Celebrating Credit Union Day: Building Financial Health

October 20, 2021/in Blog, Budgeting, Debt, Life, Savings /by Rachel L.

Today is Credit Union Day – a day to pause and reflect on what it means to be a Credit Union and why we exist. For us, it’s to improve the financial well-being of members and communities. This year’s theme celebrates Building Financial Health for a Brighter Tomorrow. At Conexus, we believe a brighter tomorrow is the result of a well-equipped financial toolbox. Having the tools, knowledge, confidence, and resources to help guide you through difficult decisions and situations and find balance in your finances. Let’s dive a little bit deeper into what that means.

Finding balance in your finances is key to reaching your goals – but it isn’t always easy to achieve. Knowing where you should be focusing your efforts, how much you should be saving, identifying goals, the list goes on. Even Eric Dillion, Conexus CEO, and Joel Mowchenko, Conexus Board Chair struggle with financial well-being from time to time. Eric shared, “your income doesn’t matter – people experience the same emotions around money, and they aren’t always positive.”

To make it easier, we’ve defined balance using four categories: Spend, Debt, Emergency, and Save.

Spend

Understanding your spending habits is about knowing the amount of money you have coming in versus the amount of money you have going out. AND this truly is the foundation of money management – getting to a place where you spend less than you earn on a consistent basis.

What is comes down to? Awareness of where your money is going.

You’re probably sick of hearing this, but managing your spending well is about understanding your wants versus your needs. Here are a few tips:

When you’re thinking about making a purchase that is a want, sleep on it! If you wake up the next morning with the same desire to purchase, it’s likely a sign it’s a better purchase.
Try considering your “want” purchases in terms of hours you’d need to work to pay it off. Does it still appeal to you on the same level?
Ask yourself, what are my money thieves? Those, often small, but compounding purchases that can quickly add up over time. Understanding what these are can be a good reality check.

Here are a few blogs that help break this down even further:

Debt

Debt is inevitable – but it’s often given a reputation for being bad. While not all debt is bad, regardless, it’s important to have a plan to pay it off. Here are two key things for managing your debt effectively:

Avoid carrying a balance on high interest debt products

Although appealing at first, it can cause you to quickly spiral into a sea of debt. For example, carrying a large balance on your credit card from month to month. This can be very expensive and impact your potential for saving.

Know how much of your income goes to paying debt (A.K.A “Debt Servicing”)

As I mentioned, debt is inevitable. It’s often needed to purchase a house, buy a vehicle, for school, etc., but having the right balance of debt-to-income is important. Its recommended to keep this percentage at or below 35%, and if you are more risk-averse, the lower the better with this number.

Looking to dive deeper? Check out these blogs:

Emergency

We’ve all had them. Those unexpected situations that disrupt any financial stability or plans we might have had. From cracking your phone screen and needing to replace it, to your water heater breaking – having an emergency fund can ensure you’re financially prepared.

When you have your spending in check and you are not carrying a balance on high interest debt, it is time to build an emergency fund. Best practice is to have between 3 and 6 months of “usual expenses” available in case of job loss, sickness, family emergency, etc.

You are likely thinking… my goodness that is a LOT of money. It is. Trying to break it down into manageable steps will help you get there. Further, keeping your emergency fund in a separate account is proven to help keep you accountable.

Where should you keep your emergency account? A high interest savings account, redeemable term deposit or low risk investment fund are all possibilities, depending on your risk tolerance!

Check out, The importance of having an emergency fund, to learn more.

Save

Okay! Made it. Spending is in check. Not carrying high-interest debt. An emergency fund is on its way. It’s time to think about short term and long-term savings goals!

For your short-term goals, be it a down payment on a house, a new bike or a trip to Europe, it’s key to plan for these expenses in advance. Like an emergency fund, it is ideal to hold these funds in a named separate account (keeping your eye on the prize) and contribute to them on an ongoing basis.

For long-term goals, like retirement, the concept of paying yourself first remains key here. Again, moving a certain percentage of your income towards your long-term goals on pay day is a great strategy. Making this automated, to remove any barriers or reasons not to contribute, can help keep you on track.

Want to know more? Give these blogs a read:

Joel Mowchenko shared, “financial health is how we think about money, how we relate to it, how we interact with it”, and everyone’s version is going to be different. Having a well-equipped financial toolbox; the knowledge, confidence, and resources, will ensure you’re building a healthy relationship with money, ultimately enabling the life you want to live.

At Conexus, we’re working on building a financial tool that will help members balance their spending, get control of their debt, and set up emergency and saving goals. If you’re a Conexus member and you’re interested in being a test user, sign up here to join our waitlist. We’ll contact you from there.

Rachel L.

Recent Business Admin. graduate from the University of Regina. I have a passion for learning and being challenged. Having moved away from home for the first time this year, my passion is at an all-time high as I’m learning how to manage all of life’s new expenses and being challenged in the kitchen everyday (let’s just say I have burnt soup before)…(Full Bio in “Meet The Authors”)

(To read all my blogs CLICK my name)

http://conexuscu

Good Debt vs. Bad Debt

September 29, 2021/in #DYK, Blog, Budgeting, Debt /by Francis D.

The word “debt” is usually met with a negative connotation but what if we told you that it isn’t always such a bad thing? This blog breaks down the difference between good/bad debt while highlighting strategies for responsibly managing it.

Good Debt vs. Bad Debt

When I was younger my mom told me that there were certain “four letter words” that I wasn’t allowed to say. Debt was not on the list, but I ended up adding it to the category myself. Partly due to horror stories I heard about people being in debt and partly from being naïve about how debt worked. Because of this, I didn’t want a credit card or a loan and I bought my first car in cash. It wasn’t until I had a conversation with a financial advisor that I began to learn that there are two types of debt: good debt and bad debt.

It wasn’t necessarily good debt vs. bad debt, but more the management of debt that was good or bad. To help illustrate this, maybe you’ve heard some of the following statements:

Thanks for helping me. I owe you one.
I forgot my wallet, can you spot me? I promise, I’ll pay you back.
Can you work my shift this weekend? Next weekend I’ll work for you.

Each one of these scenarios is a form of debt. When we borrow something with a promise to pay it back, we are in debt until the item is paid back. There is nothing inherently good or bad about these situations. What makes them good or bad is the ability or inability to pay back the debt.

