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It seems that nearly every segment of the population has received some form of COVID-19 government assistance. There’s the Canada Emergency Response Benefit, which provides $2,000 monthly to individuals who have stopped working because of reasons related to COVID-19. Businesses and not-for-profits may be eligible for the Canada Emergency Business Account, which provides interest-free loans of up to $40,000 (with 25 per cent potentially forgivable), along with two, separate wage subsidy programs. Students will soon receive the Canada Emergency Student Benefit, which is generally $1,250 per month for four months. But so far, the only relief offered to investors, which only applies to some, is a 25 per cent reduction in the minimum required RRIF withdrawal for 2020.

The global Covid-19 pandemic has resulted in multi-jurisdictional, government-mandated temporary shutdowns of many businesses deemed non-essential. This has cut an enormous swath out of the world’s capitalist economies. 

An unprecedented level of government assistance to both businesses and employees has followed. In Canada, key government measures include payments to businesses as an incentive to hold on to staff, as well as emergency cheques for millions of employees out of work because of the social distancing requirements now in place to try and reduce the spread of the deadly influenza. 

“We’ve got a lot of people who are staring at lost income from employment or businesses being shut down, and we’re trying to prevent hardships or economic collapse by providing something to them,” says Andy Bauer, an assistant professor with the University of Waterloo’s School of Accounting and Finance.

If you browse Kayras Engineer’s LinkedIn profile, you’ll notice his passion for volunteering.

Even during this time of isolation, the fourth-year accounting and finance student is finding ways to give back, leveraging his skills by offering free income tax services to the community and delivering groceries to those in need.

Worrying about finances can impact your physical and mental well-being and create strain within relationships. In a summary of research communicated by the Financial Consumer Agency of Canada, 48% of Canadians say they’ve lost sleep because of financial worries.

Facing an unprecedented global crisis, it’s natural to turn to taxes for comfort. As strange or unwanted a claim as this seems, our tax system reflects our societal wants and needs, and the behaviours we wish to encourage or discourage.

Happy Valentine's Day from SAF!  We wanted to share with you a story of two SAF alumni that met and fell in love on campus.