Personal Finance
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Small businesses need more than loans to get through pandemic

Posted on 01 May 2020

NDP Critic for Small Business and Tourism, Gord Johns, and NDP Critic for Finance, Peter Julian, have written a letter to Minister Morneau to propose solutions and ask for more help for small businesses struggling to pay their commercial rent. “This government is quick to bail out large corporations, but so far, small businesses have been left to struggle with commercial rent payments o ...

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Hudson’s Bay accused of shorting employees’ severance pay amid coronavirus pandemic

Posted on 29 April 2020

A Toronto employment lawyer is alleging that the Hudson’s Bay Company short-changed more than 90 employees on severance benefits, one day after the retailer asked the workers to accept a 25 per cent pay cut as a result of the coronavirus pandemic. “HBC is seeking to avoid paying fair severance packages that are legally owed to these individuals during these difficult times,” sa ...

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Calgary business owner frustrated with RBC over accessing small business loan

Posted on 29 April 2020

CALGARY -- Only able to respond to emergencies due to the COVID-19 pandemic, Landon Johnston believed his HVAC small business would get a financial boost from a federal support loan  designed to support small businesses experiencing exactly that. Instead, Johnston said his bank (RBC) is giving him the run around online and he has not been able to access funds he says he qua ...

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RBC helps business clients improve liquidity with the BDC Co-Lending Program

Posted on 29 April 2020

TORONTO, April 24, 2020 /CNW/ - Today, RBC announced the availability of the Government of Canada's Business Development of Canada (BDC) Co-Lending Program. The BDC Co-Lending Program provides eligible business clients with a loan of up to $6.25 million CAD, jointly financed by RBC and BDC. The loan is intended to help eligible businesses impacted by COVID-19 with a boost in liq ...

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Some RBC business clients say they're being shut out of CEBA application process

Posted on 29 April 2020

Royal Bank of Canada has approved more than $2 billion in emergency loans to small businesses since last week, but some business owners say the system set up by the bank has left them unable to apply for the government’s Canada Emergency Business Account loans even though they meet the qualifications. “I am desperately in need of the CEBA but … they are not making it available, ...

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National Bank has provided $800 million in interest-free loans to small businesses in the past two weeks

Posted on 29 April 2020

TORONTO — National Bank of Canada has provided $800 million in interest-free loans to about 20,000 small business and not-for-profit applicants since it began offering them on April 9, the lender’s chief executive said on Friday. The smallest of Canada’s Big Six banks has also granted 3,000 moratoriums on repayment of principal for up to 6 months, CEO Louis Vachon said at its ...

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Risks rising with 'toxic' pairing of debt, joblessness, CIBC says

Posted on 29 April 2020

Elevated household debt combined with a surge in unemployment risks putting Canada in a precarious position amid the coronavirus shutdowns, said the head of domestic banking at Canadian Imperial Bank of Commerce. “We do have a highly indebted Canadian consumer that we’ve been talking about for quite some time, and just under half of Canadians live paycheck to paycheck,” said ...

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Should you buy or sell first when moving?

Posted on 25 April 2020

(NC) You’re close to retiring, but you’re in a home that’s too big and too expensive. So, you decide to find a new home that better suits your needs. But, do you buy that new home first or sell your old home before you buy? It’s important to think carefully about your needs and tolerance for financial risk before you commit either way. The pros and cons of buying first

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3 ways to file your taxes for free

Posted on 25 April 2020

(NC) Let’s admit it, very few of us get excited about doing our taxes. In fact, for most of us it can be a stressful time. Not just because anything to do with money can be worrying, but the idea of doing the paperwork can feel downright overwhelming.  But did you know that in order to be eligible to collect benefit payments and certain tax credits, you need to file your taxes? ...

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How to maximize your investment on a basement reno project

Posted on 25 April 2020

(NC) A great home improvement project is finishing your basement. That’s because research shows it gives you a major return on investment, providing you great value for your money. Here are some pro tips to make the most of your makeover: Know when to hire a pro. It can be tempting to DIY many basement reno jobs to save on costs and maximize your investment. Some task ...