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Should I Be Investing During a Pandemic?

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One of the most popular questions we have been asked by our members during COVID-19 is “If I can, should I be investing during this pandemic?” This is a bit of a complicated question but we’re here to break down this intimidating conversation.

But if you want our short answer, the best time to start investing is between the hours of “right now” and “as soon as possible”.

The short answer is “Yes.”

If you’re saving money by making coffee at home instead of going to your favourite coffee shop then you should start investing. Are you working out at home and saving money on your $50 gym membership? Then you should start investing. If you have any extra money due to the pandemic and are comfortable that your income will remain sustainable then, you guessed it,  you should start investing. And here’s why…

Investing has more to do with how much time you have to invest, rather than the time at which you start investing.

Even though the pandemic has had an impact on the world economy and global markets, it does not mean that investing is a bad idea. Investing has been, and always will be, about focusing on an “average rate of return” versus a “fixed rate of return”. The markets may go down (for instance, due to a pandemic) but they may rise again afterward. It is the average between these years that measures the success of an investment, not the lows or highs by themselves. That is why,

The best time to invest is always going to be as soon as possible.

The sooner you invest the better. Whether it is a lump sum of $10,000 when you’re 25 years old or $25/month for 30 years. If you have money to invest, start today because it will be more than worth it and I’ll show you why:

Time is your friend

Time is the great equalizer.

To understand this in more detail, let’s have a look at the graph (2018.11.23) below from our good friends at Credential. From 1960 to 2015, we see the markets have had many ups and downs, but the average rate of return rises over time. They also point out that “markets continually bounce back from crisis.” Are we in a crisis with the pandemic? Yes. Is it likely the markets will bounce back?  Absolutely. So what can we learn from this?

  1. Long term investing produces the best average rate of return. Someone who started investing in 1990 will have gone through the same 2008 global recession as someone who invested in 2002. But as we can see, both people, if they remain invested, will still receive a profitable average rate of return by 2015.
  2. Starting to invest during a crisis often means the price of shares and stocks are low. This means you will be able to purchase more units for a lot cheaper than during times of economic growth and stability. If you’re already invested, the key is to not panic, remain focused on your long terms goals and remain invested. The worst thing you can do is pull out your investments before they have a chance to recover.

This image shows how the market quickly recovers and continues to grow after a crisis to help with investing.

*Image provided by Credential®. Issue Date: 2018.11.23

Rates of return: Average vs Fixed

You may be asking yourself: “What is so important about the average rate of return? Why not just place your money in a term deposit and guarantee a 1.5% return? Why not keep your money in a savings account?” For starters, the average rate of return for a mutual fund in Canada is between 6% – 7% on your original investment. This is dramatically better than that of a term deposit which is often much less than 2%. If you are planning to save for a long period of time then you will want to maximize your rate of return. One of the principle reasons for this is due to inflation. The average inflation rate in Canada is 2%. So if your retirement savings is making anything less than the rate of inflation (2%) you’re in trouble. If you find yourself in this category, we advise you to meet with a Financial Advisor as soon as possible.

That being said, term deposits and savings accounts have their place in a saving strategy. If you have some short term savings goals were you need access to your money within a few years then one of the these options may be the perfect fit. You will guarantee a return on your money in a couple years and you’ll shelter yourself from the ups and downs of the market; however you will not see nearly as high of a return on this investment. That is why these are great tools for short term saving goals (ie: saving for a trip, buying a new car). Either way, before you save, you should have a conversation with your advisor. If the primary goal of your savings is to have your money make money then a financial conversation needs to be one of the starting points for you.

Ready to invest, but don’t know where to begin?

When most people begin their journey with investments they often start with mutual funds. Mutual funds are often referred to as a “managed portfolio”. What this means is someone manages your portfolio of investments for you. While there are fees attached to mutual funds, there are many benefits. We’ve already discussed one benefit being the often higher rate of return. Other benefits include having a financial advisor to work with you and having multiple mutual funds to choose from to fit your savings goals and risk tolerance. Options include low risk mutual fund which give investors a more secure rate of return but there will be lower volatility in the investment. There are still ebbs and flows with the low risk fund, and your returns might not be as high, but they are often protected from market volatility due to the way the portfolio manager invests your money. If you have lots of time and don’t mind a higher level of risk, you can enter into a higher risk mutual fund. These have the opportunity to gain more return on your investment, however they are more prone to market volatility as the majority of your money will be invested in markets and securities versus things like government bonds. Again, the starting point will be to book an appointment to ask more about investing and mutual funds with a financial advisor and they’ll work with you to establish your risk tolerance before you leap.

