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Canadians Invest in Home Renovations to Add Value to Their Home and Improve Their Quality of Life

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Since the pandemic started in 2019, an increasing number of Canadians have invested in home renovations, updating their bathrooms, kitchens, and yards. A combination of factors is driving this trend – restrictions on travel and dining out, more people working from home, and record low interest rates. With lockdowns, reunions postponed, and vacations cancelled, many Canadians took the opportunity to improve their home and make their life better. Fewer social outings, working remotely, and less time spent telecommuting resulted in more people having the money and time to invest in home renovations.

Trends

Data from BMO’s latest Real Financial Progress Survey shows that 62 percent of Canadians are planning on investing in home renovations in 2021. Households in cities such as Toronto (63 percent), Vancouver (58 percent), and Montreal (59 percent) are most likely to renovate their homes. Some 47 percent of Canadians say they will be using cash to invest in renovations, either paying by a line of credit (16 percent) or their credit card (24 percent). With rising inflation, consumer prices, and real estate prices, fewer Canadians are looking to buy a new home. Just 22 percent of respondents plan on moving compared to 25 percent in January 2021.

When it comes to cash surplus, over 30 percent of survey participants said they are putting money aside for future use. Of those, 34 percent are putting cash toward a savings account or an emergency fund while 36 percent plan to give their savings a boost before they retire. About 15 percent of respondents are planning on buying a car, 25 percent are looking to invest in stocks, 29 percent would be using cash surplus for home improvements, and 31 percent would be going on vacation.

Why Invest in Home Renovations?

The RE/MAX’s 2021 Renovation Investment Report shows that more than 50 percent of Canadians who renovated their home did so with the intention of living in it and not selling it. Close to 1/3 or 29 percent of homeowners went on renovating for recreational or aesthetic purposes and the same number report maintenance and safety as the main reasons. Just 16 percent of respondents admit to renovating to add value and sell their home in 1 – 3 years’ time.

One of the main reasons for renovating is to make life in lockdown a bit easier. Many invest in home renovations to make their home office space as tolerable and pleasant as possible. Spending time in isolation, people need more space and room, whether for video conferencing or leisure activities. They are investing in backyard pools, finished basements, home gyms, equipment, and home furnishings to improve home comfort and quality. A 2021 Scotiabank Housing Poll shows that outdoor work such as decks and landscaping tops the list, with 54 percent of Canadians looking to update their home space. Indoor improvements come second, including basement (17 percent), kitchen (23 percent), and bathroom renovations (32 percent).

It is not surprising that many choose to remodel the kitchen. It is the place where families come together to socialize and eat. Also, many have been filling their days in isolation with at-home meal kits, banana bread, and sourdough starters, coming to realize that their kitchen space needs an urgent update. Whether it is a new color scheme, upgraded finishes and fixtures, or a more functional kitchen space, homeowners have had plenty of time to plan on renovating and perfecting their kitchen.

Bathroom renovations are also popular with Canadian homeowners, and there is a good reason why. With many choosing to work in their garden office, adding a toilet or bathroom to the garden space reduces the time they spend entering the main house. This is also a way to minimize home life distractions and stay productive during the working day.

When it comes to basements, many choose to upgrade that living space they already have. Finished basements commonly include a recreational space, a bathroom, and an extra bedroom or two. Some homeowners also choose to turn their basement into a home gym, adding equipment storage areas, workout equipment, rubber flooring, and mirrored walls.

Tips and Advice on Renovating

Renovating a home can be both time-consuming and expensive. When planning for renovation, it pays to create a budget to find out what you can afford financially and avoid dipping into your emergency fund or long-term savings. Contacting a mortgage or financial advisor can help you to figure out how much you will need for a down payment.

Budgeting for home renovation also means understanding the full cost of labor and materials. Depending on the scope of the project and the rooms you are updating, finishes and fixtures may include flooring, tiles, faucets, knobs, and paint. Calculate shipping costs and taxes as well to get a good idea of the cost of your renovation project. If you are planning on buying new household appliances, make sure you include costs such as delivery and installation, and how you dispose of old appliances. Finally, it is important to calculate the costs of living without a functioning bathroom or kitchen, boarding pets, and living elsewhere during a renovation. If you can create a detailed plan which covers all costs involved, your dealings with contractors will primarily focus on project time estimates and labor costs.

