Get in Touch
Tel: (705) 362-5888
Toll Free: (844) 362-5888
Email: BWilson@AssuranceWilson.com
Wilson Insurance and Financial Strategies
15 9th Street, P.O. Box 3153 Hearst, ON P0L 1N0
Fax: (705) 362-8111
Switch Language
Latest News
About Wilson Insurance and Financial Strategies
Working both with business owners and the family market are the main focus of my business. I provide defensive strategies that protects the financial health of businesses and families in the tragic events of death, disability and illness. In addition, I provide offensive strategies that helps business owners pay less tax as well as simple but yet powerful methods of extracting money out of corporations tax efficiently. Furthermore, I provide business owners and families with easy planning methods that help them understand how much money they need to retire with confidence and knowing they will have enough to fund their retirement goals.
Canada Emergency Student Benefit: Students will be eligible for $1,250 a month from May through August
/in 2020 Only, blog, Coronavirus, Coronavirus - Students /by Bryan WilsonCanada Emergency Student Benefit – $1,250/month from May through August or $1,750/month for those taking care of someone else or have a disability
Great news for students worried about financially making ends meet. Prime Minister Justin Trudeau announced the Canada Emergency Student Benefit which provides $1,250/month from May through August or $1,750/month for those taking care of someone else or have a disability.
On eligibility, the Prime Minister added:
Canada Student Service Grant – $1,000 to $5,000 to support students helping fight against COVID-19
For students looking to volunteer to help fight COVID-19, the Canada Student Service Grant provides $1,000 to $5,000:
Details of these programs will be posted on the Government of Canada website. Keep checking their website for more details:
Apply for Canada Emergency Wage Subsidy starting April 27th | Calculate your subsidy
/in 2020 Only, blog, Business Owners, Coronavirus, Coronavirus - Practice Owners /by Bryan WilsonApply for CEWS starting April 27th
On April 21st, Prime Minister Justin Trudeau announced that the Canada Revenue Agency will accept applications for the Canada Emergency Wage Subsidy (CEWS) starting Monday, April 27th. This new measure gives qualifying employers up to $847 per employee each week so they can keep people on the payroll.
To be eligible to receive the wage subsidy, the Government of Canada website states you must:
be an eligible employer. Eligible employers include:
individuals (including trusts)
taxable corporations
persons that are exempt from corporate tax (Part I of the Income Tax Act), other than public institutions:
non-profit organizations
agricultural organizations
boards of trade
chambers of commerce
non-profit corporations for scientific research and experimental development
labour organizations or societies
benevolent or fraternal benefit societies or orders
registered charities
partnerships consisting of eligible employers
Public institutions are not eligible for the subsidy. This includes municipalities and local governments, Crown corporations, public universities, colleges, schools and hospitals.
have experienced an eligible reduction in revenue.
have had a CRA payroll account on March 15, 2020
Online Calculator
The Canada Revenue Agency launched an online calculator to help businesses determine the amount they can expect from the wage subsidy program.
New Canada Emergency Commercial Rent Assistance | Canada Emergency Business Account Expanded
/in 2020 Only, blog, Business Owners, Coronavirus, Coronavirus - Practice Owners /by Bryan WilsonCanada Emergency Commercial Rent Assistance
On April 16th, Prime Minister Justin Trudeau announced support for to help small businesses with their rent for the months of April, May and June.
The program is being worked out with the provinces and more details will be available shortly.
Canada Emergency Business Account
The eligible amounts are being expanded to include businesses with 2019 total payroll between $20,000 – $1.5 million.
There are restrictions on the funds can be used. From their website https://ceba-cuec.ca/:
Expanded eligibility for Canada Emergency Response Benefit (CERB) & Boosted wages for Essential Workers
/in 2020 Only, blog, Business Owners, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Students /by Bryan WilsonFrom his speech this morning (April 15th), Prime Minister Justin Trudeau announced:
Eligibility for CERB
On eligibility for CERB, the Prime Minister stated:
Wage Boost for Essential Workers
On topping up wages for Essential Workers, PM Justin Trudeau said:
The government website is being updated with the new qualifications, for full details and to apply click below:
Applications for the Canada Emergency Business Account starts TODAY!
