Craig WongCanadian Press
Filing taxes often means a tax refund for many Canadians, but for the millions who received emergency benefits last year, this spring might be different.
The Canada Emergency Response Benefit and the Canadian Emergency Student Benefit both enacted in 2020 to support Canadians during the recession sparked by Covid-19 measures were considered taxable income, but no tax was deducted when they were paid out. As a result, many Canadians may find themselves with a bill instead of a refund cheque for the first time.
Tannis Dawson, vice-president of high net worth planning at TD Wealth in Winnipeg, said it’s critical to file on time, even if you owe money and can’t pay it immediately, to avoid a late-filing penalty.
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Focus on strategic philanthropy increasing amid COVID-19 crisis Brenda Bouw Published December 11, 2020
donald gruener/iStockPhoto / Getty Images
The holiday season is a time when Canadians turn their attention to giving back. That’s particularly the case this year as the COVID-19 pandemic has left many in need of financial support.
In fact, financial advisors say they’ve been having more discussions with clients about charitable giving in recent weeks, and that the topic is becoming a larger part of financial and estate planning, in general.
“Philanthropy is becoming more and more important as an overall goal when you talk about planning, especially for high-net-worth Canadians,” says Glen Brown, managing director and head of Manulife Private Wealth in Toronto. “And this time of year is when people give a lot of thought to giving. I think we are going to see more of a focus on this issue because of COVID-19.”