What Emergency Funding is Available for Businesses & Ag Producers

The COVID-19 pandemic is making a significant impact on the Canadian economy, especially with small and medium sized businesses. The federal and provincial governments have announced different support efforts to relieve businesses and agricultural producers during these anxious times. Let’s help you break down these different measures so that you can brave this storm and best protect your business’ financial well-being.

UPDATED: May 21, 2020


Due to the nature of COVID-19, how it spreads, and how self-isolation is the best way to fight against it, businesses across Canada are facing difficult decisions. Over the last week, many provinces and municipalities have announced measures to stop the spread of the virus that resulted in business closures and massive layoffs. The Government of Canada has also announced multiple initiatives to support businesses to provide economic stability during this time. Agricultural producers are also feeling the weight of the pandemic as they approach the beginning of spring seeding and how to get their goods from a difficult 2019 growing year to market. Most of the information below and how to apply for benefits from the Government of Canada can be found here.

Supports for Businesses

Canada Emergency Wage Subsidy (CEWS)

Canadian businesses, including non-profit organizations and charities, whose March revenue has decreased by at least 15% due to COVID-19 and facing employee layoffs can access a temporary wage subsidy. Business owners can receive 75% of wages per employee to a maximum of $58,700 during the 3-month period, to a maximum of $847/week per employee. These payments will be back dated to March 15, 2020. Businesses will have to apply for the program through the My Business Account portal on the Canada Revenue Agency’s website. They will also need to apply each month. To qualify, they will need to prove that their revenues have fallen at least 15% in March, as compared to January and February’s revenues.For non-profits or charities where revenue verification will be more difficult, may be able to access the subsidy by proving donations have reduced. However, the specific details for these organizations is still being worked out.

The 10% wage subsidy that the government announced earlier this month is still in effect. Small businesses can continue to claim the 10% wage subsidy, to a maximum of $25,000 or $1,375/employee. Businesses do not need to have experienced a decrease in revenue for this and can access this support immediately by adjusting the remittances of income tax that they withhold from employee pay. If a business is already receiving the 10% wage subsidy, they can also receive the CEWS, however the amount they receive will  be adjusted down accordingly so that they receive a maximum of 75% subsidy between both programs.

To create some balance between employers and employees, the Government of Saskatchewan will allow businesses to not have to provide notice or pay in lieu in the event of a public emergency when the layoff is 12 weeks or less during a 16-week period. Additionally, if an employee is laid off for more than 12 weeks in a 16-week period, they will be considered terminated and entitled to access federal employment insurance programs.

Businesses also qualify for payment deferrals on loans, skip-a-payment, and interest only payment plans. You are encouraged to reach out to your financial institution to determine what supports are available to you and what makes the most sense with your financial situation.

Canada Emergency Commercial Rent Assistance

The Government of Canada has announced the Canadian Emergency Commercial Rent Assistance (CECRA) program, in co-operation with Canada’s Provinces to provide much needed commercial rent relief to small businesses during this unprecedented time. This program will lower rent by 75% for small businesses that have been affected by COVID-19, in co-operation with the property owner. The program provides commercial property owners access to forgivable loans if they cover 50% of the rent payments for eligible small business tenants.

The commercial property owner must agree to reduce the tenants rent by 75% for the months of April, May and June under a Rent Forgiveness Agreement. The property owner would not be able to evict the tenant under the agreement, and the tenant would cover the remaining 25% of rent owed. Tenants must be paying less than $50,000 a month in rent, have ceased operations or experienced a 70% decline in revenues due to COVID-19. Non-profit and charitable organizations also qualify for the program.

To apply and find more information, visit the CMHC website.

Saskatchewan Small Business Emergency Payment

The Saskatchewan Small Business Emergency Payment program provides much needed financial assistance to Saskatchewan’s small businesses that had to close or reduce operations due to the public health order during COVID-19.

The payment can be used for any purpose, including covering fixed costs or the costs associating with re-opening after the public health order has lifted restrictions. Payments are based of 15% of the businesses’ monthly revenue in April 2019 or February 2020 to a maximum of $5,000. Seasonal businesses 15% payments are based off the average monthly sales revenue for their 2019 operational months.

To be eligible, a Saskatchewan business or not-for-profit must:

  • Have been carrying on business in Saskatchewan on February 29, 2020;
  • Have been ordered to temporarily close or curtail operations through a COVID-19 public health order;
  • Have less than 500 employees:
    • Seasonal businesses:
      • In the year before the COVID-19 public health order; or
      • When averaged for the 3 years before the year in which the COVID-19 public health order;
    • Attest that they:
      • have experienced a loss in sales revenue from business activities due to a COVID-19 public health order;
      • plan to reopen operations following the cancellation of the COVID-19 public health order; and
      • have not received any payments or amounts from any other sources, including insurance, to replace or compensate for the loss of sales revenue other than amounts from other government assistance programs; and
    • Apply on or before July 31, 2020.

Applications can be completed on the Government of Saskatchewan website.

Business Tax Filing

Like the measures taken for filing personal income taxes, businesses will be able to defer the payment of income tax until September 1, 2020. No interest or penalties will accumulate on these amounts owing. The Canada Revenue Agency will also pause most of its audit interactions for businesses for the next 4 weeks. For businesses requiring assistance understanding your tax obligations, help will be administered over the phone or through webinar.

Businesses and self-employed individuals can defer payments of the Goods and Services (GST)/ Harmonized Sales Tax (HST) until June 30, 2020. Businesses will also be able to defer customs duties owing on imports until June 30, 2020. Details about remittance schedules and how they qualify can be found here.

The Saskatchewan Government is also providing relief for you if you own a business and are unable to submit your Provincial Sales Tax (PST) remittance over the next three-months. You can submit a request for relief from penalty and interest charges here. Like the federal government, they are also pausing audit and compliance programs for businesses.

Credit Services

Canada Emergency Business Account (CEBA)

This emergency loan program will allow businesses to access interest-free loans of up to $40,000 to cover operating costs while revenue is down due to COVID-19. Contact your business advisor or financial institution to learn more about the CEBA and what it means for your business.

What is the CEBA loan?

  • $40,000 interest-free loan to help you cover operating costs you were not able to defer because of COVID-19
  • $10,000 (25%) of the $40,000 loan is eligible for complete forgiveness if $30,000 is repaid on or before December 31, 2022
  • If the loan cannot be repaid by December 31, 2022 it can be converted into a 3-year loan with an interest rate of 5%
  • Once your loan application has been reviewed and submitted the process for funding will take up to 7 days from completion.

How does the CEBA loan work?

  • The loan will be funded as a $40,000 term loan, 0% interest and no payments until December 31,2022
  • No interest will apply until January 1, 2023
  • Beginning January 1, 2023, interest accrues on the balance of the term loan at the rate of 5% per annum, payable monthly on the last day of the month
  • If you pay 75% of the balance of the term loan on or before December 31, 2022, the remaining balance of your term loan will be forgiven. For example, if your balance is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven
  • If you do not repay the 75% of the balance of the term loan on or before December 31, 2022, the full loan balance and all accrued and unpaid interest will be due and payable on December 31, 2025.

What’s the eligibility criteria?

