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

Caledonia Secondary School Principal Keith Axelson presents the Governor General’s Academic Medal to Sydney Webb. (Submitted Photo/Robin MacLeod)
Sydney Webb wins 2020 Governor General’s Academic Medal

Webb is studying nursing at the Univeristy of Northern British Columbia

An aerial shot of Cedar Valley Lodge this past August, LNG Canada’s newest accommodation for workers. This is where several employees are isolating after a COVID-19 outbreak was declared last Thursday (Nov. 19). (Photo courtesy of LNG Canada)
41 positive COVID-19 cases associated with the LNG Canada site outbreak

Thirty-four of the 41 cases remain active, according to Northern Health

Kitimat RCMP were requesting assistance locating 24-year-old Teah Wilken, who was last seen getting on a bus at City Centre Mall in Kitimat around 6:30 p.m. Monday (Nov. 23). Kitimat RCMP Facebook photo.
UPDATE: missing woman found safe at residence

Wilken last seen getting on bus at City Centre Mall in Kitimat around 6:30 p.m. Monday (Nov. 23)

The Nisga’a Nation activated its pandemic safety protocols Nov. 20 after a positive COVID-19 case in the Terrace area was identified. (Nisga’a Lisims Government photo)
Nisga’a Nation reverts to phase one pandemic restrictions

Tightening of precautions follows discovery of positive case in Terrace

Cases have gone up in Northern Health in the past week, as they have all over B.C. (K-J Millar/Black Press Media)
Northern Health reports new highest number of COVID-19 cases in one day

Nineteen cases were reported to Public Health last Tuesday (Nov. 17)

Provincial health officer Dr. Bonnie Henry updates B.C.’s COVID-19 situation at the B.C. legislature, Nov. 23, 2020. (B.C. government)
B.C. daily COVID-19 cases hits record 941 on Tuesday

Further restrictions on indoor exercise take effect

(Pixabay.com)
Man, 28, warned by Kootenay police to stop asking people to marry him

A woman initially reported the incident to police before they discovered others had been popped the question

Winston Blackmore (left) and James Oler (right) were sentenced on separate charges of polygamy this week in Cranbrook Supreme Court.
No more charges expected in Bountiful investigation, special prosecutor says

Special prosecutor says mandate has ended following review of evidence from Bountiful investigations

(Ashley Wadhwani/Black Press Media)
Refuse to follow B.C.’s mask mandate? Face a $230 fine

Masks are now required to be worn by all British Columbians, 12 years and older

BC Teachers' Federation President Teri Mooring is asking parents of school-aged children to encourage the wearing of masks when possible in schools. (THE CANADIAN PRESS/Chad Hipolito)
LETTER: Teachers union encourages culture of mask wearing in B.C. schools

BCTF President Teri Mooring asks parents to talk with children about wearing masks in school

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Prime Minister Justin Trudeau speak to the media about the COVID-19 virus outside Rideau Cottage in Ottawa, Friday, Nov. 20, 2020. THE CANADIAN PRESS/Adrian Wyld
Canada’s inability to manufacture vaccines in-house will delay distribution: Trudeau

First doses of COVID-19 vaccine expected in first few months of 2021, prime minister says

Pamela Wright, a UNBC professor in the department of ecosystem science and management, is presented with the Mitacs Award for Exceptional Leadership - Professor, at a virtual ceremony today (Nov. 24) in recognition of her collaborative work with community partners and students to conserve Canada’s northern lands. (Photo submitted by Mitacs)
UNBC professor recieves prestigeous conservation award

Pamela Wright recognized for leadership in ‘breakthrough’ work on northern issues

Pamela Wright, a UNBC professor in the department of ecosystem science and management, is presented with the Mitacs Award for Exceptional Leadership - Professor, at a virtual ceremony today (Nov. 24) in recognition of her collaborative work with community partners and students to conserve Canada’s northern lands. (Photo submitted by Mitacs)
UNBC professor receives prestigious conservation award

Pamela Wright recognized for leadership in ‘breakthrough’ work on northern issues

Most Read