Summing Up

A year and a half into a global economic and health crisis, homeowners are investing heavily into their homes as many are working remotely and spending more time indoors. Popular home improvements during lockdown are garden clearance, landscaping, kitchen and bathroom plumbing, and electrical installations. Many also invest in internal decorating and painting, plumbing maintenance and repair, and garden maintenance. Ultimately, homeowners are looking to improve their quality of life, add value, and make their home more comfortable and inviting when they can finally welcome family and friends inside once again.

How Are Small Businesses Going to Recover after the Pandemic?

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The projections are not optimistic for the most of Canada’s over 1.1 million small businesses facing almost empty hotels, stores, and dining rooms and trying to stay afloat amidst an ongoing pandemic. Even those that survive will suffer the impact of an unprecedented recession and economic downturn in the foreseeable future.

Why Is It Important That Canadian Businesses Stay Solvent?

As in most parts of the world, small businesses are the backbone of the economy and the driver of long-term growth. In Canada, they account for 60 percent of job openings and 40 percent of GDP or at least before the onset of the pandemic. About 99 percent of SMEs have fewer than 500 employees but they are employing more than 89 percent of the working population. In short, medium-sized and small companies help create jobs, pay municipal taxes, support local communities, and drive innovation.

How Businesses Fare

A study conducted by RBC found that companies in sectors such as administrative services, wholesale trade, and technology are facing lower risk as it is easier for them to offer services and products and maintain social distancing measures. Businesses in other sectors are more vulnerable, including commercial real estate leasing, oil and gas and mining, non-essential retail, entertainment and arts, and accommodation and food services. These sectors employ some 1.2 million workers. According to RBC, GDP in the sectors that are the most affected is expected to stay up to 50 percent below February 2020 even once the economy starts to reopen and rebound.

New trends have emerged on a global scale, and Canada is no exception, from shifts in consumer behaviour and an increased focus on domestic procurement and local produce to deglobalization and diminished reliance on extended supply chains and more digital delivery.

What Small Businesses Think?

A poll by the Canadian Federation of Independent Businesses found out that 181,000 small firms consider permanently shutting down, with job losses estimated at 2.4 million. This is in addition to the 58,000 businesses that closed permanently in 2020. The federation estimates that the number of vulnerable firms ranges between 7 and 21 percent or 71,000 and 222,000, respectively. Most businesses that are contemplating permanent closure are in the recreation and hospitality sectors, including arcades, recreational venues, gyms, caterers, hotels, and restaurants.

Only 36 percent of small firms are operating fully staffed, down by 5 percent since November 2020. Less than half (47 percent) work at full capacity compared to 62 percent in November. The figures are even lower in provinces and territories where tougher restrictions have been implemented. In Ontario, for example, fully staffed businesses account for just 32 percent while the share of firms that are fully open is only 37 percent. The survey results also show that small companies in Ontario and Alberta are at a higher risk of closure. About 20 percent in Ontario and 22 percent in Alberta are contemplating filing for bankruptcy. Businesses with the highest percentage of potential job losses are found in Alberta, Saskatchewan, Prince Edward Island, and Newfoundland and Labrador, ranging from 12 to 16 percent. Those with the lowest share are operating in Quebec and Nova Scotia, with 4 and 2 percent, respectively.

Businesses in information, recreation, and arts (28 percent) and the hospitality industry (33 percent) face the most risk. Sectors that remain relatively stable include professional services, real estate, insurance, and finance, manufacturing, and natural resources and agriculture.

Even those that stay afloat during the pandemic are expected to incur sizable debt worth $117 billion. According to Dan Kelly, president of CFIB, staying open means losing money every day for the majority of small businesses.

Another poll conducted by CIBC shows that 68 percent of small firms are still struggling due to the global crisis, and only 43 percent are on the path to recovery. The main concerns they share include overall viability (23 percent) and lower demand for their services and products (37 percent). To survive the pandemic, companies are adopting different approaches and strategies, a major trend being shift to digital. About 16 percent of firms are currently operating online while 30 percent are increasingly relying on online sales. More than half of the business owners share that they have used financing under one or more government programs to increase their cash flow. Nearly 1/3 of companies admit to being forced to cut employee hours while over 1/3 made changes to minimize operating expenses. More than half of businesses say that they rely on government assistance to stay afloat. For the majority of firms or 72 percent stress levels are considerably higher than before the pandemic, mainly due to the uncertainty of the environment they are forced to operate in.

What Businesses Can Do

To head down the path to recovery, small firms will need to adapt to a post-pandemic economy and bake flexibility into their long-term strategies as to build robustness and resilience. As they are facing a transformed work environment, some may embrace remote working while others will need to rethink the workplace in order to ensure a gradual return to work.