The eligibility criteria are as follows, per the Government of Canada’s requirements:

  • You are a Canadian operating company (ie. not a holding company) registered and in operation on or before March 1, 2020
  • Your Annual payroll expense is between $20,000 and $1.5 million, as evidenced on your 2019 T4 Summary of Renumeration Paid (T4SUM). If you cannot locate your T4SUM contact Revenue Canada for reissue
  • A 15-digit Canada Revenue Agency Number also shown on your T4SUM
  • Conexus is your primary financial institution – meaning your everyday business banking account and cash management activities are held with Conexus, and opened on or before March 1, 2020
    • If your everyday business banking account is held elsewhere, please apply for funding through the Financial Institution that holds your primary Business Operating Account
  • Your account must be in Good Standing as an existing member

Expanded eligibility as of May 19, 2020

The criteria for access to the CEBA Loan Program has been expanded to include businesses with sole proprietors, those that rely on contractors or family owned businesses that pay employees through dividends. To be eligible, applicants with payroll less than $20,000 must meet the following criteria:

  • Have a business operating account at a participating financial institution
  • Have a Canada Revenue Agency business number
  • Filed a 2018 or 2019 tax return
  • Have eligible non-deferrable expenses such as rent, property taxes, utilities and insurance that equal between $40,000 and $1.5 million

Business Development Bank of Canada (BDC) Co-Loan

On March 27th, the Federal Government announced the BDC Co-Lending Program to support Canadian businesses of all sizes that have been negatively impacted by COVID-19.  Eligible applicants can access up to $6.25 million CAD (max loans amount dependent on business size) in loans to cover operating expenses such as rent and payroll and working capital needs such as inventory.  The loan will be jointly funded by BDC and your financial institution.

 

Business with less than $1 Million in Annual Revenue

Businesses with $1-50 Million in Annual Revenue

Businesses with over $50 Million in Annual Revenue

Up to $312,500 Up to $3.125 million

Up to $6.25 million

How does the BDC Co-Lending Program work?

  • Eligible business members can apply for financing to support their operational and liquidity needs
  • Term Loan
  • First 12 months to be interest only

What’s the eligibility criteria?

  • Been a member with your financial institution as of March 1, 2020
  • Been a viable business as of March 1, 2020 prior to COVID-19 impact
  • Meet the necessary requirements that will form part of the application process

More information can be found on the BDC website here.

To further ensure Canada’s businesses have access to credit services during this time, the Government of Canada is relaxing its parameters for certain funding:

  • The Canada Account ensures Canadian Exporters have access to loans, guarantees, and insurance policies during this time.
  • The Business Credit Availability Program (BCAP) is allowing the Business Development Bank of Canada (BDC) and Export Development Canada to support small and medium businesses with an additional $10 billion. In addition, BCAP and BDC will work with private sector lenders to ensure credit solutions are offered for individual businesses, specifically businesses that operate in the oil and gas, air transportation, and tourism sectors.
  • Canada’s individual banks will be able to access $300 billion for the economy by lowering the Domestic Stability Buffer of risk-weighted assets by 1.25%. This is in addition to the Bank of Canada reducing its interest rate to 0.75% to support the economy. Further reductions to the interest rate are expected, but not known at this time.

More details on market support measures taken by the Government of Canada can be found here.

Export Development Canada Business Credit Availability Program Guarantee

As part of the federal government’s new $65 billion Business Credit Availability Program (BCAP), Conexus Credit Union and Export Development Canada (EDC) are partnering to provide small-and medium-sized Canadian businesses with financing during the COVID-19 pandemic. Access the credit you need to cover payroll and other operating costs during this global health crisis. The EDC BCAP Guarantee provides businesses with up to $6.25 million in credit to cover operational costs like payroll and rent. Proceeds from the BCAP-supported loan cannot be used to repay or refinance existing debt (further restrictions apply to other non-operational costs). Export sales are not required to qualify for the program.

EDC fees related to this guarantee will be deferred for the first six months, giving some short-term relief to your business. EDC will provide a guarantee to Conexus Credit Union on 80% of the value of your loan. By sharing risk with EDC, we can help your company access the financing it needs. Note that the guarantee is to our institution, not your business, so you remain responsible for the full value of the loan.

For more information on the loan and the eligibility criteria, contact your business advisor.

Information can also be found on the EDC website.

Regional Relief and Recovery Fund

The Government of Canada has announced additional funding for small and medium businesses who need additional relief due to the COVID-19 pandemic. The Regional Relief and Recovery Fund (RRRF) provides $962 million in relief funding delivered through regional development agencies. Specifically, $304 million is allocated to Western Economic Diversification Canada to assist Western Canadian businesses specifically in the tourism sector.

The objective of the RRRF is to assist Western Canadian businesses that do not qualify for other programs such as the Canadian Emergency Business Account (CEBA) or the Community Futures Emergency Loan Program. The RRRF will support businesses in two ways:

  • Provides up to $40,000 in repayable contributions to businesses that are not eligible to access other federal support programs. Businesses that receive funds from the RRRF and repay 75% of the contribution (up to $30,000) on or before December 31, 2022 will result in forgiveness of 25% of the contribution (up to $10,000).
  • Provide up to $1,000,000 in repayable contributions to businesses that can demonstrate a meaningful contribution to the Western Canadian economy and are experiencing liquidity issues. These companies may not have accessed other Government of Canada relief programs, or may have accessed them, but require additional funding to mitigate cash flow pressures. This contribution is fully repayable.

Further details, including eligibility criteria for each stream, and how to apply, can be found here.

Examples of business that are eligible to apply to the RRRF:

  • Pre-revenue firms (e.g. a company that has not had any sales to date)
  • Businesses that do not have salaried employees (e.g. a company with a workforce of contract employees)
  • Businesses with no payroll that do pay their owners a salary (e.g. a company that pays its owners through dividends)

Examples of businesses that are not eligible to apply to the RRRF:

Applications are being accepted through Western Economic Development Canada and can be found here.

Large Employer Emergency Financing Facility

The Large Employer Emergency Financing Facility (LEEFF) is a program to support large employers through COVID-19. The program provides short-term liquidity assistance in the form of interest-bearing term loans through the Canada Enterprise Emergency Funding Corporation, a subsidiary of the Canada Development Investment Corporation. The assistance is available to large Canadian employers who meet the following criteria:

  • Make a significant impact on Canada’s economy by:
    • Having significant operations in Canada
    • Supporting a significant workforce in Canada
  • Have annual revenues of $300 million or more
  • Require a minimum loan of $60 million
  • Have never been found guilty of tax evasion

Assistance is available to large for-profit enterprises in all industries, except those who operate in the financial sector, as well as certain not-for-profit businesses. They must commit to minimizing loss of employment by sustaining their business operations through COVID-19 and provide an overall plan to return to financial stability.

For full information on LEEFF, visit the Canada Development Investment Corporation fact sheet here.

Canada Summer Jobs Program

On April 8th, the federal government announced changes to the Canada Summer Jobs Program to do more for students and small businesses that rely on the program to deliver essential services. The program creates almost 70,000 jobs for Canadians aged 15 to 30. Temporary changes to the program for this year include:

  • Increase to the wage subsidy so that employees can receive up to 100% of the minimum hourly wage for each employee
  • End date for employment is now February 28, 2021
  • Employers can adapt their activities to support essential services
  • Hiring staff on a part-time basis

Supports for Agricultural Producers

Farmers and the agri-food sector will be supported by Farm Credit Canada and an additional $5 billion dollars provided by the Government of Canada. You are encouraged to contact Farm Credit Canada to discuss the supports available to you.

Eligible farmers who have an outstanding Advanced Payments Program (APP) loan that comes due on or before April 30 will receive an automatic stay of default, giving farmers an additional 6 months to repay the loan. Those farmers with outstanding interest free loans, under the $1 million cap, can also apply for an additional $100,000 interest free portion for the 2020-21 year.

Agriculture and Food Business Solutions Fund

Farm Credit Canada will be running the Agriculture and Food Business Solutions Fund, providing agribusinesses and producers much needed relief during the COVID-19 pandemic. $100 million dollars will be available in the form of convertible debt investments and other flexible financing options. Companies that have experienced business disruption can apply for up to $10 million.

Fish Harvesters Benefit

Fish harvesters facing a 25% drop in income due to COVID-19, will have access to $470 million in relief from the Federal Government. The Fish Harvesters Benefit covers up to 75% of losses to a maximum of $10,000. Additional relief in the form of non-repayable grants will be available and the rules for Employment Insurance claims in 2021 will be changed to reflect previous years income.

