overcome financial

Overcome financial crises during Covid-19 Pandemic

Like other countries around the world Canada is also hit hard by this global pandemic. Although remaining inside is a good way to protect yourself and others from the corona-virus, and is an important measure to help “flatten the curve” of daily cases that put pressure on our health care system.

Lots of people in Canada are working from home, businesses are getting government support, mortgages are deferred by the government but for Individuals with less income, single parent, students, new immigrants find it hard in this tough time as there are lot of pecuniary and other financial challenges to deal with.

Below are few smart moves to temporary overcome these crises in Canada

  • Government grants and benefits.

There are many grants and benefits which are pro-actively issued by Canadian government to help the residents.

Government wage subsidy: Eligible small businesses can receive a wage subsidy for up to three months.

Government emergency care benefit: This is a taxable benefit of $2,000 a month for up to four months. Eligible includes those workers forced to stop working because of the outbreak, those sickened by COVID-19 and those who are not being paid but still have employment.

Canada child benefit: Parents will receive an extra $300 per child. You will receive the benefit as part of your regular Canada Child Benefit (CCB) payment.

Canada Student Loan: Six-month interest-free moratorium placed on repayment of Canada Student Loans for all student loan borrowers.

GST Credit Payment: One-time payment. Approximately $400 for singles, $600 for couples.

Mortgage payment deferral: Homeowners facing financial stress may be eligible for a mortgage payment deferral up to 6 months.

Canadian entrepreneur relief: Low-interest loans up to $100,000 if your business has been generating revenues for at least 24 months.

  • Free lancing Website

There has been a tremendous growth in the freelance industry in the last decade and it will continue to grow. There are many websites which offer freelancing projects according to the skill set which you can choose and work at your home to boost income.

  • Delivery apps

Taking social distancing and lock down into account, many new delivery services like grocery and other essential stores are now offering home delivery to help old and self-isolating individuals. You can simply download the app and register yourself helping someone shop groceries and deliver to their home.

At the end we should feel fortunate enough to be able to stay home and be safe. Being stuck inside 24 hours a day for weeks is something that any of us has never experienced. But as difficult as sheltering in place can be, remember that it’s all about keeping you, your loved ones and your community safe.

Boredom and stir craziness is lesser evil than being affected by Covid:19. #stayhomeandstaysafe.