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COVID-19 & your money

Ratehub's guide to managing your money during the coronavirus pandemic.

Covid 19 and your personal finances

A look at the Canada Emergency Response Benefit (CERB), the wage subsidy, and how to access it.

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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.

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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.

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The Canada Emergency Wage Subsidy is designed to help businesses struggling with the economic effects of the coronavirus retain and/or rehire their employees.

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mortgages

Your mortgage during COVID-19

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.

Expert opinion

"Talk to your lender about your options. No one wants you to default on your mortgage, including your bank"

Alyssa Furtado

CEO, Ratehub.ca

Mortgages and COVID-19 FAQ

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.

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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.

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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.

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Useful mortgage resources

credit cards

Your credit card during COVID-19

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. 

Expert opinion

"If you want to opt-in to payment deferrals and lower interest rates, you'll need to make the first move and contact your bank"

Mikael Castaldo

Business unit manager, Credit Cards, Ratehub.ca

Credit cards and COVID-19 FAQ

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?

How the banks are helping you with your credit card in the midst of COVID-19

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Credit card interest rates are being temporarily cut by roughly half for tens of thousands of Canadians.

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We break down the pros and cons of different redemption options and the average point values for some of Canada’s biggest programs.

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During times of uncertainty, there are steps you can take to anchor your finances, manage your anxiety and prepare for what’s ahead.

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You'll need to have a repayment strategy and the financial means to make monthly minimum payments.

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investments

Your investments during COVID-19

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. 

Expert opinion

"You may have read that the markets work in cycles, but this is the first time that many of us have taken a big hit. It's scary. But this isn't time to make any rash decisions. In fact, selling stocks when they are down will cement your loss. If you don't need to liquidate some of your investments to access cash, your best course of action is to wait out this downturn; that will give your investments time to recover"

Sandra Martin

Editor-in-Chief, MoneySense

Investments during COVID-19 FAQ

Should I exit the stock market?

From the Great Depression to the Great Recession, investments have had a tendency of rising again over time.

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The effects of COVID-19 on the Canadian economy might feel like it, but Canada's technically still not in a recession.

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You can't start an emergency fund without revising your monthly budget and expenses first.

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Useful investing resources

BankPhone support
RBC1-800-769-2511
TD1-888-568-0951
CIBC1-800-465-3863
BMO1-800-665-7700
Scotiabank1-800-268-9269

insurance

Your insurance during COVID-19

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. 

expert opinion

"Understand your risks, then work within your budget and speak with your insurer to find the right coverage for the duration of COVID-19"

Matt Hands
Director of insurance for Ratehub.ca

Insurance and COVID-19 FAQ

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.

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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.

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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.

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Not using your car? Call your provider and reduce your coverage to comprehensive only to save money. Here's a breakdown between provinces.

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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.

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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.

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Useful insurance links

ProviderPhone supportOther info
Aviva1-866-692-8482COVID-19 updates & FAQ
Intact1-844-574-7981COVID-19 FAQ
Desjardins1-877-699-9923Relief measures
TD Insurance1-866-361-2311COVID-19 updates

Money

Your money during COVID-19

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.

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Trouble getting groceries. There are alternatives, some you may not have thought about.

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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?

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Post-secondary students can apply for the Canada Emergency Student Benefit in May.

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National and Provincial student loans will remain interest free until the end of September 2020.

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money expert opinion

"The purpose of an emergency fund is to protect you from any unexpected situation that may require funds you didn't account for. Ideally, you should aim to save up to six months' worth of expenses to cover you in case of an emergency. While this isn't always possible, any emergency fund is better than none, and it's never too late to start one"

Victoria Shinkaruk
Senior business unit manager, Banking & Investing, Ratehub.ca

Other money topics

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