AgriRecovery Set-Aside Program

The Saskatchewan Government announced an additional $5 million dollars for participation in the AgriRecovery Set-Aside Program, supporting producers in the livestock industry that need to hold their livestock back from markets. Saskatchewan Livestock producers will be able to access a total of $12.5 million under the program. 40% of the program is funded by the Saskatchewan Government, with the remaining 60% funded by the Federal Government. The program will be delivered to Saskatchewan producers through Saskatchewan Crop Insurance Corporation.

Western Livestock Price Insurance Program

The Western Livestock Price Insurance Program (WLPIP) supports livestock producers by reducing the price of livestock insurance purchased through WLPIP. $5 million is being provided by the Saskatchewan Government to offset the premiums producers are facing due to the COVID-19 pandemic. 40% of the increased premium costs, back to February 25, 2020 will be covered by the government. Additionally, the deadline for obtaining calf price insurance through WLPIP is being extended to June 18, from May 28, 2020. Premium adjustments will be in place until September 1, 2020, and reviewed at that time.

Producers may also qualify for payment deferrals on loans, skip-a-payment, and interest only payment plans. You are encouraged to reach out to your financial institution to determine what supports are available to you and what makes the most sense with your financial situation.

Breaking Down the Emergency Funds for COVID-19: Individuals & Families

The COVID-19 crisis has produced a lot of federal and provincial government action in order to support Canadians through these unsettling times. However, unless you are already familiar with these supports, a lot of the terms and relief options can sound intimidating and may go unused if you do not understand them. Let’s break down the different emergency fund options for individuals and families, the qualifications for each and how you can utilize them to protect your financial well-being.

UPDATED: May 21, 2020


Over the last week, there have been countless announcements about financial support for both families and businesses across Canada. The increase in information can be a lot to take in when you are worrying about your job, family, and finances. Most of the information below and how to apply for benefits from the Government of Canada can be found here. I’ve done my best to compile and simplify the essential information so you can understand how local governments in our province and the provincial and federal governments are stepping up to help Canadians.

GST Credit

If you are a low-income single adult or family, you will receive a special top-up payment under the Goods and Services Tax (GST). This will double the maximum annual GST credit you will receive for the 2019-2020 benefit year. Payments will increase by almost $400 for single low-income adults, and almost $600 for couples. The one-time payment will arrive in early May 2020.

Canada Child Benefit

If you are entitled to the Canada Child Benefit, you will see payments increase for the 2019-20 year by $300 per child. On average, this will mean an additional $550 increase for families. This will be issued on the May 20, 2020 CCB payment.

Students

Student Loans

Canada Student Loans payments will be deferred for a period of 6 months. Payments will be paused, and no interest will accrue on the amount owing. If you also have student loans with the Government of Saskatchewan, a 6-month loan payment deferral has also been implemented, mirroring the federal relief. Student loans from your financial institution may also qualify for a skip-a-payment plan, but you should contact your financial institution to find out the options available to you and what makes the most sense with your financial situation.

Canada Summer Jobs Program

Students across Canada rely on the Canada Summer Jobs Program to find meaningful employment during the summer and develop critical skills to transition into the labour market. The 2020 program has been adjusted to allow flexibility to both applicants and employers in the following ways:

  • End date for employment is now February 28, 2021
  • Employers can adapt their activities to support essential services
  • Hiring can now include part-time positions
Canadian Emergency Student Benefit

On April 22, the Federal Government announced the Canadian Emergency Student Benefit which provides funding for Canadian students who do not qualify for the CERB benefit. This provides $1,250/month to students through the months of May to August. The amount increases to $2,000/month if you have a disability, have dependents or provide care for others. Students who are working and make less than $1,000/month also qualify for the benefit.

Eligibility criteria is as follows:

  • You have not received the CERB or Employment Insurance benefits
  • You are a Canadian citizen, registered Indian, permanent resident or protected person
  • You are studying in Canada or abroad
  • You are enrolled in a post-secondary educational program or completed your post-secondary program December 2019 or later, or completed or expect to complete high school in 2020 and have applied for a post-secondary program that starts before February 1, 2021
  • You are unable to work due to COVID-19 or your income is less than $1,000/month due to the pandemic

Applications can be submitted here and need to be submitted every four weeks. You can receive your money faster by signing up for direct deposit through your My CRA Account.

Canada Student Service Grant

The Federal Government also announced funding of up to $5,000 for students who choose to volunteer instead of work during this time. The grant depends on the amount of volunteer hours but can provide between $1,000 -$5,000 towards tuition for the 20-21 year.

Other Supports

Students will also see their Canada Student Grants double for all eligible full-time students to up to $6,000 and up to $3,600 for part-time students in 2020-21 school year. The Canada Student Grants for Students with Permanent Disabilities and Students with Dependents are also being doubled.

Funding will be increased by $75.2 million to support First Nations, Inuit and Metis Nation students, although there is no information about how that assistance will be handed out.

Old Age Security and Guaranteed Income Supplement Payment

Seniors who receive Old Age Security (OAS) and Guaranteed Income Supplement (GIS) payments from the Federal Government will receive up to $500 in a one-time payment to offset increased costs during the COVID-19 pandemic. Seniors will see an additional $300 for OAS and $200 for GIS automatically applied on the next payment they receive.

RRIF and RPP Withdrawals

Withdrawals from Registered Retirement Income Funds (RRIFs) are being reduced by 25% for the 2020 year. This also applies if you are receiving benefit payments from a defined Registered Pension Plan (RPP). You can view the minimum withdrawal percentage as of 2018 here.

Mortgages

The Canadian Government is providing $50 billion for the Ensured Mortgage Protection Program to support Canadians who are affected by COVID-19. The Canada Mortgage and Housing Corporation (CMHC) and other mortgage insurers are offering payment deferrals and special payment arrangements effective immediately on all CMHC insured mortgages.

In addition, many financial institutions in Canada are committed to working with customers to provide flexible solutions to your financial needs. This includes payment deferral on mortgages, auto loans, and personal loans for up to 6 months. You are encouraged to contact your financial institution to better understand your options during this time and what makes the most sense with your financial situation.

Utility Deferrals

Saskatchewan Crown Corporations that operate utilities in the province will offer a zero-interest deferral on all utility payments for a period of 6 months.

SaskTel – waiving data overage charges, offering news and family channels for free

SaskPower – stopped active collections and won’t be limiting power supply to customers

SaskEnergy – deferring payments and not limiting natural gas supply

City Supports

Specific measures for major municipalities in Saskatchewan can be found here:

Saskatoon     |     Regina      |      Prince Albert      |     Moose Jaw      |     Humboldt

Groceries

If you’ve visited a grocery store in the last two weeks, you’ll know that essentials like toilet paper, bleach, and disinfecting wipes are scarce. The major grocery stores in Canada have assured the public that the supply chain to keep stores stocked is strong. This has also been supported by the United States and Canadian governments’ commitment to keep the borders open to commercial traffic to ensure the flow of these goods.

In addition, major grocers have also committed to maintaining the price of goods instead of increasing prices as we usually see with an increase in demand. The President and CEO of Loblaws released this statement.

Childcare

The Government of Saskatchewan has announced that childcare facilities that are located within Saskatchewan’s schools will be re-purposed to assist with the childcare demands of health-care workers and essential services workers. This includes those employed in healthcare, child services, and emergency services. Read more here.

Personal Income Tax Filing

The date for filing personal income taxes for the 2019-20 year has been extended to June 1, 2020. However, to receive the new Canada Child Benefit payment and the GST one-time payment, you are encouraged to file your personal income taxes as soon as possible to ensure the amounts you will receive for the 2020-2021 year are correct. The Canada Child Benefit and GST payments are based off your 2019 taxes, and the amounts take effect in July 2020.

If you file your 2019 personal income tax, and owe money, you have until September 1, 2020 to make a payment on the taxes you owe. No interest will be accrued on any balances owing.

Where it applies, electronic signatures will be recognized instead of in-person signatures, to encourage social distancing. Measures will also be taken to encourage the public to file your income tax electronically and they have provided help with understanding your personal income tax over phone and webinar.

