since COVID-19 sent the economy into hibernation. It goes without saying money is keeping a great many up at night.
Bills will start piling up, and if you’re not going to be able to pay them all right away it will be important to keep track of them. Kelley Keehn, personal finance educator and FP Canada consumer advocate, says that starts with making a list of all your bills over the next 2 months. Next, she suggests reaching out to creditors like your landlord to see if rent can be deferred to help keep some cash on hand. The same goes for utilities, property tax, and your mortgage — which banks will now allow you to“If you’re deferring your mortgage or other debts, make sure you get all of it in writing or take detailed notes of the arrangement and email yourself those details.
If you’re short on cash, an expert can help you put together a plan instead of resorting to cashing in your RRSP, which has likely dwindled since COVID-19 took its toll on stock markets.“You pay withholding tax when you take it out, you may owe more at tax time next year and you’re likely cashing in at a loss. A financial planning pro can help you figure out if there’s any other alternatives.”