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COVID-19 finance advice from top Canadian money experts

COVID-19 Finance Advice from Top Canadian Money Experts

Coronavirus is impacting us in myriad ways. We’re working more than before, less, or not at all. We’re crisis-schooling our kids while we attempt to work from home. Our retirement funds have plummeted, and we’re trying not to worry about that too. There’s still the rent or mortgage to pay – or is there? What government benefits do you qualify for? It’s enough to make you head spin. Here’s a roundup of top Canadian personal finance experts with important COVID-19 finance advice for you.

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For all my articles on this theme, go to Personal Finance during the Coronavirus Pandemic.

How Will The Economy Impact You Post-Coronavirus

Recently I had the great pleasure of being interviewed by Shannah Compton Game for her Millennial Money Podcast! We talked about how the economy will impact you post-coronavirus. Shannah posed a number of questions to me:

  • What is the economic impact of the Coronavirus?
  • What economic factors do you need to pay attention to?
  • How does the economy directly impact your bank account?
  • How this time in history compares with other recessions?
  • What does it mean to be in a recession (and are we in one)?
  • What will be the global economic impact (and why you should care)?

Want to know to answers? Have a listen to my interview, How Will The Economy Impact You Post-Coronavirus!

Personal Finance during the Coronavirus Pandemic at Money In Your Tea

Corona, Virus, Mask, World Pandemic, Infection

I’ve written several articles about managing your finances during this challenging time. And to make it easy for you to find, I’ve collected them all on one page: Personal Finance during the Coronavirus Pandemic. Bookmark it so you can check back often for new articles.

Looking for something specific? Go directly to:

COVID-19 Finance Advice from Other Top Canadian Money Experts

Government Stimulus Packages for Canadians

Maria at Handful of Thoughts has written detailed notes on all the new Canadian Government COVID-19 stimulus package benefits:

  • Canada Emergency Response Benefit (CERB)
  • Employment Insurance (EI)
  • GST credit
  • Canada Child benefit (CBB)
  • Student loans
  • Registered Retirement Income Funds (RRIF)
  • Income Taxes
  • Canada Emergency Wage Subsidy
  • Provincial government packages
  • and more!

Find out how to apply, links to online applications and toll-free government phone numbers, and how much you could be eligible for. Knowing that these programs are changing rapidly, Maria has been updating this article frequently.

What to Do If You’ve Just Lost Your Job

Well-known Canadian personal finance writer and accredited financial counsellor, Jessica Moorhouse, has recently expanded into YouTube. This powerful 12-minute video on what to do if you’ve lost your job due to coronavirus has an incredible amount of advice.

Jessica recommends starting with analyzing how much money you have access to, and what you owe in debt. Find out why you should file your income taxes right away!

Japan, Pagoda, Fuji, Volcano, Fuji Volcano, Snow Fall

How we got 100% of our Trip Refunded during the COVID-19 Pandemic

Has the COVID-19 pandemic forced you to cancel your travel plans? You’re not the only one! My blogging friend Chrissy at Eat Sleep Breathe FI had to cancel a family trip to Japan scheduled for March Break. Through hard work and diligent research, Chrissy managed to get their losses down to $0!

Find out her step-by-step process to get refunds from the airlines, lounge passes, Airbnb and apartment rentals, car rental, rail passes, and more. Plus the fine print of trip cancellation insurance.

How I’m Managing my Money During the COVID-19 Chaos

Well-known Canadian personal finance writer, Desirae Odjick from Half Banked, writes about how she’s handling her money during the COVID-19 chaos. Desirae is spending less on discretionary items while trying to support small local businesses. Our family is doing the same. I particularly love her advice:

Give yourself all of the grace and kindness you can possibly muster, because you deserve it. Focus on getting through this however you can, and understand that you are not alone. Do not listen to anyone who is trying to make you feel badly about the current state of your finances.

Desirae Odjick, Half Banked

Market Declines: How to Deal with + Coronavirus Impact

One of my favourite Canadian podcasters is early retiree Kornel Szrejber, from Build Wealth Canada. Here he looks into how to adapt your investment strategy, with the recent decline in the stock markets associated with the coronavirus pandemic. Should you buy or sell your investments right now? Should you wait for the market to drop again and then buy at the bottom?

If you’re curious about the FIRE movement (Financial Independence Retire Early) you’ll be interested to follow Kornel, since he and his wife retired in their early 30s. Is he worried they will have to go back to work now that their investment funds have declined?

Final Thoughts

Living through a pandemic is stressful. Infinitely more so if you’re household income has suddenly disappeared. Know that you are not alone, and this will pass. Find out what payments you can reduce or delay. Apply for all the government benefits you qualify for. Learn all the COVID-19 finance advice that applies to your situation. If you need to go into debt in order to keep food on the table, then that’s what you need to do. It’s okay. We may be isolating, but we’re in this together.

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