Many Canadians are struggling to satisfy their financial obligations during these uncertain times. Others could also be feeling the calm before the storm because they need been ready 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 tax payment deadline to Sept. 30, 2020.
Federal government’s next phase of COVID-19 income support for people .
These temporary relief measures are meant to assist Canadians support their families and meet their obligations during very uncertain times. they’re not permanent solutions, nor do they remove the strain of the financial burden that existed before the COVID-19 pandemic.

Start thinking long-term

If you’re already struggling to form 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, income taxes become due, and payment deferrals expire.

If you’re one among the over four million Canadians receiving CERB benefits — or the many others receiving payment relief — you’ll start wondering whether you’ll be ready to deal with your debts this winter.

The best thanks to manage the struggle is to start out talking about it and start trying to find long-term solutions. you would like to urge off the hamster wheel of continually wondering where the cash will come from to pay your debts. you would like to urge past the strain and therefore the uncertainty of keeping your head above water and toward putting your feet on land .

Professional advice is out there , whether you would like to speak about your debts or the steps you’ll fancy 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 beat it permanently . they’re going to outline all the choices available to you.

Whether you qualify for a Consumer Proposal, Bankruptcy, or would be better served by another financial management strategy — an LIT will confirm you’ve got all the knowledge you would like to manage your finances and take away your financial stress.

To learn more about the choices 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 therefore the Canada Revenue Agency.

 

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