More and more small businesses are relying on local supply chains to increase flexibility and avoid losses due to delays and disruptions. This trend is more likely to continue at least in the short term. Companies are increasingly coming to realize how important it is to have working scenario planning and forecasting strategies to deal with economic uncertainty and operate in a radically transformed world. Small businesses will also need to adapt to shifts in consumer behaviour and spending patterns that are likely to be more or less permanent. Trends that have been accelerated by the pandemic include shift to digital, more health-conscious living, and a focus on local products as a form of return to nationalism.

Top Trends That Will Redefine Banking and Financial Services

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Trends that are about to transform the banking and financial services have already emerged and are heavily influenced by technology and the need to minimize associated risks. From process automation and making decisions using big data to risk assessment, banks are increasingly adopting different solutions to improve customer experience and stay ahead of the competition.

Process Automation

An increasing number of financial institutions rely on robotic process automation to improve accuracy and ensure that operations are more efficient. Examples of applications include processing of credit card, mortgage, and loan applications, updating the general ledger, processing real-time inquiries, and cybercrime protection. Using robotic process automation offers many benefits such as minimizing processing errors, ensuring accurate loan verification, and managing large volumes of data. RBA also allows for accurate updates of data in the general ledger, including liabilities, assets, expenses, and account payables and receivables, which are included in financial statements.

Artificial intelligence will also lead to increased automation of processes and tasks, thus improving customer experience. AI has different applications such as using voice assistants and chatbots to interact with customers, monitoring for fraudulent activity, and use of smart contracts.

Making Decisions Using Big Data

Financial institutions generate huge volumes of data on a daily basis, which is mainly done through individual transactions. Customers use their smartphones to pay bills, deposit checks, monitor their balances, and more. When they use online banking, purchase products and services, do research, and comparison shop, users generate data. This can help banks to gain insight of market trends, portfolio performance, and customer experience. Using big data analytics can help financial institutions to analyze feedback, personalize their products and services, improve risk management strategies, and create customer profiles. Customer profiles, for example, offer important insights such as service and product preferences, banking behavior and patterns, products that clients use, number of accounts, and demographics.

Security Is Paramount

Blockchain is increasingly used by finance providers to ensure that transactions are safe and secure. All transactions are verified without the need for third-party authorization. Acting as a form of a distributed database, data is shared among multiple users, which eliminates the risk of misusing it and improves transparency. Blockchain helps prevent fraud by making use of digital signatures that are based on private and public encryption codes.

Banks face different types of security challenges such as botnets, ransomware, stolen devices, and malicious code. Other forms of attack include social engineering, phishing, malicious insiders, denial of service, web-based attacks, and malware. Blockchain helps prevent security attacks of different kinds by encrypting data which makes it impossible to manipulate it for the purpose of fraudulent transactions. Confirmed transactions cannot be altered in any way. Among the many benefits for finance providers are improved intra-bank communication, data integrity, encrypted metadata, and secure agreements. At the same time, blockchain solutions still have a more limited application because they are expensive to develop and complex. Experts also claim that blockchain systems can only have two out of three components but not all. These are security, scalability, and decentralization. Scalability, for example, refers to the fact that they have more limited application in some sectors than others. Decentralization is another component which refers to the extent to which value, influence, and ownership are diversified. Some experts note that decentralization does not work well for big PoS-based networks.

Mobile and Online Banking Services 24/7

We are travelling more than ever in an ever globalizing world, especially before the global pandemic hit. Bank customers cross time zones all the time, making 24/7 on-demand mobile banking important. More and more financial institutions feature apps to offer support round the clock. Chatbots are increasingly used to respond to customer inquiries outside banking hours when no one works. This not only helps reduce costs for providers but enhances customer experience. Apps allow clients to make transfers, use digital wallets, and make payments from anywhere in the world. They can manage their personal finances efficiently and securely, including transfers, loans, deposits, and accounts. Mobile apps are used for loan repayment and origination, with support available for loan, deposit, savings, and current accounts. Mobile banking also offers access to a large variety of transactions such as bulk payments, mobile wallet transfers, international payments, standing orders, transfers to other financial institutions, and intra-bank transfers. Apps also allow for secure authentication through integration of third-party services, software token for strong customer authentication, eSignature, OTP, PIN, and biometrics.

Mobile and online banking services offer added benefits for customers, including smart notifications and alerts. These can be in the form of email alerts, text messages, and push notifications.

