When the virus struck it affected people on many different levels. The first priority being to protect their health so they would not contract this deadly virus. This led to some major changes like working from home on reduced hours or being temporarily laid off.
The Canadian government did come to the immediate rescue as did the individual provinces. Enough so that the many people could breathe a sigh of relief albeit a temporary one. The crucial essentials were met like being able to put food on the table and being able to ward off evictions.
Everyone in now cautiously enjoying the decrease of the threat of the virus as the country is beginning to open. But this in no way relieves the stress that still exists. Now for many its catch up time. Deferred payments on car loans and credit cards have to be dealt with. Landlords are going to want past due rent ASAP as soon as tenants are able to return to work. This means extra payments for people that were already cash strapped and living pay check to pay check.
Increased Costs
This may be another potential problem depending on the conditions that the individual municipalities face throughout Ontario. According to Ontario laws, municipalities cannot run at a deficit. So the revenue they have lost through the outbreak is going to have to be dealt with if it’s putting a municipality in the red. For example, Torontonians may see a huge increase in property taxes.
Permanent Layoffs
Then another concern is for those who may not be called back to work because the company they worked for is not able to return to full capacity.
All of these are the fallout stresses of the Virus.
What Can Be Done?
You can only do the best you can with what you have and what you expect to have. You will need to negotiate with landlords for catching up on missed payments. Most will be willing to work with you because they are not likely to have much of a case to take before the rent tribunal. However, you have better be sure that your case is valid. The income you received may be carefully scrutinized to see if you were in fact able to meet your rent obligations but didn’t do so by using the circumstances as an invalid excuse.
When it comes to your deferred payments you will simply have to pay on their debts for a longer period of time. It is imperative that the payments being resumed are done so according to the regular contract. If this is not possible there may be an option to negotiate with the lenders to see if they can reduce payments.
Don’t bury your head in the sand and ignore your obligations even if you can’t meet them. Do everything in your power to negotiate with all parties concerned. By doing so it will put you in a better light if they decide to take legal action against you.
When it comes to your taxes if you are having issues with this on your personal or business level I would be more than happy to assist you with this.
