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Thread: Government Support Through Tough Times

  1. #41
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    Well all the people that have rode welfare all their life pumping out kids will be happy. They will probably make more from all these government pay checks than the working class.

  2. #42
    CGN Ultra frequent flyer Can-down's Avatar
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    Quote Originally Posted by Suther View Post
    Baby bonus depends on your income level and province. It also depends on the age of the kids (kids under 6 get more money). In BC, the max for 3 kids is around $1600 I believe, maybe a bit more, and it's higher in Ontario. They keep changing it every few years and mine has been changing every year as I went from university to a job mid-year to a full year of employment (your rates are based on your tax return) so I'm not entirely sure though. I'm pretty sure there is an online calculator somewhere...

    As for any free money, such as the baby bonus and gst increases that I might be eligible for, I've got student loans to pay off, so the only place I'm "donating" that money is right back to the Goverment. I can't really start saving for a down payment to buy a house until I get that monkey off my back and I'm already in my 30s so I really need to get on that if I ever expect to own something AND retire at 65 without a mortgage.
    Thanks, I didn't realize that it was different from province to province.
    I was wondering if an extended family living together with more then average amounts of kids could make a go of it....
    Our Government trusts rivets more then law abiding gun owners.

  3. #43
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    Thank you

  4. #44
    CGN Ultra frequent flyer Suther's Avatar
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    Quote Originally Posted by Can-down View Post
    Thanks, I didn't realize that it was different from province to province.
    I was wondering if an extended family living together with more then average amounts of kids could make a go of it....
    Baby bonus plus welfare, yup. Baby bonus alone would be hard. Even with welfare its hard in the big city due to how much rent costs, but a single mom with 5 kids on welfare brings in North of $4k a month. (and a 3 bedroom townhouse costs at least $2000 in greater Vancouver)
    "We don't take souls, we leave that to wives and girlfriends, but we can do a layaway " - Grumpy Wolverine.

    If you need religion to have good morals then you don't actually have good morals.

  5. #45
    CGN Ultra frequent flyer Suther's Avatar
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    Quote Originally Posted by Pottst View Post
    Well all the people that have rode welfare all their life pumping out kids will be happy. They will probably make more from all these government pay checks than the working class.
    Except they likely won't be eligible for a lot of it. The increased baby bonus and gst, yeah probably, but the rest? Unlikely. Their income sources are not impacted by things like work shutting down or having to quarantine or care for a loved one, and not being EI eligible is irrelevant.
    "We don't take souls, we leave that to wives and girlfriends, but we can do a layaway " - Grumpy Wolverine.

    If you need religion to have good morals then you don't actually have good morals.

  6. #46
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    Keep an eye turdeau could take the 50 million he just gave mastercard to build an office and give it to small businesses
    "My idea of gun control is keeping guns from bad people." - captain obvious

  7. #47
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    More about Canadian Banks "Helping" with Deferrals…..

    CBC Article: ht tps://www.msn.com/en-ca/money/topstories/consumers-could-face-hit-to-credit-scores-jump-in-payments-from-mortgage-deferrals/ar-BB11xZ7a?ocid=spartanntp

    "Canadians couldn't get answers on mortgage deferrals at Canada's biggest bank because information and eligibility requirements kept changing almost by the hour, a source who works for RBC tells CBC News..
    When the first details were eventually given out to frontline employees at RBC's Mississauga call centre, they revealed deferrals would be available to all mortgage holders, but in a way that appears to ensure the bank would not lose money in the short term and may even come out ahead.

    "Deferrals actually meant that interest accrued from each deferred payment was being added back into the principal balance of the mortgage," said the source.

    "Technically clients would then be [charged] interest on top of interest for those payments [that were] deferred," they said.

    In effect, it's as though the bank is loaning you the amount that you would have paid in interest during the deferral period and then charging you interest on that loan as well.

    "They're going to make more money because they've just loaned you more," said Peter Gorham, an actuary with JDM Actuarial Expert Services.

    "I don't know that I want to say it's profiting. I would say it's not costing them a penny." he said.

    "People are increasing their debt load. If you are not desperate for the financial relief, don't take it." Gorham said, adding RBC and other banks are taking on increased risk from deferrals, a risk that could grow significantly if the COVID-19 crisis runs from months into years.

    When it comes to repaying the increased debt load from a deferral, there may be other complications for mortgage holders.

    "This also means an increase in clients' payments at their next renewal period due to the increase in mortgage balance," the source at RBC said.

    If the client doesn't want a bigger payment, they can extend the amortization period, the source added. But that typically requires a full credit application which may affect their credit score.

    The other option is making extra payments after the deferral period ends to bring the mortgage back down as quickly as possible to its original amount.

    A spokesperson for RBC said no one was available for an interview.

    Two other big banks have mortgage deferral polices similar to RBC's.

    In an updated set of deferral FAQs posted on its website, Scotiabank too says interest will continue to accrue.

    "You will pay more interest over the life of your mortgage, but a deferral will also help you with your short-term cash flow," the banks states on its website. Scotiabank is also offering deferrals on personal and auto loans, lines of credit, and credit cards.
    On its website, BMO also states interest will continue to accrue on mortgages.

    Credit card deferrals
    RBC is also offering six-month deferrals on credit card payments, according to an email obtained by CBC News. But once that period ends the minimum payment would include all accrued interest from the deferred payments. Meaning the minimum payment could jump significantly.

    Most minimum payments on credit cards are interest plus $10. But Quebec passed a law in 2017 changing minimum payment requirements in an effort to counter rising household debt by making people pay off more than just accumulated interest.

    Minimum payment on credit cards in Quebec is 2.5 per cent of the balance owing and will eventually rise to five per cent.

    Confusion
    Last week, all of Canada's big banks agreed to a request from Federal Finance Minister Bill Morneau to defer mortgage payments for up to six months for people suffering financially due to COVID-19.

    The banks issued a joint statement saying they "have made a commitment to work with personal and small business banking customers on a case-by-case basis to provide flexible solutions to help them manage through challenges such as pay disruption due to COVID-19; child-care disruption due to school closures; or those facing illness from COVID-19."

    But initially many Canadians looking for deferrals said, after waiting for hours on hold, they were told they didn't qualify. One BMO customer — who is actually a former BMO branch manager — said he was told he needed a full credit check and credit application and even then the bank would not tell him their criteria for approval.

    It turns out the person he spoke with may not have known the criteria themselves at that point.

    By midday Wednesday, workers at RBC's Mississauga call centre still hadn't been informed.
    "

    Yes, the banks in Canada are here to help you in such times....NOT! They are just trying to get ahead of what has developed in the UK, Italy, France, Denmark, etc, even US states are moving towards suspending debt in the Covid19 crisis.

  8. #48
    CGN Ultra frequent flyer Aprilia Man's Avatar
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    ^^^^ Banks are here for "profit" ..... if you believe they are here to help, just think more about.

    https://www.cbc.ca/news/business/mor...ppa52UFEMEw50E
    CCFR MDRGC


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