There are benefits for banks too, including centralized administration and control, improved security and reliability, and efficient legacy systems. New mobile banking systems also allow financial institutions to integrate different channels and make use of emerging and cloud technologies. Finally, providers benefit from partner integration, centralized monitoring, and data integration.

Risk Assessment

Data allows finance providers to identify customers with low-risk and high-risk profiles. Machine learning solutions process information to monitor transactions and user location and behavior and thus prevent fraudulent transactions. Banks increasingly use machine learning and deep learning to process multiple streams of data and make decisions regarding security risks.

The global financial crisis placed an increased emphasis on risk detection, assessment, reporting, and reduction. Trends in detection and management are influenced by customer expectations, new policies and regulations, and new types of risks that are expected to emerge. According to experts, machine learning has the potential to create more precise models with better predictive capability. The addition of new streams of data over time helps improve their capacity.

Banks face multiple challenges, including insolvency, liquidity, sovereign, foreign exchange, operational, credit, market, and interest rate risk. Foreign exchange risk, for example, refers to changes in the value of liabilities or assets resulting from exchange rate fluctuations. When it comes to credit, there is always a possibility that borrowers fail to repay principal and interest amounts. Machine learning can help offset such risks by mining through huge volumes of data and extracting useful information. It comes from different sources such as metadata, customer interactions, consumer apps, etc. To boost their analytical capabilities for risk detection, banks are increasingly adopting AI and machine learning. There are different applications for banks to explore, including monitoring for conduct breaches, detection of money laundering and fraudulent activities, and risk modelling.

Credit risk monitoring is important for financial institutions and is based on loss given default and exposure at and probability of default. New algorithms have been shown to perform better compared to traditional formulas. 

Banks also use a variety of methods for credit scoring, including nearest neighbor, Bayes classifier, logistic regression, and discriminant analysis. Again, artificial neural networks yield better results when it comes to classifying customers as creditworthy or non-creditworthy.

In general, banks use a number of tools and algorithms for risk mitigation and detection, including standard and machine-based solutions. These include random forest, extreme machine learning, fuzzy rule based system, survival analysis, and logistic regression. 

COVID-19 and the Canadian Housing Market

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The housing market in Canada shrank due to the coronavirus crisis, and new construction and sales are expected to remain at below pre-pandemic levels in the next two years. Experts discuss different scenarios, from real estate crash to growing demand for detached homes and rise of real estate due to inflation.

Real Estate Crash

The flood of properties for sale may lead to a real estate crash, and CMHC already warned that the market will experience a historic recession. Home sales have declined due to job loss and financial hardship, and prices are expected to plunge by 9 to 18 percent in 2020. Still, experts believe that the chances of a real estate crash are low because of the moderate impact of the pandemic on global markets. According to RE/MAX Canada, more people are looking to invest in properties because of plunging stock prices and financial market uncertainty. What is more, top-tier properties are now in demand in cities such as Vancouver, Toronto, and Montreal, which can help offset a “significant cooling”. A real estate crash is an unlikely scenario in Canada, according to RE/MAX. This would involve a sharp decline in prices due to a rise in supply, coupled with stagnant demand. While demand is certainly declining and expected to further decline, an influx of supply is unlikely.

The good news is that prices in large urban centres such as Vancouver and Toronto are expected to increase and even exceed pre-pandemic levels by mid-next year. What is more, Scotiabank senior economist Marc Desormeaux highlights that both demand and supply shrank meaning that potential buyers are not looking for homes, and homeowners are not selling. Prices were to drop significantly if supply stayed constant or increased and demand fell, which is not the case in Canada. One possible scenario is that homebuyers choose to sell in the coming months, either because they can’t afford to make mortgage payments or they need to boost their retirement savings. While this may result in an influx of supply, potential homebuyers may choose to wait until the economy shows signs of recovery. Over 3 million Canadians lost their jobs amidst the pandemic, and many worry what the future holds.

An influx of supply is also unlikely as the pandemic hit the construction industry. Many developers worry about construction stoppages and delays while others cannot get building permits. Estimates by the Canada Mortgage and Housing Corporation confirm this. A drop of 51 to 75 percent in housing starts is expected in 2020 compared to pre-pandemic activity. The industry will only return to work by mid-2021. Prices and sales, however, depend on consumer and business confidence once restrictions are lifted and the pandemic is over.  It is difficult to predict how quickly the economy recovers because researchers are still in the process of studying the new virus and developing models and possible scenarios.