Financial Debt

Just like paying our friend back, when we borrow money from our credit union or bank, we have to determine if we are able to pay the debt back. We must be willing to ask ourselves honestly if we are in a good position to pay back the debt or not? Borrowing money can be a great tool, but if we cannot pay back the debt, it can be incredibly destructive and becomes one of those “four letter words.”

As we can see below, borrowing money can be a great tool:

Student loans allow us to get a higher education before we are 40
Car loans help us with transportation for work, school, and holidays
Credit cards give us access to funds and help build a good credit score
Mortgages allow us to buy that dream home before we retire

Once I understood that debt was not the root of all evil, I shifted my gaze to managing my debt rather than worrying about it.

Managing Debt

When it comes to managing debt, every situation is different. Rather than focusing on how to manage debt, here are some things I do every time I’m looking at borrowing money to ensure I’m able to pay back the money I borrow.

1. Talk to an Advisor: If you only take one thing away from this entire blog, this is it. Always talk to a financial advisor before you borrow money. When you do talk to your financial advisor, listen to their advice.

Anytime I’ve ever had to borrow money, or take on more debt, I’ve booked time to talk through my finances with my financial advisor. This includes before getting a new credit card, increasing my credit card limit, buying a new car or boat, adding overdraft protection. If you don’t have a financial advisor, I would recommend seeking one out like a family physician. Find someone who can stick with you and give you sound advice. My financial advisor knows everything about my finances. She knows how much money I make, how much I spend, my passions, my goals, what I’m saving for, what things stress me out and more. Because my advisor knows me, she is able to advise me.

2. Can You Afford the Debt?: Before you take on debt, either for the first time or you’re taking on more debt, ask yourself (or your advisor) if you’re able to manage the debt. Could you manage the debt if you lost your job or if an unexpected expense came in?

There are options to help manage unexpected debt such as debt consolidation to have a lower interest rate. This is another great reason to talk with an advisor. Financial advisors are experts and may know products and services to help you that you may be unaware of.

3. Paying Off Your Debt

The biggest difference from paying your friend back for a meal and paying your loan or credit card is interest. Interest is the cost of borrowing money. If you are unable to pay back your debts, the interest can quickly add up so it is very important to ensure you are in a good place to manage debt before taking it on. One of the best tips I can give you when it comes to managing debt is to always pay your monthly bill, and if possible, pay off your debt as quickly as possible. Especially credit card debt as the higher interest rates can do a lot of harm if you aren’t careful.

Good debt management means being able to pay off the money you borrow consistently, and if possible, as quickly as you can. Paying of debt quickly helps save you money by lowering the amount of money you will end up paying towards interest.

4. Are You Borrowing for a Need or a Want?

Like we talked about earlier, borrowing is neither good nor bad, but sometimes we can take on unnecessary debt that can put us in a bad position. If we already have a credit card that is almost at the $10,000 limit, then taking on a new debt for a boat might not be the wisest decision. The decision to wait and save some money or wait and pay the credit card off might be the better choice.

Talking with your financial advisor about managing current debt or taking on future debt is absolutely critical. They are the experts. My financial advisor has dealt with loans, credit cards, and debt management for well over 10 years. She has likely seen and heard of almost every situation regarding debt and I rely on her expertise, opinions and advice.

Final Thoughts

Debt is a tool and comes in different shapes and sizes. It can help us with unexpected expenses or help us take our dream vacation. However, when debt isn’t managed properly it can lead to stress, anxiety, broken homes, damaged relationships and so much more.

Everyone’s financial situation and lifestyle is complex and unique. Before taking on debt, you should always talk with your financial advisor who can help you develop a clear plan to manage and pay off the debt so you can take on debt confidently.

Happy borrowing!

Francis D.

When I’m not trying to kick start my musical career, I spend time coaching basketball, helping with my local youth group, and dabble in entrepreneurship. I grew up in the city of Moose Jaw, but love living in beautiful Lumsden, SK. As a valley dweller, I have the best of both worlds, 30 minutes from the lake, and 30 minutes from Starbucks…(Full Bio in “Meet The Authors”)

(To read other blogs by me CLICK my name.)

Credit Cards 101

August 18, 2021/in #DYK, Blog, Debt, Finance /by Kailyn T.

Our world is a little bit different now and so is the way you pay – less cash, more credit cards. But before you sign up for a credit card for the free stress ball or the chance to win an iPad, it is important to know why you should consider a credit card in the first place, how to choose one that is right for you, and understand how to use it.

Why Consider a Credit Card?

If you’ve been living that cash life you may have noticed a shift in preference for people and availability at retailers for a contactless transaction. If you’ve never had a credit card, you’ve probably had to rely on your parents or your friends to hold that hotel room for your annual girls trip or to simply complete your Amazon order. Here are some of the benefits of having a credit card in your wallet:

Opportunity to build credit
Make purchases online
Handle emergencies or unplanned expenses
Contactless transactions
Ability to put a hold on a hotel room or car rental
Ability to earn points and redeem for cash back, travel or merchandise
Purchase protection and extended warranty

Before Adding a Credit Card to Your Cart

Stress ball or iPad aside, choosing the card that is right for you is the most important part of the process. Credit cards offer a variety of different features with the key differences between being interest rates, the fees and the rewards and benefits. This page does a great job of breaking down the different factors you should consider when choosing a card:

Compare credit card interest rates

The interest rate, which is the price you pay for borrowing money, may be an important factor to you if you regularly carry a balance. Although, spoiler alert, in the tips for using a credit card section below, I’d recommend always paying your credit card bill in full on-time and avoiding carrying a balance if possible.

Compare credit card rewards and benefits

Many cards offer benefits like rental or travel insurance and rewards programs that allow you to earn and redeem points for cash back, statement balance credit, travel and accommodations or merchandise to list a few popular examples. When comparing, you’ll want to think about which are appealing to you, how often you’d use them and understand how you accumulate points and any limitations to earning the rewards and benefits. This article also includes a few examples of estimating the value of rewards and benefits to help guide you.

Compare credit card fees

Credit card fees can include anything from the annual fee (which usually means the card offers extra rewards and benefits or a lower interest rate), to cash advance fees, to inactive account fees, and more. When choosing a card, make a list of all the fees that could apply and understand which you have to pay and which ones you can avoid by learning how to use your card properly.