Trusts that operate on a December 31, 2019 taxation year, such as family trusts, have until May 30, 2020 to submit your 2019 trust income tax returns. This is extended from the March 30, 2020 deadline.

Employment Insurance

If you qualify for Employment Insurance (EI) Sick Leave Benefits, the requirements for EI are as follows:

Unemployed due to work closure?

REQUIREMENT TO QUALIFY: 700 hours worked in the last 52 weeks

  • Your employer will need to submit a Record of Employment to the Government of Canada.
  • The one week waiting period remains in effect.
Unemployed due to self-quarantine?

REQUIREMENT TO QUALIFY: 600 hours worked in the last 52 weeks

  • You do not need to provide a Record of Employment or doctor’s note.
  • The one week waiting period is waived

If you qualify for either of these situations, you can apply here. You can also call to apply, but wait times will be much higher than normal.

Canada Emergency Response Benefit

The Canada Emergency Response Benefit will provide up to $2,000 a month for the next four months if you don’t qualify for Employment Insurance. Administered through the Canadian Revenue Agency (CRA), you may qualify if you are one of the following:

  • self-employed, quarantined, or sick with COVID-19
  • self-employed and caring for a family member who is sick with COVID-19
  • a parent of children and cannot work due to school or daycare closures, whether you qualify for Employment Insurance or not
  • have not received any income in the last 14 days including provincial or federal benefits
  • have not quit your job voluntarily
  • have earned $5,000 in income in the last 12 months or 2019, including benefit payments from Maternity or Parental leaves
  • facing reduced income due to the pandemic, working less than 10 hours a week
If you are facing unemployment and don’t qualify for EI:

You will not need to provide a doctor’s note to access these benefits and are encouraged to sign up to receive the benefit through direct deposit. The application will be available in early April, and applicants will need to confirm they meet the requirements when they apply. You will also need to reconfirm your eligibility every four weeks. You can apply in one of two ways:

  • Applying online
  • Calling toll-free at 1-833-381-2725

You can speed up your application by signing up for direct deposit through the Canada Revenue Agency and online banking. More information on how to sign up through Conexus online banking can be found here. When applying through My CRA or My Service Canada, you will need a secure PIN code. If you feel you qualify for this benefit and do not have access to either of these accounts, you can request your PIN here. It can take up to 10 business days before you receive it in the mail, so requesting it now ensures you’re ready to apply when the application opens.

It is important to note, that if you receive the CERB benefit, you have to re-apply every four weeks to continue to receive the benefit if you need it. The CERB program provides relief until October 2, 2020. If you are still facing unemployment after that, you can apply for Employment Insurance.

EI Work Sharing Program

If you’ve agreed to reduce your normal working hours because of your employer’s efforts to curb the impact of COVID-19, you can also take advantage of the EI Work Sharing program. This provides Employment Insurance benefits to you if you’re still employed but working less than you normally would. In order to qualify for these benefits, you will have needed to work 76 weeks (an increase in the standard 52 weeks).

The Government of Saskatchewan also passed legislation ensuring that if you need time off work because you are sick with COVID-19 or are required to care for a family member who is sick, you will not experience job loss. Even if you have been working with your employer for less than 13 weeks, you qualify for job protection under this legislation.

Self-Isolation Support Program

If you have contracted COVID-19, have been in contact with someone who has COVID-19, or recently returned from international travel, you are required by law to self-isolate for 14 days. In this instance, the Government of Saskatchewan has announced the Self-Isolation Support Program that provides you with $450 a week, for a maximum of two weeks as income support. To qualify, you must also meet the following criteria:

  • you are ineligible for compensation from your employer through sick or vacation leave
  • you do not have access to private insurance to cover labour disruptions
  • you are not covered by the other federal income support programs that have been announced

Saskatchewan Temporary Wage Subsidy

The Government of Saskatchewan announced a $56 million program to provide a temporary wage subsidy to those who are currently working with vulnerable citizens. Those workers who are earning less than $2,500/month can access an additional $400/month for up to 16 weeks. The 16-week period is retroactive to March 15 and runs until July 4.

Workers who are considered essential workers, working as caregivers, cooks and cleaners in senior-care facilities, including private care homes and home care are eligible for the subsidy. Those who work in the same positions, caregivers, cooks and cleaners in licensed childcare facilities, group homes and emergency shelters are also included.

Applications will be accepted online, and more information can be found on the government website here.

Beware of These Scams During the Coronavirus Pandemic

As you take precautions to protect yourself from the coronavirus, don’t forget to safeguard your financial well-being from fraudsters who are hoping to cash in on the paranoia. Here’s how you can identify scams that are currently being used and what you can do to ensure you are shielded from fraud during the pandemic. 


Well this escalated quickly.

The coronavirus is a devastating pandemic that is making a massive impact on the economy and health care systems all across the world. As of March 20, the world has experienced over 267,000 cases of the virus and although Canada is only representing a small portion of that total with 925 cases, we are in uncharted territory. Terms like “social distancing” and “self monitoring” have become second nature in (remote) conversation and we’ve all been exchanging shows to binge on Netflix during our two week long self-isolation periods.

This is truly an unsettling time where paranoia and panic are running rampant. Unfortunately, like a virus themselves, fraudsters and scammers feed on this urgency and as if we didn’t have enough to worry about, with the increase in global coverage comes an increase in fraud activity. Let’s make sure you are briefed and safeguarded against the types of fraud to watch out for so you can focus on protecting yourself from the global pandemic.

Fraudulent Health Products & Professionals

Fraudsters know that during a pandemic, your anxiety surrounding your health skyrockets and you’ll do whatever it takes to ensure you and your family are protected. From the moment that the coronavirus hit the global media, scammers were creating fake products that claim to boost your immune system, cure you from symptoms and, in some instances, have access to a vaccine.

The sad truth of the matter is that although they are in development, we are likely a year away from having a vaccine available and there are no approved drugs to prevent the virus. The websites and messages that these scammers are sending are chocked full with convincing information on the product, faux testimonials, professional sounding terms like “clinical trial” and even conspiracy theories about their company having access to a vaccine that the pharmaceutical industry is withholding for money. We’ve also seen con artists who are impersonating World Health Organization professionals with alleged access to information on a miracle drug. These con artists have been sending emails with important updates on the virus that prompts readers to click on a phishing link or download malicious software.

How you can protect yourself: Caution will prevail here. As long as you know that any medical information, especially on vaccines or treatment, will come directly from your healthcare professional and not from a link from a suspicious email address – you’ll know not to click anything or entertain any offers for a miracle drug. Be suspicious of products and “professionals” that have cured the virus and when in doubt, check with your health care professional.

Fake Charities & Fundraising Efforts

Another tactic that fraudsters employ is to pull on your heart strings. With the coronavirus affecting so many small businesses and charities, many are calling for aid in order to navigate these tough waters. Scam emails and phone calls have been going out to try and trick people into donating to fake charities and relief efforts. They may say that they are looking for a small donation but as soon as they have your credit card number or authorization, they have access to take as much as they want.

In addition, you may see a few GoFundMe pages pop up on social media feeds to rally monetary support to offset expenses that affected families are incurring due to the virus. Most of these pages are started by incredibly generous people in order to provide support for families in a time of need, but unfortunately, scammers and fraudsters have also taken advantage of this method.

How you can protect yourself: Unless you know the family that is garnering the support or someone you know can vouch for them, it is safest to move along from any GoFundMe page or fundraising websites calling for monetary support. If you do want to contribute some money to a relief fund, consider experienced or established relief organizations, especially those that clearly describe the use of the funds. Beware of scammers impersonating those organizations, though!

Face Mask Scams

Yes, these are a thing. Scammers are actually capitalizing on the high demand for face masks. Many different websites and organizations claiming to sell face masks online are attempting to lure you in by showing they have a limited amount of stock available. Why is this effective? The urgency and scarcity for an in-demand product will increase the likelihood of an impulsive purchase. It’s the same method that infomercials employ with “Act now before it’s gone!” messaging. The Red Cross has actually issued a warning that scammers are posing as them to solicit face mask purchases through text messages.

