Financial resources during challenging times.

During the best of times, it is important to have an understanding of your finances. However, during difficult times this becomes even more important. Many of us are facing challenges that we have never faced before and may find ourselves worrying about money now more than ever. This is a time for us to worry about the health of our family, ourselves and our community, but the sad reality is that finances, especially if you are in the process of buying a home, demand attention and sometimes your worry.

However, important doesn’t have to mean difficult. An understanding of your finances will enable you to make decisions that fit your situation best. This won’t negate any financial hardship, but it will mitigate the worst of the fall out at best, and at worst will give you certainty, which is something we all need during these times.

Now that we know why financial literacy is important during difficult times, where do we start?

Getting started

There are a number of resources that are available to Canadian citizens for low or no cost. Most of these initiatives pre-date the virus, but the principles of understanding debt to income ratios, mortgages, home equity, and the best options for your situation remain the same. Financial literacy is about understanding how to make financial decisions in the best, and the worst of times. These pre-COVID initiatives will remain helpful during the outbreak.

On the government of Canada’s website, there are several resources free of charge available to you. The government has a program called Your Financial Toolkit which is a series of twelve free modules. This includes financial basics from budgeting to mortgages and even fraud protection. The involved modules have information presented in words, graphics, and videos, making it suitable for any style of learner. 

Check out Your Financial Toolkit and follow the modules at your own pace!

Financial Bloggers

Financial blogs, like this one, are designed to make information accessible to anyone. This means an assortment of financial blogs, like health blogs, will be following the path of the pandemic and give us much needed advice as events unfold. Getting started on your journey looks a bit different for everyone but these are some great places to start.

MoneySense has a good collection of content around managing your finances and is a great place to start your journey. They have expert-written detailed articles on COVID-19 programs, credit advice, how to build an emergency fund. As well as more topics to help improve your financial literacy.

CPA Canada also has a number of topics to help you out with setting financial goals, investing, and other general finance topics.

You can view more topics on our blog here. If you’re looking for some financial influencers to follow we gathered our picks here!

Find an expert

An expert is worth their weight in gold. General financial literacy is very important, but an expert will have the knowledge to navigate challenges that many Canadians would struggle with. Pursuing financial literacy on your own will still allow you to understand the advice your expert gives you, but the expert will simply have more tools at their disposal to handle what are unprecedented circumstances. 

If you are in the process of applying for a mortgage or thinking about buying a home a mortgage broker can help you! They are trained professionals that will work with you and your specific circumstances. We have put together a COVID-19 resources page on our website. This includes more information about changes from the banks, lenders, and government. You can find out more on the page here.

To speak with me or any other experts on our team about what this crisis means for you and your mortgage, please don’t hesitate to contact us at (705) 333-4338 or get in touch with me here!

You may not know where we’ll be when this crisis is over, but we are all in this together. In our hunt for certainty during uncertain times let’s trust our experts and take care of each other.

Customer Service Numbers:

CMHC: 1-800-668-2642
Genworth: 1-800-511-8888
Canada Guaranty: 1-866-414-9109

ATB: 1-800-332-8383
B2B: 1-800-263-8349
BMO: 1-877-895-3278
Bridgewater: 1-866-243-4301
CIBC: 1-800-465-2422
CMLS: 1-888-995-2657
Optimum: 1-866-441-3775
Equitable: 1-888-334-3313
Connect First: 403-736-4000
Chinook Financial: 403-934-3358
First Calgary Financial: 403-736-4000
First National: 1-888-488-0794
Haventree: 1-855-272-0051
Home Trust: 1-855-270-3630
HSBC: 1-888-310-4722
ICICI: 1-888-424-2422
Manulife: 1-877-765-2265
MCAP: 1-800-265-2624
Merix: 1-877-637-4911
Marathon: 1-855-503-6060
RBC: 1-866-809-5800
RFA: 1-877-416-7873
RMG: 1-866-809-5800
Scotiabank: 1-800-472-6842
Servus: 1-877-378-8728
Street Capital: 1-866-683-8090
TD: 1-866-222-3456