There is a lot to think about when choosing the card that is right for you, especially since there are so many options out there. If at any point you’re feeling overwhelmed, I would recommend reaching out to friends, family or a trusted financial advisor to get their opinions and experiences!

Tips for Using a Credit Card

Whether you are a new card user or have had a card for years, here are some tips to keep your credit card game strong:

Pay your bills on-time, in full – not just the minimum

This is something I wish I would have known when I got my very first credit card. Without knowing any better, I thought paying the minimum was standard and I’m still not quite over the fact I let my hard earned dollars go to interest simply because I didn’t understand that I would be charged on carrying a balance.

You will never pay interest if you are paying your bill on time and in full each month. Paying in full can also help you spend within your means. Want to know the real cost of carrying a balance on your credit card? Check out this blog for a breakdown of the actual cost and even better, a tool to figure out how long it might take you to pay off your balance!

Make it a routine to pay attention to your credit card bill

Review your charges – this way you can view and adjust your spending habits as well as report unauthorized charges. Rest assured, many cards have you covered with “Zero Liability” if that were to happen!

Use your card to build credit

Lenders and credit card issuers want to see how you use credit for future lending. Your credit score is determined by how you manage your card, so make purchases, make payments and take advantage of card benefits and rewards. If you display a pattern of being able to pay off your card with no issues each month over a long period of time, lenders will trust you more and will be able to offer you more credit for bigger purchases (ie: house). To learn more about the importance of credit, check out this blog for the building blocks of credit and how to use it responsibly.

Take advantage of the card benefits and rewards

You will want a card that gives you something in return – so understand the card benefits, rewards and features and take advantage! For example, if you’re earning points – use them! I personally love to use my points towards flights to feed my travel bug but while I’ve had travel on pause, I’ve been taking advantage of redeeming my points for cashback straight into my savings account! Some other options for points redemption can include a statement credit or spending them on merchandise items like gift cards to stores and restaurants. What does your card offer?

Sharing is caring, what other tips would you suggest to keep your card game strong? Comment below!

Kailyn T.

While proudly calling Regina my home, I also spend a lot of time in the mountains, at the cabin, or in Oakland watching the Raiders. When I’m not re-watching The Office for the 100th time, you can find me snowboarding, travelling or building a puzzle. As a newlywed, my husband and I are looking to make that move from crammed condo to house heaven…(Full Bio in “Meet The Authors”)

(To read more of my blogs CLICK my name)

https://www.conexusmoneytalk.ca

Managing Money as a New Canadian

August 4, 2021/in #DYK, Blog, Budgeting, Debt, Life, Life Events, Savings /by Rishika D.

Moving to a new country and becoming a new Canadian is incredibly intimidating. Not only do you have to know a whole new currency, you have to learn to manage it as well. This blog features a story from a new Canadian from India who breaks down what they learned by establishing their financial well-being in their brand new home.

Humble Beginnings

On January 22, 2018, I landed in Regina as a new Canadian on a cold night with my husband and my 10-year old daughter. In 2019 alone, approximately 85,000 immigrants landed in Canada from India making it one of the main source countries for new immigrants to Canada. I am so excited to be one of them.

Our family of three came to Canada carrying around $30,000 CAD (~1.7M INR) of survival funds. We knew that if we weren’t careful, we could spend all of it in the first six months – especially if we did not secure a job so it was important to be cautious with our spending until we got our legs under us in our new country. We educated ourselves about spending money in Canada by not shying away from asking questions to colleagues, neighbours and fellow immigrants.

Little did we know, that $30,000 could quickly dwindle on things you didn’t even expect to purchase when adjusting to a different environment. For instance, the three of us had never purchased winter jackets before but it was an essential buy as we had moved midway through winter in Canada. We had a choice to make between thrifting or buying. “Frigid” would be an understatement when it comes to Saskatchewan winters so buying new jackets to last us for years was a reasonable choice.

We leased a condo apartment in the first week of us having landed in Canada. Putting cash down on a used van to ensure we were mobile and independent was also important to us. We shopped for kitchen supplies from the dollar store and our furniture shopping ended after buying a box spring and a few mattresses. We were ready to take on the world and build our new nest each day, piece by piece!

Budgeting

Finding a job as a new Canadian is hard. It took us five months to get stable jobs that covered our monthly expenses and allowed us to begin our savings again.

Being salaried employees in our previous jobs, my husband and I were well-versed in the principles of budgeting and saving for retirements and emergencies. Having a conversation about budgeting and setting strict spending rules was a great place to start. Our google spreadsheet had titles like groceries, gas, utilities and even alcohol & salon expenses. Every little detail mattered and was essential for us to plan better. We now use the Conexus Budget Calculator. This is a wonderful tool that allows you to get a clear picture of monthly expenses in percentages.

A perception survey conducted by Insightrix in 2020 stated that 62% of Saskatchewanians say money causes stress and 61% say their top financial concern is not having enough savings for emergencies. Being disciplined in saving money may seem like a hassle at the time, but it quickly transforms into hope, security and confidence as you know you are covered for emergencies and you can take comfort in the fact that you are actively contributing to your future (ie: down payment on a future home). We have learnt over time that categorizing savings in different accounts and naming them after our goals/purposes (ie: “vacation”, “home expenses”, “miscellaneous”, “emergency”) is helpful for staying on track. Here’s a helpful tip: you can save emergency savings in a TFSA account as well as the interest earned on that account will not be taxed.

Building Our Credit

As a new Canadian, it’s important to start building your credit score as soon as possible. In most cases, the credit history you’ve built in your home country does not transfer into Canada and unless there is enough cash to pay up front for all purchases, a family will need to work towards building a decent credit score.

To get credit, you need history and to build history, you needs to get credit. This is a vicious circle!

We were lucky to get approved for basic credit cards with no annual fees under the newcomers’ program. In cases when a financial institution does not have a program like this, you can opt for a secured credit card.

When building our credit score, doing these things helped build it up faster:

We ensured that we paid out the card fully every month before the due date
Avoided cash transactions
Used no more than 30% of our credit limits
Avoided unnecessary credit applications

Our First New Car

As we were taking baby steps towards settling here, we were yearning to buy a new car. Being avid road-trippers, getting rid of the van and buying an SUV was at the top of our list.