How you can protect yourself: Whether it is face masks, hand sanitizer or another product you are buying to protect yourself and your loved ones, make sure you are keeping an eye out for phony e-commerce sites and scams. If your gut is telling you that something “just doesn’t feel right” or “it seems too good to be true”, it most likely is. Only purchase from stores and websites with an established reputation. The most effective way to avoid a scam is to buy directly from a seller you are familiar with and who you already trust. When in doubt, make sure the seller has legitimate contact information, a real street address and a customer service number you can call before you hand over your name, address and credit card number.


It has yet to be seen how long the coronavirus will remain classified as a pandemic, but heightened fraud activity will be a constant throughout. Remain vigilant to avoid scams related to the virus, use caution when giving out your credit card information to e-commerce and relief efforts,  and look out for fake cures, phony prevention measures, and other coronavirus cons. We’ll get through this – but let’s make sure your financial well-being does, too.

The Great Buy vs. Lease Debate

It’s one of the most hotly contested debates of our time: Is buying or leasing a new vehicle the way to go?

Depending on who you ask, you’ll typically get a passionate and definitive answer based on personal experience. This blog weighs the pros and cons for each alternative and attempts to crown a victor. Spoiler alert: it’s not as clear cut as you may think. 


I currently drive a 2011 Ford Escape that has been an absolute dream for the past nine years. For about a year and a half, I’ve been contemplating trading it in for an upgrade but I’ve really enjoyed not having to worry about a monthly vehicle payment. The thought of trading in my SUV remained dormant in the back of my mind until one day when I was driving on Ring Road (Regina’s controlled highway that circles the city) and it hit me!

No, it actually hit me. Mid-transit, my hood flew up and smashed my windshield which left me travelling at 80 km/h on Regina’s main expressway without being able to see in front of me. Once I somehow safely navigated my way to the side of the road and got over the shock of what had just transpired, the first thing that went through my head was “it’s time for a new vehicle.”

In the past, I’ve always bought my vehicles (because that’s what Dad had always told me to do) but I’ve noticed that leasing is growing in popularity. Before I jumped on the same path, I decided to do my research to figure out the answer to the age-old question: “lease or buy?” Let’s break down both sides:

The Case for: Buying

  • No limits on the amount of kilometers you drive. Drive it off the lot and into the ground if you want! When you lease, you have a maximum amount of annual kilometers that you have to stay under without paying a penalty.
  • Your monthly payments will likely be higher than leasing, but you are paying to own. Eventually you will pay off your vehicle and will eliminate your monthly payment. I just spent five years without a vehicle payment and it made an enormous difference to my budget.
  • Freedom to customize, sell or trade in whenever you want. The vehicle is yours so feel free to put in those customized velvet seat covers to match the fuzzy dice hanging from your rear view mirror. You can’t do that under a lease.
  • No transactional fees. Depending on who you are leasing from, they may charge a “transaction fee” when you exchange your vehicle or buy it out at the end of your lease. Dealerships will claim it is to cover the paperwork that needs to be done, but these can usually be negotiated down before you sign your lease. Leasing will also require you to purchase a package policy on your insurance so be prepared for that expense as well.
  • Cheaper in the LONG run. Assuming your vehicle doesn’t require a ton of repairs once your warranty runs out and we’re operating in a stable market, purchasing is typically cheaper in the long run. Although your monthly payments will be more expensive compared to leasing, you will likely only need to pay for maintenance once you’ve paid off your vehicle. On the other hand, leasers will always have a monthly payment. In addition, you’ll be able to sell or trade-in your vehicle which will earn you a big chunk of change towards your next vehicle.
  • You don’t always have to buy new. Buying can be A LOT cheaper if you buy a used vehicle. Depending on how used the vehicle is, you will be incurring more risk for repairs but if you do your due-diligence, this can drastically boost your budget.

The Case for: Leasing

  • Cheaper in the SHORT term. Your monthly payments will be lower than financing a new vehicle. This allows you some more capacity to cover your monthly expenses and the ability to drive a newer vehicle without busting your budget.
  • Better warranty protection. Last year, I had to pay a couple hundred dollars to have my spark plugs changed. Apparently this can be done for much cheaper if you know how to do it yourself but if you are like me and feel incredibly accomplished after hanging a picture frame – finding coverage to make these repairs is definitely the best route. When leasing, the only thing you’ll need to worry about is regular upkeep (oil changes, car washes, etc.) and any damage subject to your deductible if you cause an accident.
  • New car every 2-4 years. When you finance a car, it will typically take you 3-5 years to pay it off and then you’ll likely spend another couple of years enjoying a life with no monthly car payment. By the time you are ready to trade-in your car, you’ll be craving the newest features. After driving without them for ten years, I would be tempted to take heated seats and a backup camera over a functional airbag at this point. A lease allows you to drive a new vehicle every 2-4 years which will help quiet your hankerings to sacrifice safety for comfort.
  • No money up front. When you are purchasing or financing a new vehicle, you’ll likely need to put down a big chunk of money in order to unlock smaller interest rates and shrink your monthly payments to a point where they won’t eat you alive. Buying instead of leasing typically takes more time as you’ll need to save for a while before you are ready to put a down payment on a car. You should obviously take some time to ensure leasing a new car fits your budget, but once you’ve made that decision, not having to pay any money up front can put you in the drivers seat of your new vehicle much faster.
  • Tax break if you are using it for business purpose. There are some tax advantages if you are leasing a car and using it for business purposes. Turbo Tax Canada breaks down these benefits in this article, but you can deduct the business percentage of your lease payments on your income tax. For instance, if you own your own business, your annual lease payment is $4,000 and you use your car for 75% business use – you may be able to deduct $3,000 on your annual tax return.
  • Easier to budget and no unexpected, expensive trips to the service department. I mentioned my spark plug struggle above, but that costly experience came when I took my post-warranty vehicle to the dealership to check out why my rear-windshield wiper fluid squirter (I’m quite confident this isn’t the technical term) was not working. This quick trip turned into an unexpected $2,000 purchase that included new brake pads, spark plugs, a new wiper squirter (again, not the technical term) and a few other things. This unexpected cost not only ruined my day, but it completely threw off my monthly budget and sentenced me to a month of eating ramen noodles. Because you’re always under warranty while leasing, your monthly payments are expected and you don’t need to worry about unexpected issues that will quickly burn a hole in your wallet and your budget.
  • No trade-in hassles at the end of the lease. Whether you are privately selling your car or looking to trade it in, it’s a huge hassle. Assuming you aren’t looking to buy-out the rest of your vehicle and you kept your vehicle in good condition, the end of your lease is quite hassle free. If you are continuing with a new lease, all you have to do is drive up with your old vehicle and drive off with a new one.

The Verdict: It Depends.

I know, I know – that’s the answer that nobody likes but it’s true. The good news is that there really is no wrong answer, but the trick is finding the best solution for you and your lifestyle. This decision is comparable to whether you want to buy or rent a house. Buying allows you more freedom to customize and is generally cheaper in the long-term, where renting removes the hassle of making repairs and gives you the flexibility to jump from house to house once your rental contract is up. If you are somebody that knows autobody, craves customization and ownership, wants to commit long-term and possesses the ability to diagnose and make repairs on your vehicle, buying may be the best route for you. If you prefer to drive a new vehicle without having to worry about maintenance costs and are comfortable with always having a monthly payment – leasing might be your best bet.

Here’s more good news – you aren’t stuck on one path for your entire life. Feel free to try out both options if it makes sense for both your budget and your lifestyle!


Like I said above, it’s common for people to have a very definitive opinion on this debate. Let’s hear yours!

How TO Fall for a Scam

Yes, you read that right. Fraud is not new and is something that’s been around for a long time – we all know a family member, friend or co-worker who has fallen victim to a scam. We all think “it will never happen to me” but it’s easier than you think to fall for a fraudster. Let’s take a look at how it can happen.   


