Canadians who have lost their ability to earn income due to the COVID-19 shutdown are eligible to receive $2000 a month from the Canada Emergency Response Benefit (CERB). Our partners at Fidelity Investments have put together a handy reference guide for out-of-work Canadians affected by the pandemic, which you can view right here. This is especially important for business owners with employees, as you effectively have access to an interest-free loan from the government.
To anyone withdrawing from a RRIF, the volatility in the market has also caused Canada Revenue Agency to change their 2020 rules in regards to RRIF and LIF minimum withdrawals for the year. Minimums are reduced by 25%, though this change does not come automatically and is not retroactively applied to anyone who has already withdrawn their minimum for the year. If you are currently drawing from a registered income plan and would like more information, please contact Pittaro Financial Services Inc.