We thought a six-month credit history was enough and started car shopping around summer. However, we soon found out that six months was not going to cut it. After trying four different dealerships, 11 hits on our credit report and waiting for an additional three months, we managed to get a loan from Ford Credit after we accumulated nine months of credit history. We did manage to hit the road before fall with our first camping trip to Moose Mountain in our brand new black Lincoln MKX Reserve.

My experience of working in a credit union helped me understand the importance of saving and having a good credit score. However, a few things should be left to the experts. For instance, I wish we had met with an advisor for the car loan before venturing out on our own. The 11 hits on our credit report knocked our score down further and that cost us time to rebuild the credit.

Buying Our Home in Regina

Coming into a new country – you are faced with the decision: “Should I buy or rent?” Our decision depended solely on the fact that we needed stability, preferred paying a mortgage versus renting, and having a place we could call “our home”. A mortgage seemed like a better option and a better use of our savings. We used money saved from our survival funds and extra savings from our jobs for a down payment. Researching the importance of having a Registered Retirement Savings Plan (RRSP) was also crucial for us. We opened our RRSP account as soon as we started working and set up direct debit contributions into the RRSP account. RRSPs can help you save for retirement, save taxes and you can withdraw from an RRSP account for a down payment under the first time Home Buyer’s Plan. This withdrawal helped us with extra wriggle room for buying new furniture and paying lawyer fees. A first-time home buyer can withdraw up to $25,000 from their RRSP account without worrying about taxes as long as they pay back the withdrawn amount within 12 years. We managed to get keys to our new home in July 2019!

We Are Still Unfinished

Financial literacy is a critical life skill. I was lucky enough to learn a lot by working for a credit union and could pass it down to my husband. We often wonder how things would have shaped up differently if my career path took me to a different profession. We try to financially educate every new Canadian we come across and try to make the transition easy for them. Our friends believe we have a story with a happy ending. We believe that we are still learning the fine skills of being financially healthy and staying on track while continuing to do what we love – traveling, camping, and living each day as it comes!

If you are a new Canadian and are on your own journey, I wish you the best of luck. If you have any questions – don’t hesitate to reach out to a Conexus financial advisor who are here to help you out, every step of the way.

Rishika D.

While I call Regina my home now, I moved to the Queen City from India three years ago. Canada welcomed me, my husband and daughter with a warm smile and open arms to build a new life here.

We call ourselves proud new Canadian Roadtrippers. I have interests in camping, kayaking, trail walks and everything outdoorsy that Saskatchewan has to offer! I also cook, dance like no one is watching and love decorating my new house with plants, plants and more plants.

From moving to a new country to buying a new house here in Regina, it has been an adventurous and fun ride so far. For me, it’s all about budgeting and managing our finances wisely, so that we continue this beautiful journey we are set out for without any roadblocks.

Celebrating 100 MONEYTALK Blogs: Top 10 Blogs

May 27, 2021/in #DYK, Blog, Budgeting, Debt, Finance, Fun, Investment, Life Events, Mortgage, Retirement, Savings /by Mason G.

Can you believe it!? We’ve made it to MONEYTALK Blog #100! For our 100th blog, we are going to look back at ten of our most viewed and relevant blogs that provides relatable financial literacy advice for a variety of different topics, events and life stages.

Money is stressful and everyone is experiencing their own unique life stages and financial situations. There is no one-size-fits-all model when it comes to providing financial advice.

In November 2017, we launched the Conexus #MONEYTALK Blog with a purpose to share expert advice, practical help and real-life experiences for relatable topics and life stages. Time flies when you are exploring financial literacy from a different lens because it’s hard to believe that three and a half years later – we are celebrating our 100th Blog! From blogs on money saving hacks at Rider games to renewing your mortgage during a global pandemic, our authors have explored topical and relevant events and have provided advice to ensure you are best equipped to navigate your financial well-being through whatever life throws at you.

To celebrate this milestone, blog #100 is looking back at ten of our most popular and still relevant blogs that have been published over the past three and a half years. These ten blogs approach financial literacy from a number of different perspectives so it is no surprise that eight of our authors are featured in this list. Enjoy our walk down memory lane and here’s to the next 100 blogs!

What I Learned From My 90 Day Spending Freeze

We’ve all heard of “cleanses” or “detoxes”. Although traditionally meant for weight loss or breaks from social media, spending freezes are gaining popularity as a means to cut spending and flush out bad money habits. Here’s a personal story where one of our writers was forced to check herself before debting herself and what she learned from a 90-day spending freeze. (Author: Melissa Fiacco, November 2020)

LINK: READ THE BLOG HERE

More COVID-19 Scams to Monitor

During this pandemic, it’s not just your physical health at risk, your financial health may be as well. Throughout times of uncertainty we are seeing fraudsters launch sophisticated scams, exploiting public fears for targeted attacks – and we’re definitely in uncertain times. In addition to the scams we went over earlier, here are five more of the most prevalent COVID-19 scams we’re seeing used to attack people’s financial health and how you can protect yourself from being a victim. (Author: Rachel Langen, April 2020)

LINK: READ THE BLOG HERE

3 Key Money Tips for High Schoolers

No matter how old you are – you likely aren’t satisfied with the amount of money you have and you want more. When you are in high school, you want to be able to buy the things you want, go out with your friends, and maybe even save for your future education. So, if you are a high schooler – here are a few things you can do with your money to make it work best for you! (Author: Kailyn Carter, January 2020)

LINK: READ THE BLOG HERE

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. (Author: Mason Gardiner, November 2019)

LINK: READ THE BLOG HERE

The Cost of Being Single

Single and ready to mingle? Well, if you didn’t need another reason to despise Valentine’s Day, I’m about to give you one more – independence is expensive. Whether you are choosing to live the single life or you just haven’t met the right catch yet, you’ve probably experienced some of the nuisances that come with taking on the world on your own. (Author: Mason Gardiner, June 2019)

LINK: READ THE BLOG HERE

The Real Cost of Carrying a Balance on a Credit Card

Do you know what it actually costs when you carry a balance on your credit card? We’ve broken it down and even have a tool to figure out how long it might take you to pay off your balance. (Author: Kailyn Carter, May 2019)

LINK: READ THE BLOG HERE

5 Activities for Young Kids: Introduction to Money

Introducing your kids to money early on can create a foundation for financial knowledge and positively impact how they manage money later. (Author: Laura McKnight; June 2018)

LINK: READ THE BLOG HERE

Tips for First-Time Home Buyers

Purchasing your first home is a big life decision. Our Mobile Mortgage Specialists share advice for first-time homebuyers on what to know and consider when purchasing your first home. (Author: Nicole Haynes-Siminoff, March 2018)

LINK: READ THE BLOG HERE

The Importance of Having an Emergency Fund

Life happens and sometimes an unexpected curveball is thrown our way, threatening our financial well-being and causing stress. Having an emergency savings fund helps us be prepared for these unexpected life events. (Author: Courtney Rink, March 2018)

LINK: READ THE BLOG HERE

Credit Unions vs Banks: What’s the Difference?

