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To make ends meet, many Canadians have taken advantage of CERB and payment deferrals. It was a tough year (2020) for the majority of Canadian households due to the impact the COVID-19 pandemic has brought on everyone.
Most jobs were affected, some people lost theirs while others had their work hours reduced. This had become the main reason Canadians relied on CERB and payment deferrals. If you are one of the many who took CERB and/or payment deferrals, you need to know this information to be prepared.
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The Canada Emergency Response Benefit provides $2,000 monthly assistance to individuals who are directly affected by COVID-19. This government benefit serves as a temporary replacement for paychecks from work.
However, here’s the trick; the amount is taxable but no tax was withheld and full amounts were given to the recipients. Much unlike regular taxable salary wherein tax is automatically deducted from the gross amount beforehand.
The money you take home from your payroll is yours to spend without the worry of having to shelve off extra cash come tax season. In the case of the $2,000 CERB grant, however, taxes were not deducted beforehand, meaning the government will take back a portion of the amount in taxes.
Between April and June, which is the tax season, those who received the CERB grant will have to pay the tax, the amount of which depends on the overall income of the recipient for the year. The best method to determine the tax value is to use the government’s federal and provincial tax rate guidelines.
To be prepared for this, you need to start saving now. This is an important bill you must pay to avoid losing access to government support in the future.
If you are deferring your mortgage payments, you are only skipping the principal but not the interest. But at least you will have some breathing room to utilize your budget for something more important or urgent.
Some banks had given more than a month of payment deferrals, this means that interests have built up during the deferral period. Things can get more complicated when your payment deferral ends because the accrued interests will be added to the principal of our mortgage balance.
As a countermeasure, you may pay for the total interest accrued during the deferment period to avoid it from accumulating more interests. Make sure to get in touch with your lender if you plan on doing this, to ensure that the amount you will pay be allocated directly to the interest payment, not to the principal.
Landlords have an important role in helping renters during these extraordinary times. Renters who are facing financial difficulties should talk to their landlord to negotiate rent relief.
If you find yourself financially affected by the COVID-19 pandemic and unable to pay rent, call your landlord and explain the situation. This is your best shot because there is no federal bill mandating the deferment of rent payments.
For some provinces like Ontario, all eviction has been stopped until further notice. They also encourage landlords and tenants to work together with an agreement during this difficult time to keep tenants in their homes. Landlords cannot charge fees and penalties for late payments under the Residential Tenancies Act.
If you have been using CERB or payment deferrals without saving up or setting money aside, you could find yourself in trouble with more bills to pay very soon. But don’t worry, you are not alone; many Canadians face a similar situation. What matters now is that you look over the situation and create a plan to get prepared as soon as you can.
Analyze your budget, cut down expenses that aren’t necessary for the next couple of months then start saving money that will be allocated to pay your Taxes and interests that has accumulated during the payment deferral period.
Now is not the time to doubt and hesitate, instead it’s the best time to know as much information for help or assistance as you can. If you feel overwhelmed by bills, we can help!
We offer a free consultation, no risks, no obligation. We can help reduce up to 75% of your debt by consolidating all your debts including CERB, Credit Cards, Personal Loans, Car Loans, Taxes, HST, 407, Household Bills, Payday Loans, and Student Loan.
If you have $10,000 or more debt, don’t panic. Our Professional Debt Consultants are available to provide you debt relief options via Zoom or Phone Calls – you don’t ever need to leave your home.
Click on the button below to get started, get a free debt savings estimate in less than 60 seconds.
To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.
No contact details required to find out if you qualify
We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.
Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!
Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.
SEE IF YOU QUALIFY TO:
No contact details required to find out if you qualify
A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.
Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.
No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.
The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.
This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.
If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.
After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.
A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score.
National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.
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