When it comes to real estate markets, experts warn that some factors are more difficult to predict but also play a role. One is how many Canadians cannot afford to own a home after government subsidies and mortgage deferrals are terminated. Another is how many people will lose their jobs and become permanently unemployed. How many businesses will close is another factor that will have an impact on demand and sales prices.

The Impact of Immigration Decline

Experts also point to the fact that the real estate market shrank because immigration declined significantly. In 2019 alone, 341,000 foreign nationals settled in Canada, 11 percent of whom coming to Vancouver and 35 percent moving to Toronto. The Bank of Nova Scotia estimates that a 1 percent population decline is equal to 1 percent decline in real estate prices.

Flood of Properties

Some experts predict a flood of properties because of a decline in rent prices that makes it increasingly difficult for landlords to make money on them. Rates for condominiums and rental apartments have gone down in Ottawa, Edmonton, Calgary, Vancouver, and Toronto. The biggest decline is in York, Ontario, with rates falling by 12.6 percent. Two cities experienced rental price increases – Montreal by 0.6 percent and Regina by 1.6 percent.

Rise of Real Estate

Another possible scenario is the rise of real estate due to money printing and inflation. Massive government spending to support businesses and households could result in inflation and price increases. What the Bank of Canada did was print money to buy bonds, which is what other central banks did so that people spend their money elsewhere. In fact, what governments aim to prevent is deflation, which is the opposite of inflation. Many believe that deflation is a likely scenario due to low demand and high unemployment rates. While money printing helps businesses recover and rebuild capacity, low demand may result in a significant decline in prices. People stop buying all sorts of commodities, from plane tickets and gas to vehicles and real estate. Others disagree, however, and warn that we are headed to inflation. According to market analyst Gary Tanashian, pouring money into the economy results in inflation as it is difficult to reduce the amount of cash in circulation at a later stage. Once restrictions are lifted and everything goes back to normal, with people dining, shopping, and travelling, the economy will face excess dollars in circulation, coupled with increased demand. What central banks can do in this scenario is raise interest rates to control inflationary trends.

Rising Demand for Detached Housing

Detached houses are considered safer during a pandemic which may result in rising demand. The Covid-19 crisis slashed home sales by 50 percent in markets such as Toronto, and listings for semi-detached and detached homes decreased by 14 percent between March 17 and 23 and by 30 percent between March 17 and 30. In May, however, prices of detached homes increased by 2.6 percent in the Greater Toronto Area. While listings are still a handful, real estate agents explain that this is mainly because of the restrictive rules on showings. When showings cannot take place, sellers simply choose to terminate them.

Impact of the Housing Market on Other Sectors

Many Canadians are hesitant to travel amidst a growing global pandemic and are allocating their travel money to renovation and construction projects.

At the same time, the fall in prices and home sales already has a significant impact on sectors such as construction, financial services, and the furniture industry. Construction businesses, furniture stores, banks, and other businesses depend on real estate sales to operate and make money. Not only this, but with travel restrictions, stay-at-home orders, and social distancing rules, many people venture out just to buy household supplies, medications, and groceries. The real estate industry has been hard hit as restaurants, entertainment venues, and shops closed doors. The coronavirus crisis made it increasingly difficult to keep up with mortgage and lease payments, and many businesses chose to move online or close. Others took a transformative approach to strengthen relationships with customers, partners, suppliers, investors, and employees that will help them to succeed past the pandemic crisis.

Dealing with Your Finances during a COVID-19 Crisis

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Handling personal finances during a pandemic can be a challenge, especially for people who lost their jobs or saw their income shrinking. As employment dropped by over a million between February and March, it is not surprising that according to a survey by Statistics Canada, more than 30 percent of workers are worried that they might lose their jobs. The pandemic already has a profound effect on the economy, and many wonder how long it will last and how deep it will be. In times of uncertainty, securing your personal finances can help you go back to normal in the aftermath and relieve stress and anxiety. Building an emergency budget, applying for government aid, and dealing with debt are some of the things to do to sail through the crisis.

Build an Emergency Budget

An emergency budget includes essential expenses such as groceries, housing, transportation, and medications. With stay-at-home orders and isolation, many of the non-essential expenses are significantly less, so this is a good time to create a financial cushion to weather the storm. If you are saving toward long-term goals or big purchases such as home renovation or buying a new vehicle, it is best to postpone and focus on building an emergency fund. You can try to reduce some of your fixed expenses as well by lowering your rent, using household appliances at night, and turning off the lights when you are not at home. Contact internet, cable, and cell phone services to check if they have cheaper plans you can switch to. For student and personal loans or credit cards, call your financial institution to check whether they can lower your interest rate. Unnecessary spending must go. This includes things like vacations, entertainment, clothing, and electronics.

