What financial help is available for landlords?

If landlords are struggling to pay their mortgage, the Federal Government has announced that the 6 major banks in Canada are allowing for mortgage deferral options:

Canada’s Big Six banks announced last week they were prepared to provide personal and small business customers financial assistance “on a case-by-case basis” if consumers found themselves facing COVID-19-related problems. The largely unprecedented offer included up to a six-month payment deferral for mortgages, as well as other possible relief, with other, smaller lenders taking similar steps.[1]

Contact your bank for more information and to see if you qualify.

Small businesses (including small landlords) are also being offered financial assistance and support, more information can be found at https://www.canada.ca/en/department-finance/economic-response-plan.html 

In Toronto, there are also payment deferral options for property taxes and a reduction in hydro charges for a minimum 45 day period beginning March 25, 2020. More information can be found at https://www.toronto.ca/home/covid-19/economic-support-recovery/economic-support-recovery-for-individuals-families/ Financial assistance may also be obtained through various programs developed by the Government of Canada, to see the full list of available supports visit https://www.canada.ca/en/employment-social-development/corporate/notices/coronavirus.html

[1] Read more at https://business.financialpost.com/news/fp-street/consumer-watchdog-keeping-close-eye-on-banks-offer-of-coronavirus-mortgage-relief?video_autoplay=true

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