When it comes to managing your finances and choosing where to bank, there are many things to consider including whether you should choose a credit union or a bank. (Author: Francis Dixon, December 2017)

LINK: READ THE BLOG HERE

Mason G.

Former Marketing Manager and In-Game Host for the Saskatchewan Roughriders who still gets his football fix by taking his office fantasy football league a little too seriously. Moved to Regina after growing up in a small town of 275 people and now after 10 years of “big city living” and loose spending habits – I’m working on being a little more disciplined with my money…(full bio in “Meet the Authors”)

(To read more of my blogs CLICK my name)

https://www.conexusmoneytalk.ca

How Debt Can Impact Your Relationship

April 24, 2021/in Blog, Budgeting, Debt, Life, Life Events /by Laura M.

Over half of Saskatchewan people say that they would have no issue pursuing a relationship with someone if they had a high level of debt. Debt may be low on your list of deal breakers, but it can severely impact the health of your relationship if it isn’t talked about or there isn’t a plan in place to pay it off. This blog recounts how debt struggles negatively impacted the author’s relationship with their partner and the small but impactful steps they took to fix it.

Let’s talk about debt baby

How much debt would be too much to prevent you from exploring a relationship with someone? According to 52% of Saskatchewanians, no amount of debt would stop them from dating or marrying a partner.

Though debt may not impact you from choosing a partner, it could have an impact on your relationship. According to Canadian divorce statistics, Canada’s divorce rate has increased by 44.15% over the last 20 years, and it’s estimated one out of every 309 adults are divorced in Canada. As to the reason for the divorce – many say money!

While you may not chat about money on your first date, finances should be a topic that is talked about as your relationship becomes more serious. From the assets you possess to the amount of debt you have, it’s important to be open and honest with your significant other to ensure both parties know what they may be getting into. It’s important to continually have this conversation with your partner in order to reduce any stress or tension that may negatively impact your relationship.

This advice is something I wish I knew and started talking about sooner. This is my experience.

How it started

I met my husband when I was 15, and though we didn’t start dating until a few years later, money was not even a topic of mind. I mean, is it for anyone at that age?

Skip forward 21 years to where we are today and money is something we talk about regularly. However, this wasn’t always the case, and up until about 5 years ago, money was not part of our conversation. Looking back, I realize how not talking about money with one another was putting a lot of stress on us and taking a heavy toll on our relationship.

Five years ago, we were in debt and struggling to get a hold of our finances. We each had our own bank accounts, individual vehicle payments, different credit cards and line of credits – everything was separate. Because of this, we didn’t have a full grasp on our finances as a whole. We continually tried to pay our debt down, but no matter what we did it seemed to continually go up. There was tension. There were fights. Our relationship was rocky. We knew we needed to do something before our debt and our relationship got worse.

With our mortgage up for renewal, we decided it’s now or never to make a change. We sat down with our financial advisor and looked at what options we had.

Consolidating our debt

After talking with our financial advisor, we decided to consolidate our debt. What this means is that you take all of the debt you have – loans, credit cards, vehicle payments, mortgage, etc. – and roll it into one monthly payment. Consolidating your debt doesn’t make it go away, however, it can help you gain control of your finances a bit easier.

Now that we had all of our debt in one spot, we needed to be able to manage all of our money from one channel, so we decided to join our bank accounts and have a joint credit card. While joint accounts may not be for everyone, it was the best option for us and showed us how each of us was spending individually. This wasn’t something we hid from one another when we had individual accounts but it also wasn’t something we talked about. With time, we started to get a grasp on our spending habits and were able to hold each other more accountable.

Tip: The one downside with having a joint account is that each of you can see all the transactions in the account and it can ruin the surprise if you buy a gift for your loved one. We recommend using cash for any gifts in order to keep the element of surprise.

To see change, you must make change

We had gotten ourselves into debt before because of our spending habits and behaviours, and if we didn’t change, we’d most likely wind up in a similar situation. To see difference, we needed to change how we talked about money and how we spent money.

The first order of business was introducing the word “money” into our conversations. It was UNCOMFORTABLE, to say the least, and didn’t begin well. We started with financial goals and quickly realized we were on two separate pages: one of us wanted to save for trips and a new vehicle and the other wanted to think retirement. It was frustrating and we wanted to give up immediately.

Once we figured out our financial goals, we started to create a plan on how to change our spending habits. This included building a budget and actively tracking our transactions each month.

Creating the budget was the easy part. The challenging part was changing our behaviours and the first few months were tough. Over time it got easier and after making some significant changes in our spending behaviours, openly talking about our money, and ensuring each other knew where we were at in our budget, we started to see some positive changes. This included starting to actively put money into our savings and seeing it grow – something we hadn’t really done until this point.

Tip: Build your budget together and be realistic. The first few months will be tough, but if you do it together, you’re able to support one another and hold each other accountable where needed. This allows you to celebrate and succeed together.

How it’s going

It’s unbelievable how much of a positive impact a few simple conversations about money and behaviour changes have had on our household.

We continue to set a monthly budget and compare our spending to these amounts which keeps us on track to reach the goals we set. Though we still have our consolidated debt, in five years we have not gotten ourselves into any new debt and are even actively working to pay our mortgage and debt down faster!

What used to cause us stress and a lot of tension has turned into an ongoing positive conversation and even celebrations when we hit our goals. Where we were previously embarrassed to talk about our situation with friends and family, we now openly talk money and do so together (my husband’s even sitting beside me now and helping me write this blog as we speak). And the best part of all, our relationship has never been better.

