Finding financial solutions in uncertain times

Dealing with debt during COVID: How are you coping?

If you’re among the millions of Canadians receiving CERB benefits or payment relief, you may wonder how you’ll cope with your debts this winter. Start by talking about your debt, and exploring solutions, says Leah Drewcock, senior vice-president, MNP Ltd.

Many Canadians are struggling to meet their financial obligations during these uncertain times. Others may be feeling the calm before the storm because they have been able to tap into the temporary relief provided by governments and financial institutions, such as:

  • CERB benefits (Approximately $70 billion has been paid to Canadians as of Aug. 16, 2020).
  • Flexible loan payment options or interest relief for debtors facing financial difficulties.
  • Canada Revenue Agency extending the 2019 income tax payment deadline to Sept. 30, 2020.
  • Federal government’s next phase of COVID-19 income support for individuals.

These temporary relief measures are meant to help Canadians support their families and meet their obligations during very uncertain times. They are not permanent solutions, nor do they remove the stress of the financial burden that existed before the COVID-19 pandemic.

Start thinking long-term

If you are already struggling to make minimum payments, deferring those payments could simply delay the inevitable. If you couldn’t pay your debts before, it’s unlikely much will change when government supports run out, personal income taxes become due, and payment deferrals expire.

If you are one of the over four million Canadians receiving CERB benefits — or the millions of others receiving payment relief — you may start wondering whether you will be able to cope with your debts this winter.

The best way to manage the struggle is to start talking about it and begin looking for long-term solutions. You need to get off the hamster wheel of continually wondering where the money will come from to pay your debts. You need to get past the stress and the uncertainty of keeping your head above water and toward putting your feet on dry land.

Professional advice is available, whether you want to talk about your debts or the steps you can take to become debt-free. Start by scheduling a free consultation with a Licensed Insolvency Trustee (LIT) today.

During this no-obligation initial meeting, the LIT will review your financial situation and identify opportunities to manage your debt and solutions to overcome it for good. They will outline all the options available to you.

Whether you qualify for a Consumer Proposal, Bankruptcy, or would be better served by another financial management strategy — an LIT will make sure you have all the information you need to manage your finances and remove your financial stress.

To learn more about the options available to manage your debt, schedule a Free Confidential Consultation with Leah Drewcock, CIRP, LIT, at 250-596-4901 or leah.drewcock@mnp.ca

*According to canada.ca statistics delivered by Service Canada and the Canada Revenue Agency.

DebtFinances

Just Posted

Vanderhoof RCMP are seeking witnesses who may have seen a black, 2018 Chevrolet Silverado pickup (similar to the one pictured) with an Alberta licence plate travelling west on Highway 16 towards Vanderhoof prior to a fatal rollover on Sept. 26 at around 6:30 p.m. (Photo submitted)
RCMP seek witnesses in fatal September crash on Highway 16 near Vanderhoof

RCMP are continuing its investigation on a single-vehicle, fatal crash that took… Continue reading

The Prince George RCMP is asking for the public’s help to find 29-year-old Colin Michaud Durrand. He has a history of violence and is considered to pose an increased risk to public safety, according to police, who advise the public not to confront Durrand if he is located. (Photo Submitted by RCMP)
Prince George RCMP ask for help locating violent ‘priority offender’ with ties to Quesnel

RCMP says Colin Michaud Durrand, 29, recently lived in Quesnel but may frequent Hixon, Prince George

The Dupras family has been regulars at the Babine River and have seen plentiful grizzlies over the years. (Jay Dupras photo/Lakes District News)
A family’s close encounter with a grizzly on Babine River bridge

Photo-enthusiasts let the bear access the bridge for photos putting others at risk

Stikine provincial election candidates (clockwise from top left): Nathan Cullen, NDP; Darcy Repen, Rural BC Party; Rod Taylor, Christian Heritage; and Gordon Sebastian, BC Liberals.
‘Where is Annita McPhee?’: Cullen under fire from opening salvo of all-candidates forum

Four Stikine candidates spar during online debate from Prestige Hudson Bay Lodge in Smithers

(Wet'suwet'en Access Point on Gidimt'en Territory Facebook screenshot)
Ceremony a right at proposed CGL pipeline drill site: BC Union of Indian Chiefs

Indigenous land defenders cannot be criminalized and targeted, argues UBCIC

Provincial health officer Dr. Bonnie Henry presents modelling of COVID-19 spread in B.C., March 25, 2020. (B.C. government photo)
B.C. sets another COVID-19 record with 203 new cases

up to 1,766 active cases in B.C., two more deaths

RCMP. (Phil McLachlan - Black Press Media)
British Columbia man dies during ski trip near glacier west of Calgary

Kananaskis Public Safety and Alpine Helicopters responded around 2:30 p.m.

Prime Minister Justin Trudeau arrives on Parliament Hill in Ottawa on Monday, Oct. 19, 2020, following a week-long break for the House of Commons. THE CANADIAN PRESS/Sean Kilpatrick
One crisis after another for Trudeau since last federal election one year ago

It has been a year of unprecedented calamity and crisis

Rio Tinto Alcan’s aluminum smelter at Kitimat competes against producers in the Middle East and Russia that have no carbon tax. (Rio Tinto)
B.C. carbon tax highest in Canada, export industries unprotected

B.C. NDP, B.C. Liberals say they’re looking at exemptions

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

(Pixabay)
Vancouver teacher suspended after swearing, touching students and complimenting underwear

McCabe touched students, including rubbing their backs and necks, touching their hair and hugging them

A glimpse of some of the 480 (approx) cars written off as a result of the acid spills along the Trail highway in 2018. Photo: Trail Times
2 years after huge highway acid spill, Kootenay Ford dealer’s frustration grows with ICBC

Trail AM Ford owner Dan Ashman says he just wants fair compensation from ICBC

Mail-in ballot from Elections BC (Katya Slepian/Black Press Media)
At least 26% of eligible voters have already cast their ballot, Elections BC says

Voters can cast a ballot until 8 p.m PST on Election Day

Most Read