COVID-19 INFORMATION & UPDATES
In times of uncertainty, many of us are wondering the unknown. With reason, it is understandable to be concerned. Please know that we are all in this together and together we will get through this. We encourage you stay informed and use reputable sources. It is important that we know what is happening daily in order to know if any course of action is further required on our end.
The government has implemented different options to help you during this pandemic.
ARE YOU STRUGGLING TO PAY YOUR MORTGAGE DURING THIS TIME OF COVID-19?
Mortgage deferral can help you! This is an agreement between you and your lender. Usually, the agreement indicates that you and your lender have agreed to pause or suspend your mortgage payments for a certain amount of time. This is a temporary measure. After the agreement of deferred payment comes to an end, your mortgage payments return to normal and the missed payments including principal and accumulated interest will have to be repaid. This is a discussion you have to have with your lender. It is important that you understand that this does not mean you will not have to pay this ever, you will have to repay it back with interest but just not during the agreed time. Talk to your lender! (According to Canada Mortgage Housing Corporation)
Canada Emergency Response Benefit to Launch on April 6
As part of the COVID-19 Economic Response Plan, the Government recently introduced the new Canada Emergency Response Benefit . This benefit will help Canadian workers impacted by COVID-19 put food on the table and keep a roof over their head. The CERB will support Canadians who have lost their income because of COVID-19 by providing $2,000 a month for up to 4 months.
Some examples of support to workers provided by the CERB include:
|If you were born in the month of||Apply for CERB on||Your best day to apply|
|January, February or March||Mondays||April 6|
|April, May, or June||Tuesdays||April 7|
|July, August, or September||Wednesdays||April 8|
|October, November, or December||Thursdays||April 9|
|Any month||Fridays, Saturdays and Sundays|