Looking back, we wish we would have started the conversation a lot earlier. All we can do is share our story to help others learn from it. Money is something that needs to be talked about. No matter how uncomfortable or awkward it may be, it’s important to talk about your financial goals and spending habits– trust me, you’ll thank yourself and your relationship for it later.

Laura M.

Born & raised Regina city girl whose been married for 10 years and a Mom to two busy, busy girls, one of which is a teenager (yelp!). Prefer experiences over things, but realize experiences need a lot more planning. Started budgeting & tracking our family’s spending and wishing I would have done sooner; still can’t give up my daily coffee purchase though.

What I Learned From My 90 Day Spending Freeze

November 6, 2020/0 Comments/in #DYK, Blog, Budgeting, Debt, Life /by Melissa F.

Setting the Scene

Earlier this year, before COVID-19 entered the Canadian news cycle and Taylor Swift released her Folklore album, I put myself on a 90-day spending freeze.

Let’s go back to December. I received an email from the corporate payroll team, “SUBJECT: Important – Response Required – Pension Enrollment Form.”

I guess I forgot I would start contributing to the employee pension program after my first year of employment. I was already saving for retirement and contributing 5% of my net income to my RRSP every pay period.

Hot Tip: If you’re entering the job market or changing careers, consider if an employee pension program is offered in the compensation package. If you’re comfortable with accepting a compensation package that doesn’t include an employee pension program, you can create your own “DIY pension program”. Have a conversation with a financial advisor, or someone you trust, to choose a retirement savings plan that works for you and build scheduled contributions into your budget that come directly from your paycheck.

Time to Freeze

I’m a single income earner, so saving more for retirement through the employee pension program meant my household income would be shrinking.

I knew that I could adjust my budget in real time to manage my cost of living with a lower net income, but without knowing how to adjust my budget to spend less, I could easily fall into a cycle of spending more than I was earning. You can’t lie to yourself and have healthy money habits. I chose to enter a 90-day spending freeze, starting on January 1.

“Like, you didn’t spend any money at all?”

I set very specific criteria for this spending freeze. It was an ambitious goal, like Taylor Swift’s cross-over from country music to pop music. It had to be calculated and fearless.

The purpose of the spending freeze wasn’t to deprive myself or to remove joy from my life but to understand how to protect two healthy money habits I practice: 1) not spending more than I was earning, and 2) contributing to emergency savings, long-term savings, and saving for retirement. My mission was to reveal how I needed to adjust my budget to spend less, with a lower income.

The most common reasons people aren’t successful in budgeting is because they haven’t built a realistic budget or they aren’t committed long enough for it to become a money habit. I made a deal with myself that I was in this for the long haul and would track every receipt and be disciplined for the full 90 days. I was already a budgeter before I started the spending freeze, but if you’re not a budgeter, that’s an important foundation to start with. I track every receipt and enter it into my budget, and during the spending freeze it showed me how much money I wasn’t spending. You need to see how you’re spending your money to know how much you’re saving or not spending during a spending freeze.

I began by considering all the things that I valued most from my lifestyle that was discretionary spending and excluded those categories from my spending freeze. For instance, I didn’t even consider freezing my fitness membership. I like the accountability my barre studio puts on me to hold a plank for a minute longer and that doesn’t translate to home workouts for me.

I froze spending money on restaurants and food deliveries, unless it centered around an experience with friends. The relationships in my life are important to me, so I was intentional about which invitations to accept and which invitations to decline knowing that it’s hard to go out with someone and not spend money. For example, when my friend was going through a difficult time in her life, I arrived at her house with pizza and wine. But when I was starving on my way home from my barre class, I didn’t give into ordering food and would make something at home.

What I removed from my budget during my spending freeze:

Clothing (I’m a big shopper so this was an accomplishment for me!)
Housewares
Alcohol
Tickets to entertainment
Travel
Spa & Salon experiences
Personal care items that I didn’t already use.

What I kept in my budget during my spending freeze:

Fitness membership
Personal care items (ie: lipstick) but ONLY if I was replenishing a product I already use
Gifts for others
Streaming subscriptions (ie: Netflix, Amazon Prime)
Cable subscription
The routinely scheduled hair cut & color I get quarterly, but no other spa and salon experiences
Massages, supplemented by my benefits coverage

What I Learned…

I began the spending freeze on January 1 and retail stores and restaurants closed in mid March when the State of Emergency was declared in Saskatchewan so I made it 77 days on my own without stepping foot in HomeSense. Even without the option of entering a store, I wasn’t in the clear because the convenience of online shopping can still tempt you – especially when you are cooped up in your home with nothing else to do. There were some close calls but I made it the full 90 days without spending money outside of the criteria I listed above. Outside of cutting my spending by 10%, I was able to nail down realistic goals for my budget categories knowing what I could and could not live without. Thanks to this 90 day cleanse, I have eliminated any sort of excuses to pad my budgets for categories like eating out or shopping because I know I’ve done it before. It’s amazing how much money you can save with a little confidence in yourself and the discipline to make it happen.

If you need help starting your own budget or want to see for yourself how much cutting your spending will impact your income, check out Conexus’ budget calculator tool!

What else did I learn from a 90-day spending freeze?

You do not need to deprive yourself to practice healthy money habits.
Avoiding the stores where you commonly spend money is way easier than visiting those stores and trying to limit yourself to one purchase.
Choosing not to browse online or in-store completely removed the temptation to spend money. A lot of the time you are shopping for a distraction so if you are watching a TV show and your mind gets antsy, pick up a book or grab a paper and pen to doodle to keep it occupied.
Talk about money! I was open about challenging myself to a 90-day spending freeze and so many others responded by sharing their money goals. We celebrated, leaned on each other as accountability partners and learned from each other along the way.
Spending less than I earn felt so much more satisfying than abandoning my budget to buy whatever Jillian Harris is promoting on Instagram.

What else do you want to know about my spending freeze that I didn’t answer in the blog? Ask your questions in the comment section below! Let’s break the myth that it’s impolite to talk about money! Let’s learn from each other and celebrate each other’s healthy money habits.

Melissa F.

