The Colored Fool Canada Bank Stocks TFSA: CRB Could Reduce Your New Coronavirus Worries, But Don’t Forget To Do It Today

Jitendra Parashar | 22nd December 2020 | More on: RY RY

The new coronavirus strain is causing chaos in the broader market Investor fears about the enormous negative effects of the new virus variant and the associated restrictions on companies sparked a large market sell-off on Monday while the market recovered before the closing bell , it stayed in negative territory for that day December the S&P TSX Composite Index listed with a small 02% loss

The New Coronavirus Flavor Is Also Making Thousands Of Canadians Nervous Because of the negative impact it has on businesses, many people are at risk of losing their jobs or potentially reducing their incomes Let’s discuss how the Canada Recovery Benefit (CRB) can give you can help swim through these tough times

Earlier this year, the Canadian government made an effort to help millions of Canadians by providing financial assistance to them in a variety of ways. As of April 2020, millions of citizens benefited from Canada’s Emergency Response Benefit (CERB) The program aimed to provide eligible Canadians with funding from 2$ 000 per month to be granted By October 2020, the government had received almost 276 million CERB applications from approx 89 Million Unique Applicants And those eligible applicants received approximately $ 81.6 billion in benefits

While CERB has primarily focused on helping people who have lost their jobs due to COVID, the Canada Revenue Agency (CRA) CRB is primarily encouraging Canadians to get back to work

CRA planned to give CRB a two-week grant of 1US $ 000 for employed or self-employed Canadians who are not eligible for Employment Insurance (EI) Eligible candidates can reapply to reapply CRB benefits for a total of 26 weeks

However, you are not eligible to use CRB if you have not lost your job or if your average weekly time has not decreased by 50% during the period of your application due to the COVID-19 crisis

CRB can help you swim through tough times if the new coronavirus variant introduces further restrictions that affect your employment, but it is advisable to start planning your investments today for your financial future To secure your and your loved ones Here is a great way to do this:

If you’ve ever thought about investing or saving money, you probably know the popular Tax Free Savings Account (TFSA). It gives you the freedom to save some of your income for an uncertain future and allows you to use yours Increasing wealth endlessly without worrying about paying taxes on returns

Royal Bank of Canada (TSX: RY) (NYSE: RY) could be a great stock pick for your TFSA right now, Canada’s largest bank, its core banking business has done surprisingly well in recent quarters despite the coronavirus headwinds RBC had solid growth in its capital markets earnings, which helped keep net income better than expected overall
Solid fundamentals aside, the Royal Bank of Canada is strong 4A dividend yield of 2% makes it an even better choice for TFSA investing in the long run, despite new concerns about coronavirus strains, RBC has a strong enough balance sheet that it can give it to it would allow continued paying solid dividends

However, if you’re young and willing to take a small risk to multiply your savings, you’d better add some good, undervalued growth stocks to your TFSA

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CRB

World News – CA – TFSA: CRB Could Reduce Your New Coronavirus Concerns, But Don’t Forget It Today

Source: https://www.fool.ca/2020/12/22/tfsa-crb-could-reduce-your-new-coronavirus-worries-but-dont-forget-to-do-this-today/