How to Grow Rich in Spite of the Pandemic: Part 2: Savings up and Expenses Cut

I like to see what our neighbours in Quebec are thinking about the pandemic. In the March edition of the Quebec magazine L’acualité there is an article entitled “Comment Vieillir Riche Malgré La Pandémie” which we can translate into English as “How to Grow Rich in Spite of the Pandemic”.

One part of the article can be translated as “When the Pandemic Hit in March 2020”. What did it say?

Jean Fortin, president of Jean Fortin & Associés a trustee in bankruptcy firm in Quebec noted that as of October 31, 2020, 13 Canadian financial institutions gave a reprieve to 796,300 people on their mortgage payments which is one in 6 mortgages. According to Statistics Canada there were half the bankruptcies in September 2020 (977) than in the same period of 2019 (1,848). Fortin warns that this liquidity is illusionary as interest still continues on debts. Fortin noted that those that did not remain employed during the pandemic will only see their debts increase.

There is an issue of paying income tax which is due on April 30^th.According to a poll by Raymond Chabot one third of CERB beneficiaries will not have the sums necessary to pay their income tax and in the age group of those 18-34 this inability to pay income tax increases to 50%.