With ever-growing technology, we’re seeing an increase in the number of scams out there and between 2014-2016, it’s estimated Canadians lost over $290 million to fraudsters. Scams and fraud can originate through a variety of different channels including phone, email and social media, and some of the top scams include romance scams, income tax extortion scams and phishing.  

 Here are a few tips on how to protect your information and detect one of the scams out there: 

Caught in a bad romance 

 Gone are the days of having to go to the bar or local hangout to meet that special someone. With the growth of technology, many relationships nowadays are starting online. 

Unfortunately, this has also caused an increase in romance scams and, in 2018, Canadians lost more than $22.5 million to this type of scam. That’s a lot of money that could have paid for heartbreak chocolate and ice cream.

A romance scams usually starts with a fake profile on an online dating site or social network and the scammer pretends to be someone they’re not by using a fake name, photos, etc. The scammer will build a fake relationship with you over a short period of time and often professes their love for you early on. Just as the ‘relationship’ is getting ‘serious’, your new bae will have a financial emergency such as a health issue or wants to visit you in person and needs you to send money. After you’ve sent the money, they’ll continue to ask for more… and more… or they’ll stop communicating with you altogether.  

Don’t let love blind you and use these tips to protect your money and your heart. 

  • Look at the photo – does it look real? Many scammers use photos from the web for their profiles.  Check to see if the photo is real, not stolen, by doing a reverse image lookup 
  • If the person can never video chat or keeps finding excuses not to meet up, it’s probably because they aren’t who they say they are. This is called “catfishing”. 
  • Never… ever… under any circumstances send them money for any reason, especially if you have never met them in person.  

Congradulations! Your our sweapstakes winner! 

Phishing is a common type of fraud that often comes in the form of a prize, threats such as your bank account being locked and you must take immediate action to open it, or a refund due to an overpayment on your account. Scammers will use a variety of channels including phone & text, email and fake websites.    

Don’t take the bait and follow these tips to recognize when you’re being phished: 

  • Most scam emails and texts contain spelling errors, bad grammar or altered logos. At first glance, it may look real, but upon further inspection something may be wrong like the sub-heading above. Did you notice the spelling errors in our heading or did you have to scroll back up for a second glance? 
  • Check the link before clicking on it by holding your cursor over link to display the full URL. If it looks suspicious, it probably is. Instead, contact the company directly or visit its website to confirm if any actions are required from you. 
  • Beware of urgent or threatening language. Causing a sense of urgency or fear is a common phishing tactic in order to draw an impulsive decision from you. 

No one cares that your first cat’s name was Fluffy 

 Raise your hand if you’ve seen a quiz or survey filled out by one of your friends pop up in your social media feed. Now raise your hand again if you’ve ever done one of these quizzes or surveys and shared with your followers.  

I’m also guilty.

With social media, we’re seeing more than ever people sharing information about themselves online.  Yes, it may be fun to reminisce on your past and share all the things you love such as the name of your first pet or the make of your first car, but you know who also loves this information… scammers! 

Sharing this info can be a goldmine for hackers and fraudsters as it helps them build their knowledge of information about you even more. A lot of the time, we also choose security questions for our different accounts related to the answers of these questions, putting us at further risk of being hacked.  This also allows fraudsters to build a profile around you so that they can confidently walk into a bank and pretend to be you. 

Reduce the risk and stop oversharing information about yourself on social media as well as: 

  • Choose security questions and answers that can’t easily be guessed. Your mother’s maiden name may be an easy one for you to remember, but it’s also an easy one for fraudsters to google. 
  • Don’t share photos of your personal and financial information such as your driver’s license or new credit card.
  • If going away on vacation, don’t share details on social media before you go or while you’re there. Doing so is equivalent to saying “I’m not home right now, please feel free to come break in and steal my stuff, especially the new TV I just posted on Instagram.”
  • Make your accounts and posts private so that only those you know and trust can see what you’re up to. Don’t be afraid to prune the friend-tree every once and a while. If you don’t know what someone has been up to in a while, you also have no idea if their account has been hacked.

The sophistication of fraudsters is increasing and as organizations raise the bar on security, fraudsters up their tactics to try and trick us into giving them information and our money. For more information about protecting yourself from fraud and to learn about different scams out there, visit https://www.canada.ca/en/services/finance/fraud.html 


Ever fallen victim to a fraudster or know someone who has? Comment below with how they tricked you to save someone else!

The Gift Of Goals & How To Reach Them

Tis’ the season for spending.  If it’s not school textbooks and parking passes, then it’s hockey fees and new skates for the kids. If you’re like me, you’ve already caught the holiday fever and you’re shopping for gifts and baking supplies. Among all this spending on others during this time of year there is one person we forget to include – ourselves. It’s important to make sure we are giving ourselves the gift of time and effort by setting up some of our own financial goals.


Make a List. Check it Twice.

Setting financial goals and how you plan to achieve them is an essential part of financial literacy. But how do you get started?

The easiest way to get started is by making a list. This study on goal setting found that we are 42% more likely to achieve our goals when we write them down. Don’t let bad hand writing stop you, writing down your goals can come in many forms; write in a notebook, type it into the notes section on your phone or save a spreadsheet. Don’t be afraid to get creative! What works well for me is to attach sticky notes on the fridge beside my grocery list. I find that with the amount of times I open the fridge, I’m constantly being reminded of my financial goals and it really helps when you are taking inventory of what you need to buy for groceries.

Your financial goals and how you plan to attack them are unique to you, so why wouldn’t the way you write them down be?  If all it takes to get some motivation to increase your chances of achieving your goals is by writing down a list then that is ink put to good use!

I’m also a big list person and to show you how serious I am about them,  I am going to give you some tips I’ve learned for setting financial goals in, you guessed it – a list!

Try These Tips!

Create SMART goals:

Setting goals that are specific, measurable, achievable, relevant and timely gives you a sense of direction, helps you organize and track your progress.

Set ‘sub goals’:

Achieving a long term goal can seem overwhelming when you look at it as a whole. Break it down by setting smaller goals that contribute to the long term. Achieving these help you see the progress you are making and keep up the motivation to continue working towards the larger goal. We all know there are times we need a little extra motivation so it’s important to acknowledge and celebrate achieving the smaller goals along the way.

Share your goals:

Sharing is caring right? By telling a friend or a family member our goals helps motivate us and holds us accountable. I might be slightly more competitive than the average person, but telling others makes me want to do anything not to fail, not only for myself but for them too. The same study referenced above showed that over 70% of participants who shared their progress on their goals with a friend actually accomplished or made significant steps toward accomplishing their goals. Bring on the goal gossip!

Speak to a financial advisor:

When in doubt, speak to someone who helps set financial goals for a living – a financial advisor. They are able to provide advice and different solutions you may have never thought of. They will also be a cheerleader in your corner and hold you accountable in your progress.

Check and cheer:

Make sure you monitor your progress, keep an eye on your current status and be open to adapting as your needs change. When you do reach that goal (big or small) – CELEBRATE! You’ve put a lot of time, preparation and thought into getting yourself into a better position financially so celebrate that feeling when you’ve saved enough for a hot vacation and can still afford groceries! For me, one of the best feelings I’ve had was when I was finally able to put a down payment on my house while leaving enough budget to furnish the place. Trust me – it’s worth it!


Now that you have the tools you need it’s up to you to get started! There is no better time than now to give yourself the gift of financial goal setting, especially during the high spend season!

In the spirit of sharing, we want to hear what tips have worked for you with your financial goal setting? Help the rest of us out!

How Take-Out Almost Took Out My Budget

With so many options for ordering meals via delivery, it’s becoming increasingly hard to resist the convenience of take-out and maintaining the discipline to stick to your meal prepping schedule. Let’s look at a real-life example of how creating and sticking to a budget can save your bank account from landing in the trash with your leftover to-go containers. 


Step One is Admitting the Problem

Hello, my name is Mason and I’m a recovering take-out-aholic.

