The Covid-19 pandemic is causing financial stress for most Canadians as they are seeing their income reduced or eliminated and they are wondering how they will be able to pay their bills.
All levels of government have implemented emergency response plans including financial support and many financial institutions have stepped up to help by allowing people to defer payments and avoid penalties. Here are some ways that you can reduce the financial impact of Covid-19.
The federal government started the $107 billion Covid-19 Emergency Economic Response Plan, with $52 billion direct support for employers and workers and $55 billion in tax deferrals for workers and businesses. Other financial assistance to families include:
What can Canadians do to help themselves financially during the pandemic?
It is important to continually assess your financial situation and if you can make changes that will help you to be more prepared for the future.
From an article by Sophie Nichols Jones
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