/in 2020 Only, blog, Business Owners, Coronavirus /by Bryan WilsonThe new Canada Emergency Business Account (CEBA) is available starting TODAY and is available through major banking institutions: TD, Scotiabank, BMO, CIBC, RBC, National Bank, HSBC and Canadian Western Bank.
The CEBA will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced until December 31, 2022. Up to $10,000 of that amount will be eligible for loan forgiveness if $30,000 is fully repaid on or before December 31, 2022.
Eligibility
Organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019
How do I apply?
Prior to applying, please make sure you have this information readily available:
Canada Revenue Agency Business Number (BN 15 digits)
2019 T4 Summary of Remuneration Paid (T4SUM)
Apply online at the financial institution your business banks with:
TD: https://www.forms.td.com/app/ceba/#/ceba/ceba-form
Scotiabank: https://www.scotiabank.com/ca/en/personal/scotia-support/latest-updates/business-banking/small-business/supporting-our-customers-is-our-top-priority.html
BMO: https://www.bmo.com/small-business/financial-relief-loc/#/login?PID=MBLBC&language=en
CIBC: https://www.cibc.com/en/business/advice-centre/covid-19/canada-emergency-business-account/now-available.html
RBC:https://www.rbc.com/covid-19/business.html
National Bank: https://www.nbc.ca/forms/business/covid-emergency-account.html
HSBC: https://www.hsbc.ca/1/2//applications/business-apply
Canadian Western Bank: https://www.cwbank.com/en/news/2020/canada-emergency-business-account-now-available (via phone/email)
Rules changed to allow more struggling business owners access to CERB, Wage Subsidy. Summer jobs program increased to 100%
/in 2020 Only, blog, Business Owners, Coronavirus /by Bryan WilsonOntario Support for Families portal is LIVE!
/in 2020 Only, blog, Coronavirus, Ontario Only /by Bryan WilsonToday, Ontario launched the portal for parents to apply for a one-time COVID-19 payment to help offset the costs of keeping children entertained and engaged during this time away from school.
Under this new program, parents are eligible for a one-time per child payment of:
$200 for children aged 0 to 12
$250 for children or youth aged 0 to 21 with special needs
Eligibility
There is no income cap on this program. All parents are eligible if you have a child who is:
$200 for children aged 0 to 12
$250 for children or youth aged 0 to 21 with special needs
If you have more than one child, you must submit one application per child.
Before you apply, please note:
only one parent can apply for each child
the parent who applies should have custody of the child
You are still eligible if you are a health care or front-line worker who is using emergency, 24-hour child care centres.
Accepting Applications starting April 6th – Canada Emergency Response Benefit (CERB)
/in 2020 Only, blog, Coronavirus /by Bryan WilsonThe sheer volume of applications for the Canada Emergency Response Benefit (CERB) will likely overwhelm the system. If you or someone you know need to apply for this benefit, we suggest you prepare TODAY before the applications begin:
Double check your myCRA account username and password
Direct Deposit is setup
3 – 5 days via Direct Deposit vs 10 days via cheque in the mail
You should double check your myCRA username and password by signing in at:
If you do not have direct deposit setup with CRA, you can set it up TODAY at:
To help manage the volume, the CRA has setup specific days for you to apply based on month of birth.
If you were born in the month of:
January | February | March: Mondays – Best day to apply is April 6th
April | May | June: Tuesdays – Best day to apply is April 7th
July | August | September: Wednesdays – Best day to apply is April 8th
October | November | December: Thursdays – Best day to apply is April 9th
Fridays, Saturdays and Sundays are open for any birth month
Eligibility
The benefit will be available to workers:
Residing in Canada, who are at least 15 years old;
Who have stopped working because of COVID-19 and have not voluntarily quit their job or are eligible for EI regular or sickness benefits;
Who had income of at least $5,000 in 2019 or in the 12 months prior to the date of their application; and
Who are or expect to be without employment or self-employment income for at least 14 consecutive days in the initial four-week period. For subsequent benefit periods, they expect to have no employment or self-employment income.
