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March 30, 2020
As the COVID-19 situation escalates and our opportunity to flatten the curve is now, we have made the decision to temporarily close all BDO Canada offices, effective Wednesday, March 18. All BDO partners and employees will work from home for the foreseeable future.
As the COVID-19 situation escalates and our opportunity to flatten the curve is now, we have made the decision to temporarily close all BDO Canada offices, effective Wednesday, March 18. All BDO partners and employees will work from home for the foreseeable future. Let us emphasize that we are still open for business and are here to help. Our BDO teams will conduct consultations and sign-ups by phone or online meetings.
Facing the health and financial crisis of COVID-19 is a very trying and uncertain prospect.
If you are one of the millions of Canadians who have been temporarily laid off or lost their job because of the crisis, we empathize with you. If you don’t have an emergency fund to dip into for unexpected costs, we understand; most people don’t. And if you are worried because you don’t know how you’re going to pay your bills, we want you to know the resources and tools that are available to you.
The next few months will be tough for many Canadians. One of the best strategies for surviving the financial crisis of COVID-19 will be using every tool at your disposal. Here is an overview of the basics, from the government’s relief plan to accessing credit. We will keep you updated as new information is released.
Now is the time to keep a very close eye on your spending. Control what you can by preparing a crisis budget that tracks your monthly spending so you can cut back on all unnecessary expenses. The next step is to familiarize yourself with the help that will be available from government and financial institutions. Here is what we know so far.
The government continues to announce funding for their emergency response plan to help Canadians survive the financial crisis of COVID-19. The good news is that there will be help for many people who are suffering from the ongoing financial fallout of this public health emergency. What does that help look like?
Canada’s economic response plan, as of April 20, 2020
You can read more about the government assistance here.
If you have a mortgage and your household income has been affected by COVID-19, you may be able to defer your mortgage payments. An announcement from the Canadian Bankers Association states that all of the 6 big Canadian banks will allow, on a case-by-case basis, their clients to defer – not skip – their mortgage payments for an indefinite period and do not face a deadline for having to seek relief. Interest which would otherwise be part of the deferred payments is added to outstanding balance and will either be incorporated into the monthly payment at the end of the deferral period or will be due upon renewal at the end of the mortgage’s term.
If you are having trouble making your minimum payments, on any credit product from Canadian banks, the best course of action is to call and talk to them directly. The five major banks will be reducing interest rates on their credit cards for customers who are deferring their monthly payments. The reduction amounts to around half, from around 19-20% to around 10-11%. If you are interested in learning more, please reach out to your bank directly.
Normally we would never encourage taking on more debt. In this instance, though, many people are in survival mode. As Shannon Lee Simmons says, “Extraordinary circumstances often require extraordinary measures.” Therefore, if you have no emergency savings and need to make ends meet, low-interest credit can be a resource. But we strongly caution you to avoid any type of high-interest credit, such as payday loans or easy-access online loans from alternative lenders.
If you have no other option to survive this financial crisis, credit can be a safety net as long as you have a plan to pay it back within six to 12 months after returning to work. It’s also important to reduce your non-essential spending to a bare minimum.
If your debt payments are holding you back from surviving the financial crisis, contact a BDO Licensed Insolvency Trustee (LIT) as soon as possible. An LIT will meet with you over the phone and take the time to explain how each debt solution applies to your own financial situation.
In light of the current health crisis, our teams across the country are working from home, communicating with clients by phone or videoconferencing for sign-ups, general meetings and counselling (Zoom, Facebook Messenger, FaceTime, Skype, etc.). Our free initial consultations are also available over the phone so you can stay home and get the help you need.
Are you having trouble managing your debt during these uncertain times? Learn more about your debt relief options by joining the conversation with us on Twitter and Facebook. #LeaveDebtBehind
March 30, 2020
As the COVID-19 situation escalates and our opportunity to flatten the curve is now, we have made the decision to temporarily close all BDO Canada offices, effective Wednesday, March 18. All BDO partners and employees will work from home for the foreseeable future.
Call 1-855-BDO-Debt or fill out the form below. We’ll assess your finances and explore all debt-relief options available to you.
Fields marked with an asterisk (*) are required.
A BDO debt professional will contact you within one business day to schedule your free initial consultation.