COVID-19 & your money
Ratehub's guide to managing your money during the coronavirus pandemic.
Recent COVID-19 personal finance news
- April 27, 2020: Applications open for the Canada Emergency Wage Subsidy, which covers up to 75% of wages for businesses affected by COVID-19 (CBC News)
April 22, 2020: The Government of Canada introduces the Canada Emergency Student Benefit to provide income support for post-secondary students who lost work opportunities due to COVID-19 (CBC News)
- April 16, 2020: Ontario allows auto insurance companies to provide rebates due to pandemic (CBC)
- April 9, 2020: Ontario finance minister calls for auto insurance breaks during coronavirus pandemic (Globe and Mail)
- April 7, 2020: Overview of programs launched by Canadian banks to help customers impacted by COVID-19 (Canadian Bankers Association)
- April 3, 2020: Canada's big banks cut credit card interest rates for customers deferring payments (Reuters)
- March 27, 2020: Bank of Canada lowers overnight rate target to ¼ percent (Bank of Canada)
- March 18, 2020: Canada’s six largest banks announce six-month payment deferral for mortgages and relief on other credit products (Canadian Bankers Association)
- March 13, 2020: Bank of Canada lowers overnight rate target to ¾ percent (Bank of Canada)
A look at the Canada Emergency Response Benefit (CERB), the wage subsidy, and how to access it.read more
The COVID-19 pandemic has caught many of us off-guard, and left many Canadians without an income. This has left many Canadian renters in a tough position - here's everything you need to know.read more
The federal government pushed the tax submission deadline to June 1st, 2020 with payments due September 1st. Do your taxes now - if there's a refund, claim it. If you owe, you can wait.read more
The Canada Emergency Wage Subsidy is designed to help businesses struggling with the economic effects of the coronavirus retain and/or rehire their employees.read more
Here you'll find everything you need to know regarding your mortgage and the COVID-19 pandemic. Making your payments is likely to be harder than normal, but there are a range of measures that aim to get you through.
How do you apply for a mortgage deferral because of COVID-19?
Is there any support for renters or landlords?
Will the emergency rate cuts apply to my mortgage?
The uncertainty surrounding the COVID-19 pandemic is cause for concern for many reasons. If you're worried about your mortgage payments, here's everything you need to know.read more
Mortgage deferrals aren't free - your bank will continue to charge interest even when you're not making payments. We've calculated a couple of examples to give you some more insight.read more
Should you refinance your mortgage during the coronavirus pandemic? There are lots of reasons why you might consider a refinance, but COVID-19 makes it more complicated.read more
Useful mortgage resources
|Bank||Phone support||Other info|
|CIBC||1-877-454-9030||Financial relief FAQ|
Financial assistance form
|RBC||1-800-769-2511||Financial relief info + info on mortgage payment deferral self serve options|
|TD||1-800-722-3098||Financial relief info|
|BMO||1-877-225-5266||Online support tool|
|Scotiabank||1-888-990-9923||Info on mortgage payment relief + online submission form|
The COVID-19 pandemic is rapidly changing how many of us live our lives. Now, as we adjust our personal finances and put travel plans on hold, our credit card priorities change. Below, you'll find some personal thoughts, helpful blogs, and useful resources to help you with your credit card during COVID-19.
Business unit manager, Credit Cards, Ratehub.ca
Who qualifies for credit card payment deferrals and lower interest rates?
Will I still owe interest if I defer a credit card payment?
How long can I defer my credit card payments?
My bank is cutting my interest rate. How much will I save?
Does credit card travel insurance cover COVID-19 airline or hotel cancellation fees?
Credit card interest rates are being temporarily cut by roughly half for tens of thousands of Canadians.read more
We break down the pros and cons of different redemption options and the average point values for some of Canada’s biggest programs.read more
During times of uncertainty, there are steps you can take to anchor your finances, manage your anxiety and prepare for what’s ahead.read more
You'll need to have a repayment strategy and the financial means to make monthly minimum payments.read more
Useful credit card resources
|Bank||Phone support||Online banking||Other info|
|RBC||1-800-769-2512||RBC Online Banking||Advisor appointment online booking tool|
|TD||1-800-983-8472||TD Online Banking||Financial relief request form|
|CIBC||1-800-465-4653||CIBC Online Banking||Financial relief request form|
|BMO||1-800-361-3361||BMO Online Banking||Online support tool |
Financial relief request form
|Scotiabank||1-800-387-6466||Scotiabank Online Banking||COVID-19 FAQ|
The market has been hit hard by COVID-19, so how do you adjust given your unique situation? Below we have some personal thoughts, related blog articles, and tools and resources to help you make an informed decision with your investments during COVID-19.
Should I exit the stock market?
From the Great Depression to the Great Recession, investments have had a tendency of rising again over time.read more
The effects of COVID-19 on the Canadian economy might feel like it, but Canada's technically still not in a recession.read more
Useful investing resources
Balancing your risks and your budget during downturns in the economy is not an easy task. You can cancel your car insurance, but then you can't drive. You can't cancel your home insurance, because your lender won't approve it. So, what do are your options? Below we have thoughts, blog articles, FAQs, and other resources to help you with your insurance and COVID-19.
"Understand your risks, then work within your budget and speak with your insurer to find the right coverage for the duration of COVID-19"
Director of insurance for Ratehub.ca
What are the options to reduce my car insurance premiums?
Is there a max number of times someone can make changes to their policy?
Are there more requests from customers to lower payments?
Are there payment deferral options with insurers?
Can I cancel my car insurance?
Yes, but weigh your options and risks. Consider reducing your coverage in key areas to lower your monthly premiums.read more
Payment deferrals, waiving NSF fees, and offering flexible payment solutions are common. Some providers are offering discounts and coverage extensions to protect what you hold most valuable.read more
Pay-as-you-go insurance means you only pay for what you use and how you drive. Driving less could mean significant savings. We look at the companies offering this type of insurance.read more
Not using your car? Call your provider and reduce your coverage to comprehensive only to save money. Here's a breakdown between provinces.read more
The more you know your policy, the easier it is to make adjustments. For most people, you're going to be in your home now more than ever, so your coverage level should reflect the new reality, both in discounts and in adding coverages.read more
Your life insurance will pay your dependents if you succumb to COVID-19. If you want coverage now, it's possible, but you may have to wait a little longer because of the contestability period. A pandemic highlights the importance of a good life insurance policy, especially if you have dependents.read more
COVID-19 is disrupting our money, whether it's investments, retirement, or even our regular paycheques, it's a difficult time. Below, you'll find help blog content, expert opinions, and answers to frequently asked questions.
Take inventory of what you have, make a list, and buy the right things that last a long time.read more
Many Canadian renters are in a tough position. While there have been some measures announced to support people paying off mortgages, renters have not had as much in the way of specific support. What support is available to Canadian renters during the COVID-19 pandemic?read more
National and Provincial student loans will remain interest free until the end of September 2020.read more
Senior business unit manager, Banking & Investing, Ratehub.ca