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Thread: Government Support Through Tough Times

  1. #11
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    Quote Originally Posted by GeoTrekr View Post
    Calgary …. imagine the type of people that the news of free transportation would attract in an urban environment.

    Often on these empty trains, and increasingly so, there have been many transient people, to put it politely.
    The urban outdoorsman has been expanding exploration of territory with the expansion of C-Train routes in the city. They didn't pay in past and won't pay now. Nothing new there.


    Quote Originally Posted by True North Arms Corp View Post
    G. The Bank of Canada and the Canada Mortgage and Housing Corporation are putting tools in place to ensure that Canadians do not lose their homes during this difficult time.# The important thing to remember is if you are having difficulty paying your mortgage due to losing your job due to COVID or illness due to COVID please call your bank and discuss this with them.# All the big banks have stated they have a plan in these cases to put a 6-month mortgage payment deferral plan in place.

    Interesting how banks have come out ahead of government offering "help" with payment deferrals. City of Calgary has followed with deferred payment of utilities. Banks are not here to help anyone beyond their bottom lines. Banks sell debt, period.

    Look at what other countries are doing in such times, the UK announced recently a program to provide the equivalent of $4000+ for every employee who has lost their job due to Covid19. The call it a wage replacement. France and Italy have suspended mortgage and rent payments, not deferring until later but removed them suspending debt entirely for the individual. Banks in Canada get out ahead of such notions here and offer deferring debt until later. Is this better or worse. Ask yourself, where will we be in 3 months time or 6 months time, economy growing or contracting? I think the situation for those who are getting laid off will not improve before it gets worse. Savings will be used up, credit maxed and then the deferred payments come due from the banks & municipalities. Is Canada approaching this in the right way by deferring over suspending debt...we will see.

    I do believe that Canada generally f'd up the lead in to dealing with Covid 19. A better approach perhaps.. with less economic distress >>> https://nationalpost.com/health/how-...mal-life-go-on

  2. #12
    CGN frequent flyer 1-trident-1's Avatar
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    so if you defer 6 payments for 6 months, at the end of 6 months you will be making double payments, plus interest, for 6 months. if someone gets laid off, this could be devastating. the banks trying to get you to keep up your payments as long as possible are doing you a favour, so the hole isn't too deep to get out of.

  3. #13
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    Quote Originally Posted by 1-trident-1 View Post
    so if you defer 6 payments for 6 months, at the end of 6 months you will be making double payments, plus interest, for 6 months. if someone gets laid off, this could be devastating. the banks trying to get you to keep up your payments as long as possible are doing you a favour, so the hole isn't too deep to get out of.
    I have not confirmed this but my guess would be the interest and principle will just be lumped onto the existing balance meaning you would then be paying more interest and longer to pay off morgage. Again this isnt confirmed but just my guess
    "My idea of gun control is keeping guns from bad people." - captain obvious

  4. #14
    CGN frequent flyer Boombb's Avatar
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    Yay liberalism!

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  5. #15
    CGN Regular IAFS's Avatar
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    Employers... keep your people employed and we'll let you remit 10% less payroll tax... even though you have no revenue to pay them with... what a @#(*ing JOKE.
    I'm a displaced redneck, stuck in a city.

  6. #16
    CGN frequent flyer Karnage's Avatar
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    Don't forget to cash out ALL your banked time/ vacation pay NOW.

    For those of us that don't get laid off as often, we bank time and use it on our holidays. Cash out now or you will still need to wait for your first EI cheque.
    If you have $4000 banked you might need to wait 6-8 weeks to "burn" through your banked money the gov knows you have.

    I don't see the covid thing changing existing policy regarding banked time. I'm telling my work to pay me out now. Better to get dinged 43% then wait 2 months for EI.

  7. #17
    CGN frequent flyer CyprusTM's Avatar
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    From what i got from my mortgage broker, interests on the monthly payments will still be taken out every month. They get billions in aid from government to do what? defer for up to 6 months? These policies in place will just prolong the suffering and ruin the economy even more. Quarantine everyone for up to 45 days and get it done with. Stop mortgage and rental payments for 2-3 months period. People had enough time to stock up food. They are just giving away money to their voter base knowing that they ####ed up in the first place and hoping to save face (most i speak to applaud the government for the swift reaction lol).

  8. #18
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    This government needs to freeze our economy and freeze every payment that people have to make right now, until everyone is back to work safely .

  9. #19
    CGN Ultra frequent flyer drifter dave's Avatar
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    Quote Originally Posted by Boombb View Post
    Yay liberalism!

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  10. #20
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    My wife works part-time for the local school board and will continue to be paid presumably. I am a pharmacist-owner who will be in my dispensary distributing Suboxone, methadone, and Naloxone kits to our patients throughout this situation. My partners and I run 7 locations with probably 1000 plus patients total. We were already hit with government cutbacks late last year. Now, add staff members staying home due to pre-existing conditions and/or age. And yet, I’m the lucky one. At least I’m not stuck at home with 4 loud kids for 3 weeks. lol
    Self Defense is a HUMAN right!

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