Support for individuals include Individuals and families People facing loss of income Indigenous peoples People who need it most Seniors Youth, post-secondary students and recent graduates
Support for businesses include Avoiding layoffs and rehiring employees Access to credit Creating new jobs and opportunities for youth Support for self-employed individuals Indigenous businesses Supporting financial stability Find the support you need for your business
Support for sectors include Agriculture, agri-food, aquaculture, fisheries Cultural, heritage and sports Air transportation Tourism Energy Non-profit and charitable
Did you know that if you have credit card debt and are in good standing you may be able to reach out to your credit card company and ask if they can do something about the interest rates during these hard times.
Most likely they will try and work with you providing options for deferrals or lowering the interest for a period of time or even allowing you to skip a few payments without affecting your credit and or incurring additional interest. This is a conversation you will need to have with your credit card company.
Contact your Auto Insurance company and ask them if there is anything that can be done to save a little on your annual Auto Insurance policy or monthly policy. If you are not using your vehicle for work because of COVID-19 and social distancing, then you may contact your auto insurance company and advise them that your vehicle is now pleasure use stepping out for emergency only, groceries and basic essentials when needed.
Your auto insurance company can downgrade your policy providing you with a small savings.
In addition, some insurance companies are now offering a 10% discount to policy holders. Contact your insurance company and ask for more information to see how you can save.
Enercare – If you have enercare insurance (ie plumbing, air conditioning, heat, water tank rental, duct cleaning) you can call enercare, advise them of some hardships and ask to see if there is anything they can do to help save some money. They may provide you with two months credit on each of your products. This is a little help.
As for your water rental is handled by another company which enercare can connect you to and they may be able to apply 3 months credit.
I was told that if you differ the mortgage 6 months and find yourself with the extra money at the end of six months you may opt to pay the interest at that time. Before they tack the interest onto your mortgage you will be receiving a letter from the bank telling you how much interest has been accumulated over the period of 6 months. At this time you can opt to pay the interest accrued therefore the interest will not be added your mortgage, having to pay interest on top of interest amortizing it over the period of 25 years etc.I called the bank and asked this of CIBC. Is this incorrect? Can someone clarify this? CALL YOU BANK AND ASK TO CONFIRM https://www.canadianmortgagetrends.com/2020/04/latest-in-mortgage-news-six-month-deferrals-could-cost-you-up-to-12000/
Postpone Your Payments with Deferment or Forbearance
Sometimes it may seem impossible to make your student loan payment. Maybe you decided to go back to grad school, your entry-level salary isn’t what you expected, or a health condition prevents you from working—but you have deferment and forbearance options to postpone your payments and bring your account current without hurting your credit. Each option has its own eligibility rules and time limits. Read on to see which fits your unique situation—we almost always have a solution for you.
Take a Break from Payments
Both deferments and forbearances give you a break from monthly payments for a set period of time. Many options are available to meet a variety of needs. If you are having difficulty making payments and want to see which options fit your specific situation, log in to your account and click Postpone My Payment to see which deferment or forbearance works best for you. Of course, you can also call us at 888.486.4722 to talk through your options.
Log in to your account and click Postpone My Payment to apply for deferment or forbearance. You can also call us at 888.486.4722.
Calculate accrued interest while in deferment or forbearance. (To avoid capitalization, you may choose to pay accruing interest or even small payments toward the balance.)
Expecting an income tax refund? Before rushing out to spend it, consider how you can put it to work to enhance your financial future.
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You just pushed the send button on your income tax return and you can’t wait for your refund to go into your account. You might be thinking about what you’ll use it for. An exotic vacation? A down payment on a new car? Here’s another thought: You can use that money to brighten your family’s financial picture over the long term.
Here are five ways you can do that:
1. Start an emergency fund.
You can use your income tax refund to start an emergency fund, or add to your current emergency savings. Aim to have enough money to cover about three to six months of necessary living expenses. Keep that money in an easily accessible, high-interest emergency savings account or a tax-free savings account (if you have contribution room). That way, you will be better able to weather a financial crisis, like the loss of a job, a car breakdown or unexpected, unpaid time off work.
For the 2019 tax year, the registered retirement savings plan (RRSP) contribution limit is 18% of earned income from the previous year, up to $26,500. That number will be adjusted if you put money in a company-sponsored pension plan. Yet studies steadily show that less than half of Canadians put money in their RRSPs every year. If you haven’t been contributing the maximum to your RRSP, you can use your income tax refund to help build a larger retirement fund. The interest on your money will also compound over a longer period than if you only put money in at the end of each year.
According to CreditCards.com, the average adult Canadian carries about three credit cards. The Canadian Bankers Association reports that about 60% of Canadians pay off their accounts in full each month. That means 40% of us are paying interest rates of 15% to 20% on our outstanding balances. Paying down or paying off your credit card debt will free up money that you can use to boost your retirement savings.
Given that the average Canadian home sold for $609,700 in February 2018, according to the Canadian Real Estate Association – and the sale price of an average detached home in Toronto topped $1.2 million the following, per the Toronto Real Estate Board – there’s a good chance you took on a large mortgage to purchase your family home. Mortgage interest rates have started to inch up, and your payments may no longer be affordable the next time your mortgage renews. So, depending on your situation, it may make sense to take advantage of early pre-payment privileges to reduce your mortgage debt as quickly as possible. Once your mortgage is paid down or paid off, you can catch up on your RRSP.
For the 2018-2019 school year, the average undergraduate tuition fee was $6,571, according to Statistics Canada. And that’s only one year out of a four-year program, and doesn’t count books and living costs. Those expenses can add tens of thousands of dollars to the bill – and by the time your young children are of university age, the total will likely be a lot higher. If you’re not saving for your child in a registered educational savings plan (RESP) you’re leaving free money on the table.
That’s because when you contribute to an RESP for your child, the Canada Education Savings Grant adds 20 cents to every dollar you contribute, up to a maximum of $500 on an annual contribution of $2,500 until your child is 17. Special rules apply, so it’s important that you speak to your financial advisor in order to maximize the grant. Using your tax refund to make annual RESP contributions is a great way to invest in your child’s future.
