Frequently Asked Questions
The Financial Consumer Agency of Canada (FCAC) has a Fact Sheet, COVID-19 Managing Financial Health, with information on the Canada Emergency Response Benefit, EI, Mortgage deferrals, family benefits, student loans and more:
The Financial Consumer Agency of Canada has a budget planner tool you can use:
You should talk to your landlord and make arrangements. Tenants cannot be charged late fees. Evictions for not paying rent have been suspended until September 30, 2020.
You may be able to get a mortgage deferral that will let you skip payments. You will still be charged interest. When the deferral period ends you will have to pay the deferred payments and interest along with your monthly payments. Ask your bank about the effect on your credit rating. For more information:
You can defer payment of these bills and your utilities will not be cut off. Late payment charges will not be charged for 6 months. The utilities are also prepared to make flexible payment plans.
Talk to your bank about lowering your interest rate or deferring your payments for up to six months. Ask your bank about any effect on your credit rating.
Repayments for provincial and federal student loans are suspended until September 30, 2020. Interest will not be added during this period.
Individuals – June 1, 2020
Self -employed and their spouse or common law partner – June 15, 2020
September 1, 2020.