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As communities across Canada work to address the COVID-19 pandemic, many Canadians and their families continue to face financial stress and uncertainty.
Both the federal government and the Ontario government have announced several income support and financial measures related to the impact of COVID-19.
Recent federal government announcements include:
- Canada Emergency Response Benefit (CERB) – to help certain individuals facing a loss of income.
- Canada Emergency Wage Subsidy (CEWS) – to help businesses avoid layoffs and rehire employees.
- Registered Retirement Income Fund (RRIF) – required minimum withdrawals reduced by 25% for 2020.
Recent Ontario government announcements include:
- Financial help for basic needs – if you need help paying for food and housing and are not already on Ontario Works or ODSP, you can apply for COVID-19 emergency assistance.
- Doubled GAINS payments for seniors – if you are a senior receiving monthly Ontario Guaranteed Annual Income System (GAINS) payments.
Visit our important financial dates and information page for more information.
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April 14: Aggressive stock promotion exploits fears of coronavirus recession
The Ontario Securities Commission (OSC) is warning the public about an aggressive promotion of a junior gold mining company based in British Columbia and listed on the Canadian Securities Exchange and the Frankfurt Stock Exchange. Read more
April 9: Canadian securities regulators provide update on changes to regulatory work in light of COVID-19
Until at least May 30, 2020, the Canadian Securities Administrators (CSA) will also not publish any new proposals for comment. Read more
April 9: Joint statement by Canadian Securities Administrators and Investment Industry Regulatory Organization of Canada on recent volatility in Canadian equity markets
The CSA and the Investment Industry Regulatory Organization of Canada (IIROC) are working to ensure that our capital markets continue to operate in a fair and orderly fashion. Read more
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Telephone Townhall Today
Our next telephone townhall is today (April 16) at 1:30 p.m. ET. There's still time to register here.
During the COVID-19 pandemic we're holding many online and telephone townhall events to help you make informed financial decisions and avoid investment fraud.
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COVID-19 and Your Money Hub
As mentioned in our previous issue, there's a new COVID-19 and Your Money information hub on GetSmarterAboutMoney.ca to help people with their finances during these difficult times. It has the latest investor resources, tips and fraud warnings as well as links to important COVID-19 income support and financial measures. Learn more
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COVID-19 Fraud Alerts
Watch our new COVID-19 fraud alert videos. Fraudsters are exploiting the fear of economic conditions and the COVID-19 pandemic.
*New* Financial representative impostors. Be on alert for fraudsters posing as someone from your bank or investment firm.
Pump-and-dump scams. This is a type of investment fraud. Fraudsters artificially increase the price of a stock they own by encouraging other investors to buy it. Fraudsters then sell their shares; the price falls and investors lose money.
Fake government messages. Be careful of fraudsters posing as representatives from government agencies or departments by text or email.
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Adjusting Your Budget
When it comes to your financial well-being during the COVID-19 pandemic, you might be rethinking your financial priorities. A budget is a great tool to help you keep track of your spending, plan for future income and government benefits, and find ways to save money. It can be revised and adjusted as often as needed. Learn how to create a balanced budget and use our Budget Worksheet to help you along the way.
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Elder Abuse on the Rise
CanAge, an organization dedicated to advancing the rights and well-being of Canadians as they age, is reporting a 10-fold increase in elder abuse cases over the past two weeks. There are many COVID-19 frauds and scams targeting older Canadians.
CanAge and Elder Abuse Prevention Ontario have published tip sheets and brochures to help protect against COVID-19 specific frauds and scams targeting seniors.
For tips on how to recognize the signs of financial elder abuse, read this article.
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Borrowing Money
If you’re thinking about borrowing money to help you pay the bills, remember to carefully read any agreements before signing. Make sure you have a plan to repay it and understand how it could impact your overall financial situation. Ask about the loan’s repayment terms and schedule, the interest rate and what could happen if you miss a payment. Here are 8 common borrowing options.
