Possible Short Term Implications in Times of Crisis

How do I determine the impact of these times on my own well-being, financially, mentally and physically?

The impact the crisis on individuals will vary from person to person, and will affect us all. For some the impact will be great and will include increased levels of stress and anxiety, anger and depression. Others will look on the crisis as an opportunity to change behaviours and be more focussed on personal objectives. All Canadians will be impacted financially, in varying degrees, with the depths of those impacts dependent on resilience. As a newcomer, you may have experienced similar life altering crisis in your country of origin. These experiences can help you, and those in your community adapt to the challenges of this Pandemic as well. Most experts agree that physical activity, and clear focus on basic decisions made around necessities like basic needs first – food, and shelter, followed by health and family will help during challenging times.

What can I do to minimize stress during these trying times?

Stress is the result of people trying to grapple with more than they can handle, and is one outcome of many during the current Pandemic. Reactions to stress can be varied, and occur in both children and adults. The key to overcoming stress is to recognize what is happening and to look for activities to help reduce your reaction to those stressors.

How can I help my children to cope with social isolation, and the need to learn at home?

These are abnormal times. Canadian families are faced with having to deal with very different routines because of school closures, business closures and limitations around access to parks and recreation facilities due in part to new rules around social distancing. The normal interactions between parents and their children, and children and learning are very different, especially over the short term with the Pandemic. Experts agree that the best way to deal with the stress of virtual classrooms for kids involves using great resources, and becoming comfortable with “learning at home” and providing a dedicated space for learning – a quiet space in a kitchen, or bedroom where for a short period of time that space can be a dedicated virtual classroom. Most educators agree that kids are anxious to learn, and with the right supports and environment can adapt and in fact thrive a virtual classroom. The key to success is patience, for both you and your children as we all adapt to this new environment.

What can I do for myself to minimize financial impacts of these times in the short term?

Experts agree that the best way to minimize financial impacts during crises involves assessment – what is my current situation or my budget, in terms of income and expenses, planning around changes that may occur around income, including government benefits and making choices around expenses that can be changed. The impact of life events, like having a baby, must also be considered during normal times, as well as during times of crisis. Newcomers have the experience of planning, choices and knowing the differences between needs (necessities of life) and wants (the desires that mainly impact comfort after necessities are met). Lessons learned by newcomers around planning, budgeting and in particular around spending as you made your journey to Canada will be very valuable as you deal with the financial challenges of the Pandemic.

Helpful resources you can find on NBC.ca

How can I buy things without risking personal contact?

Simple chores like shopping are more difficult during the Pandemic. Many stores are closed, unless they are deemed to be essential. Buying food at a grocery store involves new practices that maintain social distancing and reduce possible risks while shopping. These practices include contactless payment (using debit rather than cash), shopping only once per week, limiting the number of people from each household to one person per shopping trip, limits on the number of people in a store, and the distances between people while shopping and in lines both entering the store and at the check-out.

Is it safe to make online purchases? What can I do to protect my health and my financial security when using online service providers?

One of the most popular changes to shopping is the use of online shopping. Use of these internet based platforms and their local delivery options right to your home limits the amount of time that you need to be away from your home and may reduce the risk of infection from other people. There are risks to consider from online shopping including – safety, quality and time. You should only deal with online vendors with good reputations, their transaction platforms need to be reliable and safe so that your personal information including credit or debit card information is secure, and the vendor should guarantee that you would get the items that you ordered in the quantity and by the deadline that you agreed to. You should also consider the risk of contamination of any purchases during shipping and handling and take precautions to disinfect packages as the virus may live between 3 hours and 7 days depending on the surface of the material that is exposed to a carrier.

What are the implications of using cashless payments (contactless payments) to make purchases or to pay for services?

Contactless or cashless payments significantly reduce the risk of transmission of the virus as appropriate social distancing (at least 2 metres) is maintained, staff and customers do not have to exchange money thereby limiting contact, and the circulation of currency is reduced eliminating a mode of possible transmission. One should ensure that the keypad on the card reader that is used is cleaned after each transaction, or that the swipe option is used. Consumers should also monitor their transaction records online to ensure that only authorized use of credit and debit cards is occurring. If any abnormalities are observed contact you financial institution immediately. Remember to use your debit card rather than your credit card, unless you are able to pay your complete balance by your credit card statement due date – or interest charges will accumulate. On the positive side, use of contactless payment will give you an accurate record of your expenses that you can use to budget more effectively in the future.

What is a deferral and how does that impact my responsibility to pay taxes or repay debt?

Deferral means to arrange to do something later than originally planned. An individual can defer paying a bill to a later date; however, they may only defer payments with the permission of the person or body to whom they owe the money. The government has determined that individuals and businesses can defer (or delay) payment of income taxes and some other taxes. As the pandemic evolves you should check with the Canada Revenue Agency (CRA) or your provincial government for tax related updates, including changes to tax filing deadlines for both individuals and business.