Described as wizard of the written word. I specialize in community investment, working alongside non-profit and charity organizations who delivery life-changing services in our community. Financial literacy is my love language…(Full Bio in “Meet The Authors”)

(To read more of my blogs CLICK my name)

Breaking Down the Emergency Support for COVID-19: Non-Profits & Charities

April 1, 2020/0 Comments/in #DYK, Blog, Debt, Finance, Life, Life Events /by Melissa F.

Managing a non-profit or charitable organization is very overwhelming right now. These services are needed more than ever but fundraising is difficult to access with physical distancing and the economic downturn. Let’s break down the different federal and provincial emergency supports available to help you navigate these unsettling times.

Updated: April 30, 2020

Non-profit and charity organizations are among those who have been most severely affected by the COVID-19 crisis. Necessary physical and social distancing measures to contain the infection and protect communities has created significant job loss for Canadians. This means these organizations are depended on more than ever to deliver basic human needs to vulnerable populations who depend on them, especially in a public health crisis and economic downturn. Non-profit and charitable organizations have lost major event fundraising streams, putting a strain on budget while the need for their support continues to rise.

We’ve done our best to compile and simplify the financial support and professional resources for non-profit and charitable organizations. We’ve also included resources for professional fundraisers to help ease their financial burdens and continue helping our vulnerable neighbors and communities.

Relief for Non-Profit and Charity Organizations

Temporary Wage Subsidy for Not-for-Profit Organizations, Charities, and Small Businesses

Government of Canada
The federal government’s temporary wage subsidy is providing not-for-profit organizations and charities a 75% wage subsidy for up to twelve weeks, retroactive from March 15, 2020 – June 6, 2020 if their March revenues are down by at least 15% compared to January and February, from COVID-19. For the months of April and May, businesses will need to demonstrate a 30% loss. Employers will also be allowed to measure their revenues either based on as they are earned or as they are received. Charities are being granted the ability to choose whether or not to include government revenues in their calculations of lost revenue when applying. Applicants can use this wage calculator to understand the amount you would be able to claim under the temporary wage subsidy program.

This subsidy will be on the first $58,700 earned, meaning up a maximum of $847 per employee per week, retroactive to March 15, 2020. Employers benefiting from this measure would include corporations eligible for the small business deduction, not-for-profit organizations and charities. This replaces the 10% wage subsidy that was announced early in the COVID-19 Economic Response Plan.

Applications for the temporary wage subsidy are now open.

Canada Summer Jobs Program

Government of Canada

Temporary changes to the Canada Summer Jobs Program will see an increase to the wage subsidy, so that private and public sector employers can also receive up to 100 per cent of the provincial or territorial minimum hourly wage for each employee. This will continue to allow students to find meaningful employment during the summer and develop critical skills to transition into the labour market.

Additional ways the 2020 program has been adjusted to allow flexibility to both applicants and employers include:

end date for employment is now February 28, 2021;
employers can adapt their projects and job activities to support essential services; and
hiring can now include part-time positions.

Youth will be able to search for jobs available in their communities through the Job Bank website and app.

More Time to Pay Income Taxes

Canada Revenue Agency (CRA) has extended the income tax filing and payments for charities to December 31, 2020, for all charities with a Form T3010, Registered Charity Information Return due between March 18, 2020 and December 31, 2020. This relief applies to tax balances due, as well as installments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.

Bill-Deferral Program on Provincial Utilities

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

ISC Suspension Order for Strike Off Provisions

The Information Services Corporation (ISC) has suspended the strike off provisions for non-profit corporations, co-operatives, and new generation co-operative entities. The suspension is meant to assist organizations that are not in a position to file annual returns and financial statements at the Corporate Registry due to delays in annual meetings caused by the restrictions and recommendations on public gatherings. To further lessen the impact of being unable to file in a timely manner, annual return late filing fees for not-for-profit corporations and co-operatives will be suspended.

Relief for Human Services

Emergency Shelters

Government of Canada

The federal government is directing $350 million to charity and non-profit organizations who deliver basic human needs, through the Emergency Community Support Fund. The fund will flow through national organizations that have the ability to distribute funds quickly to local organizations that serve vulnerable populations. Some of the services the Fund will support include:

increasing volunteer-based home deliveries of groceries and medications;
transportation services, like accompanying or driving seniors or persons with disabilities to appointments;
expanding capacity for help-lines to manage call volumes and wait times for information and support;
training, supplies, and other required supports to volunteers; and
replacing in-person, one-on-one contact and social gatherings with virtual contact through phone calls, texts, teleconferences, and the Internet.

Emergency Shelters

Government of Canada
The Reaching Home program will provide $157.5 million to continue supporting those who are homeless. The funds can be used for needs such as purchasing beds and physical barriers to improve social distancing in shelters. It’s also available to secure accommodations during the outbreak to reduce overcrowding in shelters.  

Government of Saskatchewan
The Government of Saskatchewan is providing one-time additional funding of $171,000 targeted to meet the extra cost pressure emergency shelters are experiencing as they continue to serve those in need during the COVID-19 pandemic. These organizations currently provide more than 300 beds for individuals who need emergency shelter and supports. Organizations receiving the increase are: Lloydminster Men’s Shelter; YWCA Regina – My Aunt’s Place; YWCA Prince Albert; YWCA Saskatoon; Lighthouse Saskatoon; Lighthouse North Battleford; Salvation Army Saskatoon; Salvation Army Regina; Soul’s Harbour Regina and Soul’s Harbour Moose Jaw.

Modified Emergency Shelter Response

Government of Saskatchewan
When emergency shelters are unable to meet the needs of an individual or family because of capacity pressures, Social Services will support those in need with funds for emergency hotel stays and will work to transition clients to permanent housing.

If an individual is required by Public Health to self-isolate due to COVID-19 symptoms or exposure, that person will be transitioned to a safe accommodation such as a hotel or an individual housing unit.

There are approximately 1,700 vacant Saskatchewan Housing Corporation units located in 29 larger communities that will be leveraged to ensure those impacted by COVID-19 are able to access housing or an individualized space to self isolate. An additional 1,200 units are available in smaller communities across Saskatchewan.

Support for Children, Youth & Families

Government of Saskatchewan
Transitions to independence for young people will be delayed, so that any youth that “ages out of care” during the COVID-19 pandemic will not be transitioned out of their current housing.