I used to eat out an embarrassing amount. If I were to get married tomorrow, my Uber Eats driver would be the best man at my wedding. Okay, maybe not – but for a couple of years, unless I had access to a free meal, I was likely getting food delivered to my home or picking it up at lunch time. It’s a dangerous habit that I would justify by saying “I’m saving so much time not having to worry about buying groceries, cooking and doing the dishes after”. The number one question I would get was “How do you even afford this?” Good question. Back then, I had a tenant that was basically paying for my mortgage payments and as a single guy who doesn’t really travel or shop a ton (exciting life hey?), this seemed manageable at the time.

One blessed day, my addiction hit rock bottom. Let’s just say that you’ve never really experienced shame until you’ve had the same Skip the Dishes driver twice in the same day. This was the epiphany I needed to take a hard look at how much I was spending per meal and think about all of the other places where that money could be allocated. The problem was that I didn’t even know how much money I was letting drain from my bank account. I was blindly swiping my card two-three times a day without any idea of the impact this would have on my monthly expenses. So where do you even begin to get things under control? It all starts with a budget.

Basic Budgeting Facts

We throw the term “budget” around quite loosely as a noun and a verb, but budgeting is simply taking the time to identify how much money your household can afford to save each month. In essence, it is the process of mapping out whether you have enough income to cover your monthly expenses and how you plan on allocating the remaining money left over. For you, it may mean making sure you have enough to pay for your kids’ piano lessons or education. For me, it means making sure I can afford to pay for a cable bill to support my fantasy football obsession. 

According to this study, just over 60% of Canadians use a budget, though, 32% of Canadians said their income does not always cover their living expenses and 13% said they’ve borrowed to make ends meet. I was one of the 40% who did not use a budget and was not tracking where my money was being spent without any guidelines around where my money should be going. I did a little bit of digging and this same study broke down recommended percentages of spending:

Recommended percentages of spending:

  • Housing – 30-40%
  • Transportation – 10-20% 
  • Living Expenses – 20-30% 
  • Debt Repayment – 10-20% 
  • Savings – 10%+ 

After tracking a month of my spending, I realized that my percentages were all out of whack. Outside of paying a small amount towards pension, the entire recommended 10% of Savings were inflating my Living Expenses and I was up to 60% thanks to my dependence on delivery. I knew something had to change and after a few months of being really intentional in my spending and eating habits, I shrunk my monthly spending on meals by over 40% and $600! Here’s some tips I learned along the way:

Weekly Meal Prepping Pays Off

Part of the reason I was eating out so much was to save myself from the time it takes to buy the groceries, prepare the meal and then do the dishes. It can also be expensive to cook for one person (check out our Cost of Being Single blog) because of grocery sizes and a lot of recipes are for more than one person. One of the best purchases I ever made was an Instant Pot that allows me to create easy recipes with large portions in a short amount of time. This allows me to do all of my meal prepping on Sunday and I don’t have to spend any time during the week preparing or cleaning up after meals. Think about it: if you are spending $20 on a portion where you can get 3-4 meals out of it instead of spending $20 on one take-out meal, you are saving up to $60! No wonder my living expenses were so high!

Ask For The Receipt

I get it. When the cashier asked “Do you need a receipt?” it’s so much easier to say “No thanks” and watch them crumple it up on your way out the door. I’ve learned that holding onto the receipt and making sure it’s added to your budget spreadsheet not only holds you accountable to your spending, but also saves you in the long run. Tracking your spending throughout the month and comparing it to your budget will help show you where you’re on track, may be under budget and where you may need to refrain from spending due to almost reaching your budget. When your mind tries to trick you into ordering out on a Sunday night, you’ll have the budget numbers to rationalize staying on budget.

If you have a significant other that you share expenses with, be sure to create your budget together. This ensures you’re on the same page when it comes to the money you’re generating and spending. It’s not a bad thing to have the other person holding you accountable either! 

Leave Room for Buffer, Not Guilt

If you are dramatically changing your habits, it’s not going to happen over night. Whether you have a busy week or a night where you need to recharge, you may have no choice but to order delivery. Leave a buffer in your budget for those unexpected expenses to make sure you have a realistic picture of how much you’ll spend in a month and so you aren’t feeling guilty that your saving progress has all been lost. 

You know what the say, “Old habits die hard” and it’s true. However, it’s hard not to be motivated when a budget shows you just how much money you are saving. Sometimes all it takes to make a major life change is to just start with a budget.


Do you have any tips to keep your budget numbers low?! Share them below!

Condo or condon’t? Is condo living right for you?

Purchasing a house is a huge decision and choosing the type of home you buy adds a whole other layer. Let’s break down all things condos so that you can make sure you think about all the options because after all, you’re the one who will have to live with it – or in this case, in it.


Are you currently considering purchasing a home for the first time? Or are you possibly looking to downsize from a house to a condo? Before making a purchase, especially one as big as a house, it’s important to weigh all the pros and cons. As a current condo owner for the past three years, I’ve started a list of things to consider to help you decide if condo life is right for your lifestyle.

Condo Pros

Condo living comes with a lot of pros – here are some that I would consider positive:

  • Low Maintenance – Condos usually come with snow removal and landscaping built into condo fees.
  • Affordability – Condos tend to be lower in price and newer, so you get more bang for your buck.
  • Amenities – If you get lucky, your condo could have access to some extra amenities, such as a pool, fitness centre, clubhouse, meeting space, BBQ, underground parking, gated community park, etc. These extra amenities could also help you save money on other expenses, like no gym membership or sharing a BBQ.
  • Less Hidden Costs – What you see is what you get with a condo. There are usually no extra costs when it comes to shingle repair, deck, landscaping, etc.
  • Location, Location, Location – Many condos are located close to downtown or commercial developments so you’re usually within walking distance to city attractions.
  • Size – Bigger doesn’t have to be better, especially when it comes to cleaning a big house or buying furniture to fill it. Depending on the condo, they usually give you a good size designed for comfortable living for families while allowing space for storage.
  • Utility Savings – Sometimes utility costs are built into your condo fees which means you share utility costs with your fellow tenants. This can be a blessing or a curse (depending if you have neighbours who love to take 45 minute showers), but by sharing utility costs – you avoid having to pay setup and maintenance fees. You also don’t have to worry about paying multiple bills during the month.
  • Board Experience – Each condo building typically has a Condo Board that makes decisions for your facility like the use of your reserve fund and any increases/decreases to your condo fees. If you are looking to gain Board experience, this is a great place to start while also having a say in what happens in your neighborhood.

Condo Cons

Here are some of the cons that come with condo living that I would suggest you consider before committing to a condo:

  • Close Quarters – You’re usually sharing walls with neighbours resulting in loud distributions and lack of privacy. I used to live beside a neighbour who had a dog that really missed them when they got home from their nightly shift work at 4:00 a.m.
  • Difficulty Re-Selling – Depending on the market, a condo can generally take longer to sell since condo living is not for everyone, market saturation or too many condos are on the re-sale market.
  • Lack of Back Yard – One luxury I wish I had access to would be a bigger back yard. I do have something (and by “something” I mean a strip of shared grass), but it is tough to entertain during the summer when you don’t have access to a large lawn or privacy from your neighbours.
  • Rules – Condos tend to have set rules that vary per condo like “quiet time”, no pets, renovation restrictions, no smoking, etc. unlike living in a stand along home where you are generally free to do what you want to do.
  • Condo Fees – As mentioned in the pros, condos come with condo fees that go towards the building upkeep, shared utilities such as hydro, electric, grounds keeping and a reserve fund for emergencies (although this could be considered a positive – yay for savings!). The older your condo building is, the higher your condo fees can be as there is generally an uptick in the amount of upkeep needed for the building.

When purchasing a home, I highly recommend making a good ol’ fashioned pro and con list for each separate property because it’s highly unlikely you will find a home that has absolutely everything and a list will help weigh your options so you can find out what you can live with and what you can’t live without.


Do you or have you lived in a condo and have any pros and cons to consider? Comment below!

