Have you lost job due to COVID-19?

Due to COVID-19, many Canadians are dealing with income interruption, loss of income or job loss, here are steps you to consider:

1. Apply for Increased access to Employment Insurance (EI) and recovery benefits

In this extremely challenging time for all Canadian, Government of Canada has stepped in with new Increased access to Employment Insurance (EI) and recovery benefits. This is a taxable benefit only eligible to Canadians living in Canada who have been financially impacted by COVID-19. For more information you can visit Government of Canada website .

2. Explore your debt payment deferral options

Our ability to pay debt is directly related to our income, and specifically during the time of COVID-19 when lot of Canadians are facing loss of income which reduces our ability to pay debt such as mortgage, credit card, student loan or auto loan. But depending on your situation, you may be able to access relief offer from various financial institutions to deffer your debt payments. This will help you prioritize your payments from most-to-least critical and to learn more about this you may have to contact your credit providers to determine your eligibility.

3. Develop Good Money Habits

Revisit your budget and cut back where you can or if you haven’t created a budget yet, it’s not too late to start. The power of a good habit can work wonders, you can easily attain financial freedom by positively channeling how you treat your money.

This blog is for information only and may not be appropriate in all the circumstances. Please ensure you seek personalized professional advice for your situation.

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