If you’re considering borrowing money to invest, you should understand that taking on debt involves more risk than paying for an investment outright with cash. Whether your investment makes money or not, you still have to pay back the loan plus interest. If you rely solely on investment returns to cover your borrowing costs and your investment falls in value, you could end up defaulting on the loan. If you put up your home, or other investments, as collateral for the loan, you could lose them as well.
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Retirement Cash Flow Calculator
Has the recent market volatility affected the value of your retirement savings and potential cash flow? Use our Retirement Cash Flow Calculator to estimate how long your savings could last, and the impact of different factors like changes in market returns and everyday spending.
Visit GetSmarterAboutMoney.ca for more popular and free articles, tools and calculators to help you with your finances.
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The Canadian Investor Protection Fund (CIPF) has released new resources to educate and inform investors about its role in the Canadian financial system. CIPF provides limited protection for property held by a CIPF member firm on behalf of an eligible client, if the firm becomes insolvent. CIPF's mandate was established by Canada's provincial and territorial securities regulators, including the Ontario Securities Commission. Learn more
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OSC Whistleblower Program
The OSC recently awarded $525,000 to a company outsider who used their industry expertise to identify irregularities.
Since its launch in July 2016, the OSC’s Whistleblower Program has awarded more than $8 million to whistleblowers. It is the first program of its kind in Canada. The Program accepts tips on possible violations of Ontario securities law, offers protections for individuals who come forward, as well as compensation of up to $5 million for tips that lead to enforcement action. Learn more
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Proposed rule to restrict use of deferred sales charge option
Comments due: May 21, 2020
The Ontario Securities Commission (OSC) published for comment a proposed rule that would restrict the use of the deferred sales charge (DSC) option in the sale of mutual funds. The proposed rule is intended to address negative investor outcomes by limiting the circumstances in which mutual funds with the DSC option can be sold and by giving clients greater flexibility to redeem these investments without penalties. Learn more
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Proposed rule for Non-GAAP and other financial measures
Comments due: June 29, 2020
The Canadian Securities Administrators (CSA) published a second notice and request for comment on revisions to a proposed rule for Non-GAAP and Other Financial Measures (the proposed rule). The rule would establish disclosure requirements for issuers that disclose non-GAAP and other financial measures, which often lack standardized meanings, resulting in potentially misleading disclosure. Learn more
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Proposed new nationally harmonized crowdfunding rules
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Proposed changes to tackle financial exploitation and diminished mental capacity of older and vulnerable clients
Comments due: July 20, 2020
The Canadian Securities Administrators (CSA) published for comment proposed amendments designed to clearly outline how registrants can address situations involving diminished mental capacity or the potential financial exploitation of vulnerable clients. Learn more
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Always know the 10 most recent OSC investor warnings and alerts by bookmarking this Fact Card or embedding it on your website or blog.
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Aggressive stock promotion exploits fears of coronavirus recession
The OSC is warning the public about an aggressive promotion of a junior gold mining company based in British Columbia and listed on the Canadian Securities Exchange and the Frankfurt Stock Exchange. Learn more
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Canadian securities regulators warn public of coronavirus-related investment scams
The CSA is warning investors about companies claiming to have products or services that will prevent, detect or cure coronavirus (COVID-19) infection. Learn more
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International Derivatives Group
International Derivatives Group, offering investment services as found on its website at www[dot]idrvg[dot]com, is not registered in Ontario to engage in the business of trading in securities. Learn more
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IOSCO Investor Alerts
Stay informed about the latest international investor warnings and alerts by visiting the International Organization of Securities Commissions (IOSCO) Investor Alerts Portal.
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OSC in the Community
OSC in the Community is an outreach program that takes the OSC's regulatory mandate from Bay Street to Main Street. OSC staff travel to communities across Ontario to talk to people about making informed financial decisions and avoiding investment fraud. Learn more
To protect the health and safety of the public and staff, all OSC in the Community events are cancelled until further notice. We will continue to monitor the situation and follow guidance from public health authorities.
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Here are 3 money tips for people working in the "gig economy."
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