Cracking open the books and not the piggy bank

School is officially back in session – where did summer go?! For some of us ‘older folks’, our university days are a distant memory (some good and some maybe not so good) and like every life moment, they provided us lessons along the way. If you were to ask me “What do you wish you would’ve known back then?”, the answer is simple – pay more attention to your money. So here’s what I wish I would’ve known back in my glory days – four clever ways post-secondary students can save. 


Whether you’re attending post-secondary as a first year, or returning to finish off your education, here are a few tips to consider that will help you manage your money and reduce financial stress.

Budgets do work

Let’s face it, adulting is hard and brings on a whole new set of responsibilities – many of which have a financial component. A budget can help you manage these financial responsibilities by allocating a certain amount of your income to your different expenses such as rent, food, education and entertainment.

As you focus time to spend on your studies, a budget also requires time from you in order to be successful. This includes taking time each month to set your budget and then track your spending to ensure you’re not spending more than you said you would. There are many tools to help you including our Budget Calculator.

Interested, but not sure where to start? Check out our blogs How much should I spend on… and Creating a budget.

Entertainment in moderation

Now I’m not going to be the #NoFunPolice and say don’t go out because that’s not realistic. Going out with friends is fun and can positively impact your well-being. My advice – in your budget, create a category for entertainment/nights out with friends and then do so in moderation as the costs can add up quite quickly. Once you’ve hit your budget for the month, reconsider a night out and see if your friends would prefer to do a night in instead.

When going out for the night with friends, here are a few ways to save and stretch the budget you’ve set:

  • Many restaurants and local bars/pubs have happy hours and different daily specials, helping you to save a few dollars on that fancy drink or food item. Take advantage of these specials because who really doesn’t love a discount such as 1/2 off appies… mmmm nachos (minus the olives – yuck).
  • For each drink you have, drink a glass of water in between and don’t order another drink until your water is done. This will help reduce the number of drinks you purchase, and better yet, help your head from hurting a bit the next morning!
  • Skip the shots! Ordering a round of shots can be quite expensive, especially if ordering multiple rounds. Yes, it may seem like a great idea at the time but once you receive your bill, you may regret that decision. Save your money and just don’t do it – again, your body will thank you the next day.
  • Be the Designated Driver (DD) for the night! If going out is a weekly thing with the same group of friends, create a rotating DD schedule. Not only will this save you money when it’s your turn, but also helps you save money on a ride home each week.

Whatever you choose to do, always remember to plan for a safe ride home – and don’t forget to include this transportation cost into your budget! #MomAdvice #BestAdvice

Take advantage of student discounts

It’s no secret, gas is expensive and parking is even worse. There are a few ways to reduce your transportation expenses including:

  1. Walking or biking, depending on how far you are away from campus;
  2. Public transportation, which several post-secondary institutions include as part of your student fees; or
  3. Carpool with your classmates, allowing you to cost share gas and parking with others. Double-win if they have the same taste in music as you do, as it can make for some great carpool karaoke sessions. ♫Everybody…. Yeah…. Rock your body…. Yeah…. ….Backstreet’s Back Alright

Use credit wisely

It may be exciting if the Saskatchewan Roughriders rack up 35 points in the first half of a game, but maybe not so much if you’re racking up your credit card. Credit cards are a great tool, if used responsibly. They should not be used as a tool to spend money you don’t have, but instead used to make purchases within your budget and help you gain credit.

It may also be tempting to apply for every credit card that comes your way, but this can do a lot of harm to your credit. Check out our Building Blocks of Credit blog to learn more – including good credit behaviours.


These are just a few tips in helping you save and manage your money while attending post-secondary school. Want more? Check out our blog, It doesn’t just need to be ramen noodles, where one of our members shares his experience and advice on managing money will being a full-time post-secondary student.

Are you, or were you, a post-secondary student? I’d love to hear other advice you have or lessons you learned – either the good way or bad way – during this life milestone. Share your experiences and advice in the comments below.

Help! I Need a Mortgage!

Purchasing a home, especially your first, will be one of the most expensive and important purchases of your life. It’s important to understand how the process works and the impact that buying a home can make on your short and long term finances. Follow these three handy tips to see how much house you can afford! 


Did you ever drive around with your parents during the holidays looking for the best lights in town and thought “I wonder how much this actually costs?” Or maybe you’ve started looking at listings in neighborhoods you’d like to live in, only to realize you have no idea how much you can afford? Whatever the case may be, securing a mortgage is an intimidating process. We’re here to help with a three step process that gives you a great starting point for where to go and how to makes sure it fits your budget.

Step 1: Check, Check, Check It Out

Are you ready for this next chapter to begin? It starts with a word that still sends shivers down everyone’s spine after high school… “homework”.

First you’ll need to determine your credit score. I recommend sitting down with your financial advisor who will be able to best accurately determine how much debt you’ll be able to undertake.

Financial advisors use your credit score to determine whether you qualify for a mortgage and how much you will qualify for (alongside the Mortgage Stress Test). An easy way to take a realistic look at your spending patterns is by going through your banking and credit card history. Staying in touch with your current spending habits will prevent any unpleasant surprises when going in to discuss your options with your advisor.  

Step 2: Evaluation Time: What Can You Spend?

Figuring out “how much you can afford to spend” versus “what you should spend” can be hard. Imagine spending your entire budget on your lavish dream home, but you can’t invite anyone over because you don’t have furniture for them to sit on. Compare that with a home within your means that you can afford with furnishings that you, your friends and family will enjoy. Just because you qualify to buy a large house, doesn’t mean you should make yourself “house broke”. If you purchase a home and leave yourself some wiggle room, it’ll give you more flexibility to spend your disposable income on other things such as trips, family, and decor for your new digs! Ask your financial advisor about the lifestyle trade-offs that occur when you take that step to become a homeowner.

I also recommend talking to your financial advisor about creating a budget that provides a holistic picture of your current expenses, long-term expenses, future expenses, and miscellaneous expenses that will come with being a new homeowner. Compare this budget with your current spending habits you identified in step one and you should be able to identify if you can realistically afford the purchase of a home. Need some help? We have some tools to help you create a budget. 

Tip: Practice living on this self-made budget for a while before making the steps to purchase. This way, you know that you can actively save and handle the budget change while making sure it is accurate.

Step 3: What You Should Spend & Knowing the Fees

Time to look at all the fees that come with buying a home! *Gulp* Many of these fees exist on top of the cost of your home so make sure you leave room in your budget.

  • Down payment (at least 5%),
  • Mortgage Default Insurance Premiums
    • Your down payment amount affects the costs associated with your mortgage. The higher your down payment, the less Mortgage Default Insurance Premiums (more commonly known as CMHC). Mortgage Default Insurance Premiums are mandatory in Canada, and are calculated based on your down payment amount. These fees are an insurance on your mortgage. If you can realistically afford putting down a 20% down payment, you can avoid paying CMHC. If you have the means to save for a 20% down payment, it will save you a ton of money.
  • Appraisal fees,
  • Home inspection fees,
  • Land transfer fees, and
  • Lawyer fees (approximately 1.5% of the total cost of your home)

As well, remember that once you buy a place to call home, your total monthly house costs are much more than just your mortgage payment and things like property taxes, home insurance and condo fees should be added to your budget. One of our previous blogs explores the expenses of homeownership.

In Canada, there are guidelines on how much an individual can spend on a house, based on your monthly income. In most cases, it is recommended that your monthly housing costs do not exceed 30-40% of your total gross monthly income. There are many good reasons to stay well under that number, remember, all those pesky fees and your monthly house costs we discussed above? They stack up fast and can leave you “house broke” if you are not careful.


Only you can decide your lifestyle and how much you’re comfortable spending each month, and if having a mortgage payment is right for you. Your finances are one of the most crucial and personal pieces of your life so it is important that you feel confident making the decisions that are right for you!

Are you thinking of purchasing a home? What advice do you have for people looking to buy a home? Share your thoughts in the comments below, it’s on the house!