What about Wealth Simple?

You may be reading this and asking yourself, “What about something like Wealth Simple? I see lots of commercials about them advertising low fees?” Essentially, Wealth Simple is a robo advisor company. This means it is a machine learning platform. There is no “portfolio manager” behind the scenes, but rather a robot. For those not looking for any advice or planning, this type of investment platform can be an option. Credit Unions have access to a similiar tool called VirtualWealth and can be found at www.virtualwealth.ca. I highly recommend speaking with a financial advisor before jumping into investments, especially high dollar ones. Using a solution like Wealth Simple is like buying/selling a house without a realtor. A financial advisor gives you the peace of mind that your big chunk of change is not going to be mismanaged and your bases are covered.

“I’ve always wanted to buy stocks in a specific company.”

For the bold and the brave, you may have a desire to buy stocks in a specific company, or you’ve seen the Questrade commercials and are curious what it is. Questrade is an online broker that allows you to register an account and buy and sell stocks directly. If you wanted to buy a single stock in Apple or Amazon, you could use an online broker platform. Credit unions have access to Qtrade Investor. Qtrade Investor has been the leading online broker in Canada for over 20 years! Visit www.qtrade.ca to learn more.

Similar to robo advice, there is no financial advisor or portfolio manager when purchasing stocks directly so that is why I say, “for the bold and the brave”. When it comes to buying stocks directly, you will want to have a good understanding of what you are doing, how the markets work, along with the tax implications and so forth. A financial advisor can help answer some of these  questions, but for the most part, you’ll be on your own. We advise most people who are interested in buying stocks directly to balance this with something more secure such as mutual funds. It’s never a good idea to put all of your eggs in one basket. If you drop your basket, your chances of breaking all of your eggs is much higher than having a couple of different holders.

In conclusion

We started with the question, “Should I invest during a pandemic?” I hope this blog has shown you that when it comes to investing you can never start too early.

The key is to start when you can, with as much as you can, as soon as you can.

Investing isn’t the goal, it’s the vehicle in which you reach your savings goals. If I haven’t said it enough, before investing, the best thing you can do is have a conversation with a financial advisor about your savings goals.

If you’d like to talk to someone about your savings goals give us a call at 1-800-667-7477 or, if you already have a trusted financial advisor, we encourage you to reach out to them directly and start the conversation.

I wish you all the best with your savings journey and if you are looking for some more relatable financial literacy tips, check out the rest of our blogs here.

Mutual funds are offered through Credential Asset Management Inc. Online brokerage services are offered through Qtrade Investor. Mutual funds and other securities are offered through Credential Securities. Qtrade Investor and Credential Securities are divisions of Credential Qtrade Securities Inc. Credential Securities and Qtrade are registered marks owned by Aviso Wealth Inc. VirtualWealth is a trade name of Credential Qtrade Securities Inc. The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. The information contained in this report was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This report is provided as a general source of information and should not be considered personal investment advice or a solicitation to buy or sell any mutual funds [and other securities]. The views expressed are those of the author and not necessarily those of Credential Asset Management Inc., Credential Securities or Qtrade Investor.

 

How COVID-19 Affected My Wedding Day

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Uncertainty, frustration, sadness – not the things I was expecting to feel in the months leading up to my wedding and not something that was stopping me from becoming Bridezilla. Unfortunately, COVID-19 took the decision out of my hands and I was forced to let go of the wedding vision I had dreamed of since I was a little girl. Read on to find out how I managed my stress levels, changed plans (sometimes on the fly), managed the fluctuating budget and ended up having an amazing wedding day during COVID-19. 

You know what they say about the best laid plans…

I got engaged at the end August 2019 and to say I was excited to plan the wedding is an understatement. Not only do I love to plan things, but like most women, I’d been thinking about my wedding day for years and had more than one Pinterest board all queued up and ready to go. My new fiancé asked me to marry him and then promptly left for three weeks to work up in northern Saskatchewan – great timing, I know. Fortunately, this gave me the perfect opportunity to plan the whole wedding. I created our wedding website, booked the majority of our vendors, chose a date (I did consult with him on this part), booked a venue, lined up my bridesmaids, started dress shopping and let the people know who were traveling when they needed to be here. We were going to be married in Regina at the Wascana Country Club on June 13, 2020. In the next few months, I ordered my dress, chose the bridesmaid dresses and got all of the invitations sent out. Things were cruising along really well. I was buying everything in advance so that we were ready and so we could sit back and not have much stress in the months leading up to our wedding day. Queue the global crisis…

Who needs pre-marital counseling when you have a pandemic

When we first heard about the coronavirus, I initially thought it wouldn’t affect us or our special day. Then the borders closed, the cases started to rise, and we were both home – 100% of the time. During those few months, we were able to work through and talk about a lot of things. To say the stress levels were high would be an understatement, but we really focused on making decisions together and keeping open lines of communication. Except for the part where I unanimously made the decision to push our wedding reception a year, including all of our vendors, and then told him after the fact.

