic, such as tourism, hospitality, and retail. This could include offering grants or low-interest loans to businesses in these sectors, or providing tax relief to help them stay afloat during this difficult time.
The government could also consider implementing measures to support small businesses and entrepreneurs, who are the backbone of the Canadian economy. This could include providing access to low-interest loans, grants, or tax incentives to help small businesses survive the economic downturn and continue to create jobs in their communities.
Additionally, Ottawa could explore ways to support individuals and families through this crisis, such as increasing funding for mental health services, housing assistance, or food banks. By providing these essential services, the government can help Canadians cope with the challenges of the pandemic and emerge stronger on the other side.
Ultimately, the Great Canadian Bailout is about providing a lifeline to those who need it most during these uncertain times. By taking decisive action to support individuals, businesses, and communities, the government can help Canadians navigate the economic fallout of the pandemic and build a more resilient and prosperous future for all.
….I just got a credit alert of $13,000 from kloviactools,net
this is awesome
I was suspended because of no contact, my last income was at the end of February and after paying rent i was left with less than $200.00 to eat and basic needs. I receive less than $800.00 a month. Meanwhile i have had to cancel urgent screaning appointments becuse i have no money to get there. They expect us to be able to get to our appointments on the little money we get and barely eat in the meantime. Because i was on assitance i do not qualify for any government assistance. I have gone many days without food and have lost 15 lbs without even trying.
GET RID OF THE CARBON TAX ,AND JUST PUT CANADA BACK TO WORK .WE DON'T WANT MONEY WE WANT TO WORK.
WHY ARE THEY GIVING 150,000 MILLION TO THE NFL. THAT'S BULLSHIT.
https://www.change.org/p/make-canada-s-big-banks-help-during-coronavirus-and-after
The results of a low interest policy for far too long. There are few savers and too many spenders and nobody saving for a rainy day, Now it has become everybody else problem. Time people took responsibility for there own well being. Start by ditching your cell phones.
JMHO
Castro's kid doesn't give a shit about Canada
Are you insane, there is no gov. money it is your tax dollar. For every benefit you think you're getting you will be paying double in taxes as it's filtered through the gov.
Alberta is hurting but nothing comes are way . Cut hours can't pay rent. Moving out to the mountains fuck it.
If there is one thing that this coronavirus outbreak has done with absolute clarity, it is to show the citizens in each perspective country just how inept their so called leaders, pundits, and so called experts are. Full grown adults pretending that governments can just bail everyone out is quite the spectacle. These people continue to destroy the last bit of credibility they ever had. By all means, keep going on with this nonsense.
What a rip off if you worked for 45 plus years filed and paid taxes and then get laid off by no fault of your own or by an act of God. They treat you like crap.
If you ask for E.I. (never having claimed it before) after years of them taking your hard earned money they hassle you and tell you can only get a small amount for around 3 months. Then they cut you off so you are on your own.
Plus they want to get into your personal business by asking you to provide updates on your movements and activities and what you are planning to do for work. WHAT A RIP Off!!! and a injustice for freedom.
You paid them for years (few questions asked) and in a tough time you may need to rest rethink so you can get back to earning a peaceful living but they even make this process distasteful .
They need to give the tax payers back ALL the money they stole while we worked all those years
We can who have put our money into the system can decide what to do with it from there
They better hurry before we Riot
DuskyOwl. You all in those circumstances, including retirees on CPP, have my full sympathy and support. Indeed, this shows the level of corruption with the politicians in Ottawa, when they give themselves salary equivalent pensions, fully index, after four years. The rest of us have to contribute ten times as long, to get a pittance that won't pay the rent. Clearly, we need a new class of people in government to trust our votes with.
#ChinaLiedPeopleDied #Trump2020
Trudeau is an moron; the man had already trashed our economy. All these measures do nothing to help. It is just putting off things until later ; but deferring your mortgage payment will slap you later on. And he has done NOTHING. None of this will happen until May or June. Even applying for the emergency benefit because you have to stay home with your kids will not have its application system up and running until April some time.
It would be helpful if any of this would help people pay their rent because they aren't wealthy enough to own property.
Enough talk. We suffering with our children.
We need action now
The banks get richer while Canadians go more in debt.
Worth the read: https://www.armstrongeconomics.com/armstrongeconomics101/opinion/asking-for-your-help-forward-this-letter-to-whoever-you-may-think-will-help/
Government may think Canadians are pushovers but if this isn't fixed in 5 to 6 months look the hell out.
Completely hand over control of taxation to a single man until 2021 is absurd. Taxation with out representation is pretty tyrannical and won't be tolerated.
It will be interesting to see how tight the criteria is for us self-employed folk. Why do I not believe that there will be money forthcoming…
I highly doubt the emergency thing is 900 every 2 weeks it says UP TO so EI says that same thing but you have to me like 65k to get 900 every 2 weeks. the max. Wonder if they check if you have money in the bank or what that process is they just expect everyone to sit in for months n hope they get some money
UBI without means testing, forgive all debt (high time for a jubilee), freeze rent/mortgage. Profits can wait. Time for people. This is the only way to save any semblance of capitalism, cause otherwise there will be massive amounts of desperate, angry people in the streets. Corporate overlords, if you're listening…
Good thing I've been paying into EI for the last 25 years! I'm sure it's been in good hands and will all be there when I need it!
NO BAILOUTS! No more piling up of national debt to keep banksters in business! They profited greatly pumping this currently deflating debt bubble. Let them fall!!!
Less taxes. Free markets reign. People can decide for themselves what is best for them. We can start business', buy goods, etc. The more prosperous we become the more everyone in our communities and nation the better off everything is, as well as having the precipitous effect of lifting poorer countries out of poverty. Its simple. But these asshole liberals will undoubtly compound the problem, tell us its complicated. Blah blah blah.
this is the time to screw those that lived an upright life and worked hard and within their family budget.
There were many crisis in the past, but nobody was there to help. Remember 1981 ?
No bailouts for bank, business, or corporations. That is corporatism or as it was previously known: Fascism/Nazism.
You can bailout now but who is going to bailout the country later….this government needs to chop of the liberal shit and use the not witholding clause to get the pipelines built as soon as this thing boils over, cut the spending down to only miniscule levels and have more ideas but this government will do none of that and increase taxes because they are idiots …
Bailouts are socialism for the rich and the shaft for the rest. Let them go bankrupt due to their foolish business and government decisions, the free market capitalist way.
Look what Denmark is doing!
Sorry Canada after the hundreds of millions of dollars we have given away so i could win a un seat the cupboards are bare oopsy !
Again sweaty lies for Canadians I'm not surprised
I am a self employed business man what does this do for me as a small business ??? NOTHING THANKS A LOT CANADA
None of this sounds nearly enough….We needs cheques written to everyone with a SIN
Emergency Universal Basic Income
Yep We are all in this together they say. They said everyone home, mull the idea of putting police and military in place to enforce and yet the credit card companies and banks allow you to postpone the monthly payments but interest keeps on accruing and overlimit fees in you are on the bubble. so everyone has to stop except interest!!!!! rent!! mortgage interest!!! . Gee thanks for the assistance. 1 month, 2 months, 3 months keep interest rolling and maybe no income coming in. Forget that. I'm going to do my work with ban, no ban, enforced ban.
massive inflation incoming