Money News

Money News – July 2020

Summer is here… our cats are loving it! July 2020’s Money News takes a look at taxes, e-transfers, the $50 bill, and more.

Personal Finance in the News – July 2020:

Here’s a summary of Money News – July 2020:

Read & Watch: Last month I wrote about a nationwide coin shortage in America. Turns out the Americans are not alone! Here at home, there is a shortage of $50 bills as Canadians hoard them. This may not be a bad thing though – it’s important to keep cash on hand, as well as to have a good old emergency fund. At this point, Covid has created frenzied demands for toilet paper, hand sanitizer, beans, and now cash… what will be next?

Read: According to this article from CBC, Canadians may get tax breaks for working from home during the pandemic. Therefore if you’ve been working from home, keep your eyes peeled for clarification on “workspace in the home” deductions.

Read & Watch: Are your e-transfers safe? Do you use solid passwords when you transfer money to family, friends, and business associates? If not, let this recent story on CTV News serve as a warning: an Ontario man was denied a refund after hackers guessed his e-transfer password. For those who are interested, Interac has a e-transfer Best Practices checklist available here.

Read: Though the housing market has performed remarkably well so far, the situation is starting to look dodgy as home-owners in many countries take advantage of mortgage deferral options. According to this article by Better Dwelling, 16% of Canadian mortgages are now deferring payment. This means that Canadians are deferring mortgage payments at twice the rate of Americans, suggesting that Canadian consumers are more tapped out and living closer to the edge than our neighbours south of the border.

Read: According to BNN-Bloomberg, the Canada Revenue Agency has extended the 2019 tax payment deadline again . This time it has moved the goal posts by one more month to September 30. This should help those struggling to make ends meet as the Covid-19 crisis drags on.

Thanks for reading Money News – July 2020! Stay tuned for more monthly money news next time, and check out my latest post on Investing for Beginners to get a detailed look into how to get started and what to watch out for in the world of investing.

Disclaimer:

Please keep in mind that I am not a financial advisor, and the opinions expressed are my own. My Money Moves does not provide financial advice – it is an informational website that details my own approach to my own money and personal finances. If you need specific financial help or guidance, please do your own research and seek out a professional who can work with you to reach your goals.

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