2021 Federal Budget Summary

On April 19, Finance Minister Chrystia Freeland tabled the 2021 Federal Budget – the first budget in two years. Below is a summary video on some of the key points from our partners at Mackenzie Investments. Just below you will find my summary of some of the key points, and a link to a summary document.

2021 most relevant proposed changed:

-Extension of CRB benefits by an additional 12 weeks to 50 from 38. The first 4 weeks will provide a benefit of $500 per week. The remaining 8 weeks will provide a lower benefit of $300 per week. All new CRB claimants after July 17, 2021 will receive $300 per week until September 25, 2021.

-One-time payment of $500 in August 2021 for seniors age 75 and older as of June 2022.

-Increase regular Old Age Security Benefits for pensioners age 75 and older by 10% on an ongoing basis, beginning July 2022. This is expected to provide additional benefits of $766 annually to full OAS pensioners in the first year and be indexed to inflation thereafter

-For Corporations, The Canada Emergency Wage Subsidy (CEWS), Canada Emergency Rent Subsidy (CERS) and the related Lockdown Support for businesses that are subject to a lockdown or significant restrictions under a public health order is currently set to expire in June 2021. The government has proposed for these measures to be extended until September 25, 2021, (with further extension possible to November 20, 2021).

-For Corporations, The budget proposes to introduce a new Canada Recovery Hiring Program to provide certain eligible employers with a subsidy of up to 50% on incremental remuneration paid to eligible employees between June 6, 2021 to November 20, 2021.

-For home owners, starting in 2021/2022, the federal government will provide interest free loans of up to $40,000 through Canada Mortgage Housing Corporation (CMHC) to assist homeowners and landlords in undertaking energy efficient retrofits, including: • Replacing oil furnaces with high efficiency furnaces • Better wall or basement insulation • Installing high efficiency water heater • Replacing drafty windows and doors.

Here is the complete summary:

We will keep you posted with further details.

If you have any questions, please reach out to us directly, or book a time for us to connect by phone or a virtual meeting BOOK A TIME FOR PHONE CONVERSATION

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Insurance. Is my family protected in case of pre mature death, illness or disability?

As trees are starting to bud, we are reminded once again of the cycle of life. Cycle of life always makes me reflect on the importance of life insurance. Perhaps it is a good time for all of you to reflect what insurance you have in place, what do you need, and do we have to make any changes?

Do take a moment to ask yourself these questions:

1. Do I know what type of coverage I have in place?

2. Do I know what type of insurance I need in case of death, illness or disability?

Take a listen to our short insurance basics video. If you have any question, please a complimentary insurance needs review. We are always here to help.