COVID-19: Managing Debt and Expenses

Bankruptcy affects your life in many ways - it costs money to file, it severely damages your credit score and can affect your ability to get credit in future or even an apartment or other job.

Mortgage lenders have introduced new deferral options in response to the COVID-19 pandemic.

Your rent is an important expense, and it’s not something you can cut back on. What do you do if you can’t pay rent due to COVID-19?

If you collect the CERB benefit in 2020, it will be included in your taxable income. Calculate your rate of taxation ahead of time in order to set the funds aside for next tax season.

If that usually sends shivers up your spine, take heart. This year is different. The federal government’s response to COVID-19 means you could be seeing some significant breaks.

While self-isolation is key to slowing this pandemic, it is important to manage your finances and cut back on expenses like your car insurance.

If you’re among the thousands of hardworking Canadians whose income is affected by the spread of COVID-19, create an emergency budget to help you navigate these uncertain financial times.

Here’s what you can do pay off debt and manage your expenses in a period like today, when the future feels less certain.