Apply for Any Government Aid You Qualify for

The Canadian government introduced a number of economic measures to ease financial hardship and help businesses and households that are struggling financially during the pandemic. Persons not eligible for paid sick leave and staying home are entitled to receive up to $900 bi-weekly in the form of an Emergency Care Benefit. This measure is in place for a period of 15 weeks. Eligible categories include parents looking after children due to school closures, those with sick children, persons taking care of sick family members who tested positive for coronavirus, and those who were ordered to self-isolate or are quarantined or sick. Self-employed persons also qualify. Under the Covid-19 Response Plan, businesses have access to credit through the Business Credit Availability Program, under which they are offered loan guarantees and other types of financial support. Businesses operating in different sectors qualify, including tourism, exports, air transportation, and gas and oil. Support is also offered to businesses trying to avoid employee layoffs and includes the Temporary 10% Wage Subsidy and Canada Emergency Wage Subsidy which pays 75 percent of wages.

Manage Your Finances

To manage your personal finances successfully, it is important to detail your financial goals, whether it is changing careers, starting a family, or buying a new home. You may want to prioritize goals such as saving toward retirement over going on vacation in light of the ongoing pandemic. Once you have established priorities, it is time to create a budget and plan your expenses. List all sources of income that you currently have, for example, wages, salary, alimony, real estate, mutual funds, bonds, and stocks. Then add up all expenses, including rent or mortgage payments, loans, transportation, and groceries. By subtracting expenses from your total income, you will see where you stand. It is also a good idea to track how your income changed due to the coronavirus crisis to see whether it has a serious impact on your finances.

Look for Help if You Are in Debt

How to deal with debt depends on how much you owe, whether you have multiple outstanding balances, and what the repayment terms and interest rates are. Have a look at your credit report and compile a list of all debts, including due dates, monthly payments, rates, and outstanding balances. Track payment progress every few months. If you notice that you made little progress, it is time to look for help. Debt counseling is one option to consider if you feel overwhelmed and are struggling with credit. Contact a reputable agency to work with your creditors and come up with an agreement to repay your debts. Agencies typically need details such as your financial institution, income, outstanding balances, assets, and financial situation in general. Keep in mind that some agencies charge handling and set up fees. There are alternative solutions to look into, depending on your situation, including credit counseling, negotiating with loan providers, and bankruptcy.

Financial Support for Small Business Owners

If you are a small business owner currently experiencing difficulties, it pays to look into options for accessing financing under the Business Credit Availability Program. Non-for-profits and small businesses are eligible to apply for an interest-free loan called the Canada Emergency Business Account. SMEs and non-for-profits are eligible to receive up to $40,000, and those who repay a total of $30,000 can apply for forgiveness provided that the amount is paid in full before or on December 31,2022. Other options for small business owners are cash management advice and payment deferrals offered by banks. Under the BDC Co-Lending Program for SMEs, businesses apply for loans, as 20 percent of the amount is extended by their finance provider and 80 percent by the Business Development Bank of Canada. Principal postponements and working capital loans are also offered to help businesses impacted by the coronavirus crisis. Working capital loans come with no study fees, flexible repayment schedules, and lower rates. Businesses are eligible to apply for up to $2 million.

Take Care of Your Mental Health

Your mental health is as or even more important than your personal finances. Mental health help is offered to all Canadians who experience emotional pain or crisis or have suicidal thoughts. Crisis centres across Canada work to help people who feel confused or stressed, such centres being the Vancouver Island Crisis Society, Telephone Aid Line Kingston, Safe Haven Women’s Shelter Society.

The government also offers advice on how to deal with stress and anxiety in a crisis. In times of physical distancing, communication is important, and people are encouraged to talk to family members and friends through social media, video chats, phone calls, and email. It is also important to exercise, eat healthy and balanced meals, and worry less about things that you cannot control. If you need mental health help, you can call a registered psychologist or your primary healthcare provider. Other sources to look into include Crisis Services Canada, the Kids Help Phone, and Hope for Wellness Help Line. The Kids Help Phone offers emotional support to young people aged 5 – 29 while Crisis Services Canada offers support to all Canadians through crisis organizations and distress centres.