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.

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

People skate on a lake in a city park in Montreal, Sunday, January 10, 2021. THE CANADIAN PRESS/Graham Hughes
The end of hugs: How COVID-19 has changed daily life a year after Canada’s 1st case

Today marks the one year anniversary of COVID-19 landing in Canada

Nechako Figure Skating Club Canskate members Aubrie Sholer (from left), Renee Janzen, Alina Borno, Presley Stuckless, Sophia Reid and Layla Whittaker skate during a recent practice at the Vanderhoof Arena. (Photo submitted)
Nechako Figure Skating Club awarded local sport relief funds

“It will definitely help us recover from this and help us go on for another year.”

Wet’suwet’en supporters and Coastal GasLink opponents continue to protest outside the B.C. Legislature in Victoria, B.C., on Thursday, February 27, 2020. THE CANADIAN PRESS/Chad Hipolito
‘We’re still in it’: Wet’suwet’en push forward on rights recognition

The 670-km Coastal GasLink pipeline was approved by B.C. and 20 elected First Nations councils on its path

A health-care worker prepares a dose of the Pfizer-BioNTech COVID-19 vaccine at a UHN COVID-19 vaccine clinic January 7, 2021. THE CANADIAN PRESS/Nathan Denette
Employers might be able to require COVID-19 vaccination from employees: B.C. lawyer

‘An employer must make the case’ using expert science, explains lawyer David Mardiros

New three-storey seniors housing complex being builton the corner of Church Avenue and Victoria Street in Vanderhoof. (Aman Parhar/Omineca Express)
Housing availability a top priority for district: mayor

In Vanderhoof, 146 properties sold in 2020 worth $42.7 million

Crews with Discovery Channel film as an Aggressive Towing driver moves a Grumman S2F Tracker aircraft around a 90-degree turn from its compound and onto the road on Saturday, Jan. 23, 2021. It was the “most difficult” part of the move for the airplane, one organizer said. (Jenna Hauck/ Chilliwack Progress)
VIDEO: Vintage military plane gets towed from Chilliwack to Greater Victoria

Grumman CP-121 Tracker’s eventual home the British Columbia Aviation Museum on Vancouver Island

Rolling seven-day average of cases by B.C. health authority to Jan. 21. Fraser Health in purple, Vancouver Coastal red, Interior Health orange, Northern Health green and Vancouver Island blue. (B.C. Centre for Disease Control)
2nd COVID vaccine doses on hold as B.C. delivery delayed again

New COVID-19 cases slowing in Fraser Health region

Provincial health officer Dr. Bonnie Henry talk about the next steps in B.C.’s COVID-19 Immunization Plan during a press conference at Legislature in Victoria, B.C., on Friday, January 22, 2021. Two more cases of the COVID-19 strain first identified in South Africa have been diagnosed in British Columbia, bringing the total to three as of Jan. 16.THE CANADIAN PRESS/Chad Hipolito
B.C. now has three cases of South African COVID-19 variant, six of U.K. strain

Both variants are thought to spread faster than earlier strains

Rodney and Ekaterina Baker in an undated photo from social media. The couple has been ticketed and charged under the Yukon’s <em>Civil Emergency Measures Act</em> for breaking isolation requirements in order to sneak into a vaccine clinic and receive Moderna vaccine doses in Beaver Creek. (Facebook/Submitted)
Great Canadian Gaming CEO resigns after being accused of sneaking into Yukon for vaccine

Rod Baker and Ekaterina Baker were charged with two CEMA violations each

Police discovered a makeshift nightclub in a Vancouver apartment on Jan. 23, 2021, and say it wasn’t the first time this month officers have been called to the unit over social gathering concerns. (Phil McLachlan - Capital News)
Doorman of makeshift ‘booze-can’ in Vancouver apartment fined; police look to court order

This marks the fourth complaint about social gatherings inside the apartment in January

A Kelowna couple welcomed their Nooner baby in December. (Flytographer)
Kelowna couple welcomes baby girl from Hotel Zed Nooner campaign

Nicole and Alex will now have 18 years of free stays at the hotel

Kyrell Sopotyk was drafted by the Kamloops Blazers in 2016 and played two seasons with the Western Hockey League club. (Photograph By ALLEN DOUGLAS/KTW)
Kamloops Blazer paralyzed in snowboarding accident sparks fundraiser for family

As of Jan. 24, more than $68,000 had been raised to help Kamloops Blazers’ forward Kyrell Sopotyk

(Pixhere photo)
B.C. dentists argue for COVID-19 vaccine priority after ‘disappointing’ exclusion from plan

Vaccines are essential for dentists as patients cannot wear masks during treatment, argues BCDA

The fine for changing lanes or merging over a solid line costs drivers $109 and two penalty points in B.C. (Screenshot via Google Street View)
B.C. drivers caught crossing, merging over solid white lines face hefty fine

Ticket for $109, two penalty points issued under Motor Vehicle Act for crossing solid lines

Most Read