Child Care Subsidy

Government of Saskatchewan
To help families receiving the Child Care Subsidy (CCS), any families who were receiving part-time benefits because their children were attending school will receive full-time benefits, retroactive to March 1, 2020. The CCS helps parents with low to moderate incomes with the costs of licensed child care.

Income Assistance (IA)

Government of Saskatchewan
All Income Assistance clients will continue to receive their benefits even if a client is late reporting, effective March 19, 2020.

Social Services Physical Distancing and Eased Reporting Measures

Government of Saskatchewan
Social Services offices remain open with the first hour of the day reserved for more vulnerable individuals, including those with a disability or health issues such as a compromised immune system. Clients are asked not to visit the offices unless it’s an emergency and you’re unable to call your social worker or you are asked to visit an office.

Saskatchewan residents who may need income support can apply here or call the Client Service Centre at 1-866-221-5200. More staff have been shifted to the Call Centre to help serve those in need.

Domestic & Family Violence

Government of Canada
$50 million will be given to women’s shelters and sexual assault centers to help ease capacity and prevent outbreaks among women and children fleeing interpersonal and domestic violence. This funding will also support facilities in Indigenous communities.  

Youth Mental Health Care

Government of Canada
Kids Help Phone is experiencing increased demand for its 24/7 confidential online, telephone, and text counselling services across Canada, as a result of school closures and reduced access to community resources. The Government of Canada is giving $7.5 million in funding to Kids Help Phone to provide young people with the mental health confidential support.

Caring for Vulnerable Seniors

Government of Canada
Canadian seniors are among the most impacted by COVID-19, and often rely on caregiving support from people who live outside of their homes. The Government of Canada will contribute $9 million through United Way Canada for local organizations to support practical services to Canadian seniors. These services could include the delivery of groceries, medications, or other needed items, or personal outreach to assess individuals’ needs and connect them to community supports. If you are planning to donate to these charities, be careful as there are a lot of scams pretending to be these reputable organizations. Visit this MONEYTALK blog on COVID-19 scams to monitor and how to ensure you are contributing to a valid organization.

Resources for Fundraising Professionals

LINK: COVID-19 resource guide for fundraising professionals

The Association of Fundraising Professionals has gathered educations and resources to help non-profit and charitable organizations navigate fundraising, donor communications, and what it means to engage with donors during a time in which social distancing and staying home is more important than ever.

Conexus Member Support for Non-Profit Organizations and Charities

Conexus can help assess your situation and determine the best options to provide some relief including working with you to activate a skip-payment plan, to defer monthly payments, or to create an interest only payment plan to help your business navigate the economic downturn.

This relief is available to members, non-profit and charity organizations, small business members, commercial members, and agricultural members in good standing who are feeling a financial impact and are looking for a temporary relief from mortgage, line of credit and loan payments. Please avoid coming into a branch and call your financial advisor or our Member Contact Centre at 1-800-667-7477.

Conexus Business Accelerator

In partnership with Meyers Norris Penny, Conexus Credit Union offers free business webinar courses for non-profit and charitable organizations and business owners in Saskatchewan. Protecting Your Business and Employees, Managing Cash Flow and Stress Management are just a few of the courses that are relevant to this time.

Do you work or volunteer in the non-profit and charity sector and are looking to view the complete action plans from both governments? Visit the following:

FEDERAL | PROVINCIAL

Melissa F.

(To read more of my blogs CLICK my name)

What Emergency Funding is Available for Businesses & Ag Producers

March 26, 2020/0 Comments/in #DYK, Blog, Budgeting, Debt, Life, Life Events, Savings /by TenilleB

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:

Sole proprietorship
Not-for-profit organizations – Funding is available to charitable organizations through Community Futures Saskatchewan.

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 8^th, 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.

TenilleB

Born & raised Saskatchewan farm girl, wife and mother of two spirited girls. I have been completing my Bachelor of Management between work and maternity leaves, with a goal of graduating in 2021…(Full Bio in “Meet The Authors”)

(To read more of my blogs CLICK my name)

https://www.conexus.ca

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

March 25, 2020/0 Comments/in #DYK, Blog, Debt, Life, Life Events, Savings /by TenilleB

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.

TenilleB

(To read more of my blogs CLICK my name)

https://www.conexus.ca

Spend

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Good Debt vs. Bad Debt

Financial Debt

Managing Debt

Final Thoughts

Why Consider a Credit Card?

Before Adding a Credit Card to Your Cart

Compare credit card interest rates

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Tips for Using a Credit Card

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Humble Beginnings

Budgeting

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Our First New Car

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Setting the Scene

Time to Freeze

“Like, you didn’t spend any money at all?”

What I removed from my budget during my spending freeze:

What I kept in my budget during my spending freeze:

What I Learned…

What else did I learn from a 90-day spending freeze?

Relief for Non-Profit and Charity Organizations

Temporary Wage Subsidy for Not-for-Profit Organizations, Charities, and Small Businesses

Canada Summer Jobs Program

More Time to Pay Income Taxes

Bill-Deferral Program on Provincial Utilities

ISC Suspension Order for Strike Off Provisions

Relief for Human Services

Emergency Shelters

Emergency Shelters

Modified Emergency Shelter Response

Support for Children, Youth & Families

Child Care Subsidy

Income Assistance (IA)

Social Services Physical Distancing and Eased Reporting Measures

Domestic & Family Violence

Youth Mental Health Care

Caring for Vulnerable Seniors

Resources for Fundraising Professionals

Conexus Member Support for Non-Profit Organizations and Charities

Conexus Business Accelerator

Supports for Businesses

Canada Emergency Wage Subsidy (CEWS)

Canada Emergency Commercial Rent Assistance

Saskatchewan Small Business Emergency Payment

Business Tax Filing

Credit Services

Canada Emergency Business Account (CEBA)

What is the CEBA loan?

How does the CEBA loan work?

What’s the eligibility criteria?

Expanded eligibility as of May 19, 2020

Business Development Bank of Canada (BDC) Co-Loan

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

How does the BDC Co-Lending Program work?

What’s the eligibility criteria?

Export Development Canada Business Credit Availability Program Guarantee

Regional Relief and Recovery Fund

Large Employer Emergency Financing Facility

Canada Summer Jobs Program

Supports for Agricultural Producers

Agriculture and Food Business Solutions Fund

Fish Harvesters Benefit