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More Than Half Of Canadians Are $200 Away From Being Broke, A New Survey Found

People say they're struggling to pay the bills.
More Than Half Of Canadians Are $200 Away From Being Broke, A New Survey Found

A new survey about Canadian debt has found that over half of people are just $200 away from being broke. 

MNP Ltd., a team of licensed insolvency trustees, found that 53% of respondents to their MNP Consumer Debt Index are on the verge of not being able to pay their bills each month. 

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This is a 10% increase from the 43% who said they were at risk of not making ends meet in December 2020 and the highest number MNP Ltd. has recorded in five years. 

"The anxiety Canadians are feeling about making ends meet — or already being unable to do so — tells us we may see an avalanche of households falling behind on payments or defaulting on loans, mortgages, car payments, or credit cards," MNP Ltd. president Grant Bazian said. 

The survey also found that 25% of Canadians have taken on debt because of the pandemic. 

Changes To The EI Benefit Could Make It ‘More Accessible & Simple For Canadians’

About 169,000 people every year could receive EI sickness benefits. 👇💰

The 2021 federal budget has proposed several legislative changes to Employment Insurance (EI) in Canada that aim to make the support “more accessible and simple for Canadians.”

This includes continuing "uniform access to EI benefits across all regions, including through a 420-hour entrance requirement for regular and special benefits, with a 14 week minimum entitlement for regular benefits."

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The Feds Want To Extend Canada's Recovery Benefit But The Payouts Will Get Smaller

Changes to the benefits were proposed as part of the 2021 federal budget.👇💰

As part of the 2021 federal budget, Deputy PM and Minister of Finance Chrystia Freeland announced several changes to the existing Canada Recovery Benefit.

On April 19, 2021, Freeland confirmed that the benefit — which offers support to Canadians not covered by Employment Insurance — will remain available until September 25, 2021.

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Canada's COVID-19 Benefits Are Still Available & Some Can Be Claimed For Up To 38 Weeks

Recovery benefits and EI regular benefits were recently extended.👇💰

As the third wave of the pandemic continues, Canada’s COVID-19 benefits are still available to those who need them. 

In a tweet on Monday, April 19, Employment and Social Development Canada reminded everybody that some benefits have recently been extended so that Canadians can get paid for even longer.

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If You Don't File Your Taxes By April 30 You Could Lose Your COVID-19 Benefits

The CRA says your benefits could be paused if you don't file on time!

If you've been asking yourself "when are taxes due?" you might want to mark your calendar because that date is fast approaching. 

In a recent tax tip, the CRA said that Canadians must file by April 30, 2021. They detailed how missing that deadline may impact those who are collecting COVID-19 relief benefits

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