Financial Stress in the Midst of the COVID-19 Crisis

Residents of the Greater Toronto Area have had their lives turned upside-down by the pandemic of COVID-19. Here at David Sklar & Associates, we understand that many residents have been thrown into financial instability because of this health crisis and are concerned about what to do next. If you need financial help, we are still here for you.

We offer over-the-phone consultations, video consultations, and electronic document signing so that you can access our credit counselling and other debt-relief services from the safety of your home. We want to encourage our clients to prioritize their health as best as they can during these uncertain times.

The COVID-19 pandemic has reached the Greater Toronto Area. Business owners are shuttering their doors. Schools, daycares, and libraries are closing indefinitely. Preventative measures are being enforced every day to flatten the curve of infection.

While these precautions are essential for health and safety, they have sent shockwaves of concern across the GTA, and some residents are worried about how they’re going to pay the bills. Find out why there’s a sudden surge in financial instability and what David Sklar & Associates can do to help.

Current Common Concerns

There are several things contributing to people’s panic over their finances at the moment. You might be dealing with one of the following four problems or a combination of them.

Inability to Practice Social Distancing

Waiters, retail managers, and ride-share drivers can’t practice social distancing by doing their tasks at home. Jobs like these require public interaction in order to succeed. As a worker, you may feel forced to sacrifice your paycheque or risk your health to stay afloat.

Business Closures

Even if employees feel the pressure to clock-in, customers might not walk through the door. With no profits, employers are closing shop. You are one of the countless employees that have been laid off during the pandemic.

The Kids Are at Home

Parents are also dealing with the additional stress of losing childcare services like school and daycare. Taking care of your children at home might interfere with your ability to work and generate income.

No Savings

Research shows that approximately 53% of Canadians are living from paycheque to paycheque and 49% have no emergency savings to dip into. If you’re one of these Canadians, you’re going to struggle to make ends meet when your main source of income is compromised or taken away completely.

Government Responses to Financial Anxieties

The federal and provincial governments are responding to this problem as quickly as they can to ease financial worries. The federal government has waived the waiting period for Employment Insurance. They have also extended the income tax deadline from April 30th to June 1st, 2020. They announced that they would freeze student loan payments. Ontario’s government has changed policies on paid sick leave and suspended eviction notices so that residents don’t get kicked out in the midst of a crisis.

Watch for more responses about financial relief from the government. Other countries around the world have responded to the economic backlash with rent freezes and bill suspensions. In the upcoming weeks of handling the crisis, Canada may follow suit.

What Can You Do for the Time Being?

The first thing that you should do is to focus on essentials like groceries. The other demands in your life can wait.

You may need to stretch your money for the upcoming weeks, so if you have any bills that are due, pay the minimum. If you’ve experienced a job or income loss, call up the creditor to see whether you can get an extension.

See if you qualify for any government assistance, like EI (Employment Insurance). If you do, sign up as soon as possible to access that relief.

Talk to one of our licensed insolvency trustees. We can offer financial guidance to help you through these stressful times. We have service options including bankruptcy and consumer proposal services that can still be done without breaching social distancing rules.

We can do over-the-phone and video consultations so that you don’t have to visit the firm. We have e-signing so that you can send and sign documents electronically from your computer. You may not have to leave the comfort of your own home. We can do all of these tasks without putting your health and safety at risk.

The weeks ahead will be a challenge, but there are many services with your financial stability in mind. This situation is temporary.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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Ready to live debt free?

I cannot emphasize enough how thankful I am for Jackie Stanley's help with filing for bankruptcy.All of us dread being put in this position and we have a million questions about the process but trust me Jackie makes it so easy for you that you don't have to do anything yourself!She is very kind and friendly and puts you at ease right away. She emphasizes with you and let's you know it's not your fault.Most importantly when you leave that first meeting you will not believe the load that is taken off your shoulders. You can actually feel it!You are a godsend Jackie and I can't thank you enough!!I hope you are highly valued there as much as you are by me!
Sue Murray
18:45 05 Dec 21
Putting together and executing a Consumer Proposal can be daunting, that is unless you work with Cori Naron at David Sklar & Associates Inc. Cori's advice and support has been instrumental over the past five years. Thank you Cori!!
Barry Kuntz
20:37 01 Dec 21
I’m very happy with the services I received for Jackie Stanley who helped me get my finances in order. It was a quick and easy process & all of my questions were answered.
Amanda Frappier
01:18 19 Nov 21
I have had the privilege of being supported by Jackie at David Sklar Associate. She was very helpful, very professional and very friendly. She gave me the help I need. Thank you Jackie for your help.
Alex Taylor
22:03 17 Nov 21
Got my probe solved, great service
arny raposo
17:02 11 Nov 21
Jackie at Daivid Sklar and Associates is such a pleasure to work with. She explained everything in great detail and is always there when I have a question or concern. She really cares about her clients.
Steve Medica
09:33 10 Nov 21
I filed a proposal with another group, which came in as a referral from one of my brokers. My experience went from ok to bad to worse, due to lack of communication and education on the process I was to embark on. I worked with Cori Naron in the past, and I came to her now for help on literally doing the work that the other group should have done. Cori stepped in, educated me, advised on rights, responsibilities, how the process works and what potential outcomes may happen. I do not have enough words of recognition and gratitude for what she did - she alleviated stress, anxiety, dead-end thoughts and she made me live again. Congrats to DSklar for hiring her and retaining such talent.
Giani Kokolakis
18:45 25 Oct 21
Very professional service. Before contacting David Sklar & Associates i contacted bunch of other firms they seemed fishy. After I spoke with Jason Sklar at Hamilton Office I discovered professionalism with hope. I was explained every step of my situation with solution professionally. Thank you David Sklar & Associates.
Wajay Awan
07:29 12 Oct 21
I met David a few months ago and i am glad I did. He has helped me all the way through my bankruptcy with good advice and explained every step of the process. David is a very down to earth and very professional. Anytime I've had a question I was able to reach out to David by phone or email and he always got back to me. If your struggling with your bills and need a way to get help, I strongly recommend David Sklar &Associates to help you. My experience with them on 1-5scale would be a 5;; My life is so much better now, thanks to David Sklar.
Bruce Locke
16:13 08 Oct 21
I have had the privilege of being supported by Jackie S, at David Sklar n Associate.She was helpful, professional and friendly. I was able to get the help I needed at a difficult time in my life. I would recommend anyone who needs support with working out their debts to ask for Jackie, she will be waiting to assist however she can to help you through your debts. She works with a team who is always ready and responsive.Thank you Jackie and your team:)
Denise Simpson
15:17 09 Sep 21
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