Canadians on the Brink of Bankruptcy – Here’s what to Do

If you’re feeling financial stress, you not alone. Over half of Canadians are within arm’s reach of financial insolvency thanks to the COVID-19 pandemic. The numbers are at a five-year high and don’t seem to be falling anytime soon.

Millions of Canadians wiped out their savings accounts during the heart of the pandemic and others relied on credit cards to make ends meet. But where does that leave them today?

If you’re coming off a job loss, shuttered business, or increase in bills, bankruptcy may seem like the only answer, but it’s not. Here’s what to do instead.

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Consider This When Preparing your Tax Returns During a Pandemic

Tax Time Savings

If you’re used to getting a large tax refund at tax time, you may be surprised to see this year’s return. Many taxpayers aren’t getting the refund they’re used to, and millions aren’t getting a return at all.

To maximize your tax refund, make sure your taxes include these deductions, if applicable to your situation.

Home Office Expenses

If you worked from home in 2020 as an employee, you may write off some expenses incurred. If you’ve never claimed a home office expense before, you have two options:

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How CERB May Affect your Tax Return

Millions of Canadians found themselves financially distraught amid the COVID-19 pandemic. Fortunately, the Canadian government came through in a big way with the Canadian Emergency Response Benefit.

CERB provided the financial relief consumers needed, but come tax time, you may owe more money than you thought because of the benefit. Depending on your financial situation, you may even have to pay back CERB, or a portion of it.

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