With the many and varied effects of the COVID-19 virus beingfelt by Canadians, some are becoming increasingly distressed, almost to the breaking point. A little over a month ago few would have imagined beinglocked away in their homes, unable to work andcompelled to wear protective surgical masks if ever stepping foot outside their homes. Arguably, within the largest swath of the population, COVID-19 is creating the most havoc with Canadians’ personal finances. What can one do if facing loss of income simultaneously with a growing pile of unpaid bills?It almost goes without saying that an alarming number need help and they need that help today. The good news is the wait is over. The Federal Government has made available financial relief and support programs that may very well save families and small businesses from ruin.
Below are forms of assistance now available:
Mortgage and Loan Payment Deferment
Freeing up cash iscritical as flexibility is a must during these unpredictable times. Indeed, for those who own homes, mortgage payments are easily the biggest monthly expense. Available are agreements allowing homeowners the option of deferring mortgage payments for as long as 6 months, allowing access to funds that would otherwise be spent.
Temporary Income Assistance and Credit Card Relief
For those experiencing financial difficulty, available from many financial institutionsare credit card interest rate decreases, often via a rebate to individual accounts, and special programs designed to provide alternative ways to make payments on needed purchases, such as installments coinciding with lower interest rates. Many banks are offering direct deposit for thosereceiving government benefits, including the money made available via the Canada Emergency Response Benefit (CERB).
It is no exaggerationthat small business is the “backbone” of the Canadian economy. Indeed, the Federal Government would be wise in helping keep the spine of the nation intact during the course of this pandemic. How might they accomplish this? Presentlylenders are being encouraged to adopt policies of payment deferrals as needed, offer temporarylenient borrowing arrangements, and to assist account holders with financial educational programs.
Capital Tax understands how complex this situation is and that every individual circumstance is unique. At this time, we are making available staff to answer any questions you might have and to provide any assistance we are qualified to extend.
We invite you to call or message Capital Tax today.