The impact of COVID-19 on Canadians during the two years of shutdown has been profound and multifaceted, affecting various aspects of daily life, health, economy, and overall well-being. Here are some key ways in which Canadians were affected:
- Health Impact:
- COVID-19 posed a significant threat to public health, leading to illness, hospitalizations, and unfortunately, loss of life. The virus created unprecedented demands on healthcare systems across the country.
- Economic Impact:
- Shutdowns and restrictions resulted in economic challenges for many Canadians. Job losses, business closures, and disruptions to various industries led to financial stress and uncertainty. Government support programs were implemented to mitigate the economic impact.
- Changes in Employment:
- Many Canadians experienced changes in employment, with remote work becoming more prevalent. However, certain sectors faced layoffs and job losses, particularly in industries directly affected by lockdown measures, such as hospitality and tourism.
- Education Disruptions:
- Students faced disruptions in their education as schools and universities adapted to remote learning. The transition presented challenges for both students and educators, with impacts on academic progress and social development.
- Mental Health Struggles:
- The prolonged period of uncertainty, social isolation, and concerns about health took a toll on mental health. Canadians experienced heightened stress, anxiety, and depression, leading to an increased demand for mental health services.
- Travel Restrictions:
- Stringent travel restrictions were implemented to curb the spread of the virus. Canadians faced limitations on international and, at times, domestic travel, impacting tourism, family reunions, and business activities.
- Vaccination Rollout:
- The rollout of COVID-19 vaccines became a significant development in the fight against the virus. Canadians navigated the vaccination process, with governments implementing vaccination campaigns to achieve widespread immunity.
- Community Support and Resilience:
- Communities came together to support one another during challenging times. Acts of kindness, volunteerism, and community initiatives demonstrated resilience and solidarity in facing the pandemic.
- Adaptation to New Norms:
- Canadians adapted to new norms, including mask-wearing, social distancing, and enhanced hygiene practices. Public spaces, workplaces, and social interactions underwent changes to comply with public health guidelines.
- Impact on Vulnerable Populations:
- Vulnerable populations, such as the elderly and those with underlying health conditions, faced higher risks. Long-term care facilities became focal points of concern, leading to a reevaluation of care practices and policies.
- Supply Chain Disruptions:
- Global supply chain disruptions affected the availability of certain goods and services. Canadians experienced fluctuations in product availability and delays in various industries.
Throughout these challenges, Canadians demonstrated resilience, adaptability, and a collective commitment to overcoming the impacts of the pandemic. As efforts to control and manage the virus continue, the long-term effects and societal changes will continue to unfold.
Payement Deferrals
April 1, 2020
Hope everyone is safe & following Social Distance Guideline .I work in 🏦 Bank Collections & have gathered this information to help individuals regarding payment Deferral on credit cards and other Bank Products ( like Mtg ,Car loan ,Personal loans ) . Feel free to ask any question or contact your Bank directly .
Bank of Canada lowered its prime rate (for the third time in March), and Canada’s big banks have rallied together to offer mortgage payment deferrals for people facing financial hardship. It’s all in response to COVID-19 and the unprecedented impact it’s having on the economy and our wallets.
But what about credit cards, the type of credit most Canadians rely on everyday? Here’s how some of Canada’s banks are helping those in a cash crunch.
. Some banks are offering temporary credit card relief in the form of payment deferrals – letting you postpone monthly minimum payments.
Credit card deferrals can offer some much-needed short-term support if finances are tight – but it’s not debt relief. Interest will still accrue during the deferral period and owed once it ends.
Banks aren’t explicitly saying who’s eligible for payment deferrals, but that people will be evaluated on a case-by-case basis.
Your credit score shouldn’t be impacted by a deferral.
If deferral isn’t an option, most banks are offering at least some form of support like increasing credit limits or arranging new loans to improve cash flow.
Banks are currently inundated with calls and prioritizing people who have payments looming within the next few days, so tap your online banking app, schedule appointments in advance whenever possible, and be prepared to be put on hold over the phone for a while.
On March 26, reports confirm the federal government is asking credit card companies to lower interest rates for those facing financial hardships due to COVID-19. News is still developing.
The situation surrounding the COVID-19 pandemic is unfolding rapidly and banking policies may change. Contact your card issuer for details.
Bmo
https://www.bmo.com/main/personal/bmo-branches-coronavirus-update/
Scotiabank
https://www.scotiabank.com/ca/en/personal/scotia-support/latest-updates/coronavirus-covid-19.html
TD bank
https://www.td.com/ca/en/personal-banking/covid-19/
CIBC
https://www.cibc.com/en/personal-banking/advice-centre/covid-19.html
RBC
Private lender for MCAP
Canada Emergency Response Benefit
If you’re struggling to keep up with credit card bills because your hours were reduced or you lost your job due to financial stress caused by COVID-19, you’ll want to read up on the Canada Emergency Response Benefit (CERB). CERB is a form of unemployment insurance that can offer you up to $2,000 per month for four months if you’re self-employed, under contract, or a full-time employee who’s temporarily out of work due to COVID-19.
Marc Laflamme 