Tax Loss Selling
/in 2020 Only, blog, Coronavirus, Investment, Tax /by Bryan WilsonOver the last few weeks, the financial market has taken a downturn amidst fears over Coronavirus.
Understandably, you are concerned with your portfolio, it’s important to stay level-headed to avoid making financial missteps. However, staying level-headed doesn’t necessarily mean you sit there and do nothing. In fact, one consideration you can look is taking an active tax management approach.
Tax loss selling is a strategy to crystallize or realize any capital losses in your non-registered accounts so it can be used to offset any capital gains. There is no benefit to selling in your tax free savings account (TFSA) or registered retirement savings plan (RRSP).
You can apply capital losses back 3 years or carry them forward indefinitely, therefore we’ve outlined several situations that make sense for tax loss selling.
To better understand how tax-loss selling works, imagine a scenario in which someone invests $100,000, putting $50,000 in “Investment A” and $50,000 in “Investment B.”
At the end of one year, Investment A has risen by $10,000 and is now worth $60,000. Investment B has declined by $10,000 and is now worth $40,000.
Without tax-loss selling, the investor has a realized gain of $10,000 from Investment A, and has a potential tax bill of $1,500 (assuming he or she sells the shares and pays the 15% capital gains tax on the profit).
On the other hand, with tax-loss selling, selling Investment B to offset gains from Investment A. At the end of the year, instead of paying a $1,500 tax, the investor only has a potential tax bill of $0, for a potential tax savings of $1,500.
With the investor’s tax liability reduced by $1,500, that savings becomes money that can be invested back in the portfolio, used to maximize RRSP contributions, pay off debt, or spend as one pleases.
What Situations make sense for tax loss selling?
If you have an investment with a considerable capital gain, review through your current investments to see if there are any investments to sell at a loss.
Receiving a tax refund for a previous year. Keep in mind, you can apply capital losses back 3 years, therefore if you sold a property within the last 3 years for a considerable gain and paid the tax. This year, you could sell other investments at a loss and apply them back and get some tax paid back.
For tax deferral, with tax losses you can apply these losses back 3 years or carry them forward indefinitely, therefore you may want to trigger a loss today because if you are planning to sell that property in the next year or so, it may rebound and therefore you will lose the chance to offset the gains.
Lastly, you may have an investment in your portfolio that’s a dud. It might be time to move on and put your money into a different investment so that you can apply the loss in the future.
Tax Loss Selling is Complicated
There are specific conditions required by CRA that must be met in order for this strategy to work such as making sure your loss is not declared a “superficial loss” (these rules are very restrictive). A superficial loss is when you sell and trigger a capital loss, you cannot deduct the loss if you or an affiliate purchase an identical security within 30 days before or after your settlement date.
Another condition is that the sale of assets is prior to the year-end deadline (this varies by calendar year). You also need to make sure you have accurate information on the adjusted cost base (ACB) of your investment. When you file your taxes, any losses must be first used to offset capital gains in the current tax year, then any remaining losses can be carried back.
Before engaging in tax loss selling, you should contact us directly so we can make the strategy works for you.
Do I Qualify for the Canada Emergency Response Benefit & EI?
/in 2020 Only, blog, Coronavirus /by Bryan WilsonTo help Canadians through this difficult time, the Federal Government created the Canada Emergency Response Benefit (CERB) and made changes to the Employment Insurance Program (EI). For those whose employment has affected by the Coronavirus, we have created a chart to help you figure out which program you qualify for and provide links to apply for each program.
The Federal Government has already made numerous changes to these programs so we will be updating this document whenever a change to the program is made.
Stay home and stay safe.