We asked Tracy Hilpert, Director of the School of Accounting and Finance’s Financial Literacy in the Classroom initiative, what you should be considering when managing your finances during the pandemic.
COVID-19 has seen entire industries retooling their production to make personal protection equipment (PPE) for frontline healthcare workers. With all the PPE that’s being produced, Purolator Canada was the logistics company selected by Prime Minister Justin Trudeau and the Federal Government to deliver the PPE to hospitals across the country.
Canadians across the country are facing a difficult and unforeseen financial hurdles that have many worried. In fact, research by the Financial Consumer Agency of Canada back in 2018 stated that 48 per cent of Canadians said they had lost sleep because of financial worries — something that has only been exacerbated with layoffs, social-distancing and illness within the last few months.
They say the friends you make in university will be friendships that will last a lifetime — and the School of Accounting and Finance (SAF) isn’t letting anything (not even COVID-19) come between that.
Integrated within the Accounting and Financial Management (AFM), Math/CPA and Biotech/CPA programs is an experiential learning initiative called “2YEx” (the two-year experience). The goal of 2YEx is to inspire engaged learners that support each other while honing their collaboration and teamwork skills.
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.