Individuals and businesses may also be able to defer rent, car payments, utility payments, credit card bills and other debt. In every instance remember that you MUST contact the lender first and make arrangements that are satisfactory to the lender. Deferral of debt is NOT forgiveness of the money borrowed or amount owed. The borrower will still be required to pay back the debt (principal and interest, compounded).

How can I buy things without risking personal contact? What are contactless payment options when I make a purchase?

The most effective way to buy things without risking personal contact is to buy online, and to use contactless payment options if you are shopping in a “bricks and mortar” or regular store with a physical presence in your community.

Will the Pandemic impact my ability to find food, and other basic requirements?

Most informed sources suggest that the Pandemic may result in shortages of some items at certain times in selected stores, and possible increases in price for some items, however most agree that Canadian consumers will continue to find a good selection of food and other basic requirement from grocery stores and other retail outlets during the Pandemic. You should plan your shopping accordingly, use a list to identify the items you need, and the items you want – but could do without if they are not available. Stores may not be open at their regular hours, and they may have new rules around the number of shoppers allowed in the store during the Pandemic. Think of alternatives if the particular item or brand is not available, and consider substitutions if a particular vegetable, cut of meat or brand of laundry detergent is not available. Most importantly shop for reasonable quantities – do not hoard, remember the importance of social distancing, and consider online shopping.

Helpful resources you can find on NBC.ca

Shopping Guide: Where and How to Run Errands in Canada

What supports can I expect from my community (city, province and country)?

Supports to individuals can include a wide range of regular benefits offered by the Federal and Provincial/Territorial governments to special programs designed specifically for the providing assistance during the Pandemic. Canada’s Economic Response Plan details supports that are available to individuals and business during this crisis. One of the most important supports offered by government is the ability to defer income tax payments required from individuals and business, and the ability to offer additional and new benefit programs. The Government of Canada provides updates to these federal benefits on an ongoing basis, during these times of crisis. Similar updates to benefits and other supports are provided from the Provinces and Territories or from your city or region by calling 311, or your local city hall.

Where can I get support from my financial institution and lenders during these trying times?

Your financial institution can provide you with advice and support during the Pandemic. Contact your bank or credit union to continue to get advice and information on the supports that they are offering during these unusual times. Note that the normal business hours for your bank may have changed, and that the routines around social distancing may result in additional changes to normal routines around transactions. It may be easier to contact your bank by phone or online if you have specific questions or concerns during the Pandemic. Many banks are offering deferrals for credit card and loan payments, and are reducing or eliminating service charges for some transactions. Be sure to contact your bank if you require assistance changing debt arrangements, or deferring loan, credit card, or mortgage payments.

And remember that most Canadian banks continue to offer specialized services and program designed to assist you as Newcomers to Canada. You should continue to access and use the specialized service offered to you at your bank, now during the Pandemic, and into the future.

Helpful resources you can find on NBC.ca

What steps can I take to provide for my family if I do not have enough money to live?

The most immediate response program to supplement income is the Canada Emergency Response Benefit (CERB) that enables most applicants to complete an online form to get access to emergency income. In addition, if you are already receiving the Child Care Benefit or GST/HST Rebates you will automatically receive additional funds in the short term.

Are there community-based agencies that I can access to help me and my family with food, housing or basic necessities?

As a Newcomer to Canada you should continue to access services from your local settlement agency. They will continue to support you with information around settlement services including housing and income supports, job and language training, and citizenship. Additional resources may be available from local faith or cultural organizations, food banks or from your city or region by calling 311, or by contacting your local city hall.

What can I do to safeguard my savings in a financial institution?

Remember that in Canada most savings accounts have the protection of the Canada Deposit Insurance Corporation (CDIC), or a similar provincial body. This means that your money has the safeguards that protect your money, provided it is in an eligible savings account covered by the plan. IF you have additional financial investments you should speak with your Bank to discuss the safety of those investments and your tolerance for risk during times of crisis – when stock, equity and bond markets are volatile and even property values are fluctuating. Safety is a relative concept that depends on risk tolerance and the financial situation of the individual. Be sure to contact your bank or credible and accredited financial planner or wealth management advisor if you have specific questions.

Helpful resources you can find on NBC.ca

Tips to Help You Make Your Money Grow in Canada

Is there anything that I can do now to safeguard money that I have been saving for a long term goal (RESP, RRSP or TFSA)?

Wealth management professionals can offer advice around specific safeguards that are appropriate for your long term goals. The advice that you get from your Bank should take into account your personal situation, your risk tolerance and an informed perspective on the turbulent times that we are faced with. Generally, the advice that you will receive will include a review of the options that you have available, a discussion of expectation and goals, a review of diversity, and of course risk.

Helpful resources you can find on NBC.ca

Good or bad investment?

How can I protect myself against fraud with the increase in bogus claims being made?

You should be aware of fraudulent information and bogus claims that may affect your finances, during the Pandemic, and once we return to activities that are more normal. You should take specific steps to protect important information including your credit card number and other personal financial information including bank account information, specifically account numbers and PIN numbers. Security for your accounts begins with you – protect your financial information by following the security recommendations of your own bank.

Helpful resources you can find on NBC.ca