“Sorry honey”.

Vendors, deposits and budgets, oh my!

I was very fortunate that we didn’t lose any money when we chose to change our wedding plans and we were able to simply shift everything by one year. This meant that all of that planning I had done wasn’t going to go to waste. I did hear about a lot of people that made the decision to cancel their wedding and lost money and I feel for them. It’s always a great idea to create a wedding budget and stick to it because weddings are expensive and it’s easy to go into serious debt in the planning and spending, especially when you go to wedding expos and see what others are doing. But one thing you can’t budget or plan for is when you end up losing your deposits and that can make a stressful time much worse. I’m not going to go into the debate of signed contracts, non-refundable deposits and whether or not a pandemic that is out of your control is grounds for a deposit return, however, I will say that every single one of my vendors was very easy to work with and they, and their businesses, were feeling the financial burdens and uncertainty we all were.

If you are currently in the position of deciding whether to postpone and are afraid to have the conversation with your vendors – I highly recommend just ripping off the band-aid. Although we are all feeling the financial burden of the global pandemic, these businesses survive on positive word-of-mouth and referrals and many will deliver on good customer service in order to win your endorsement. They will understand and the sooner you let them know – the more flexible they can be.

So what did we do?

Well, I am now a Mrs., and our wedding picture is at the top of this blog, so we did get married June 13. We chose to get married at my parents’ lake house with those of our bridal party that could attend and my parents’ best friends (limited numbers made it easy to cut down the guest list). The biggest thing we learned is that missing out on many of the material things did not make the day any less memorable or perfect. Although we had to shift our initial vision of what the day was going to look like. at the end of the day I was able to get married to a wonderful man surrounded by love and even those far away were able to be part of it via live steam – and that, I wouldn’t change for anything. We are going to have a reception next June (fingers crossed) and we will be able to celebrate with everyone at that time.

Tips for getting married during COVID-19 (or any pandemic)

  1. Breathe – you can do this. It may feel like it, but it’s not the end of the world (hopefully). Plans will change and you will have to be agile and flexible, but I believe in you.
  2. Lean on others – there are lots of others going through the same things and you can get lots of tips from them. Talk to your family and your future spouse, they want to be there for you and help you through this.
  3. Take time to pause and process what you’ve lost – at the end of the day, it’s sad when your sister and best friend literally cannot come to your wedding because it means traveling or your grandma can’t attend because it’s too dangerous. It’s important to take a minute to just say “this sucks”, maybe yell or throw things or go find a batting cage or hit some golf balls. Whatever it is, let yourself feel the loss.
  4. Don’t dwell on what can’t be – you will drive yourself crazy focusing on all the things you can’t have and your wedding will be overshadowed by sadness rather than being a celebration of love and happiness.
  5. Decide what you need and what you can do without – whether you are going ahead with a paired down version of your wedding or moving it to next year, decide what things you can’t do without and what you can. The same goes for guests.
  6. Look for ways to include those who can’t be there – for us, it was live streaming the wedding, calling people after the ceremony and FaceTiming my sister from Australia for the entire dinner and speeches. Best part, all of that was free.
  7. Stick to your budget – there is a good chance you may lose some deposits if you decide not to postpone or reschedule and that will have a huge impact on your budget. If you decide, like us, to have a wedding now and a reception in the future, you need to decide if your wedding budget will remain the same or if you are going to create a different one for each event and that may mean more money is going to be spent. Either way, make your budget and stick to it.
  8. Talk to your vendors – regardless if you are postponing or going ahead, keep in contact with your vendors. They are probably wondering, just like you, what’s going on. Be patient with them as well – they didn’t plan for COVID-19 either and are going to be a lot more willing to work with you to find a solution if you don’t go bridezilla on them.
  9. Make it a memorable day – no matter what, it’s still your wedding day and you need to make it about you and your future spouse. Find ways to keep the day about you and not the pandemic and what you’ve lost.
  10. Don’t let people call you a COVID bride – COVID-19 may have forced you to change your plans, but it’s not what should define your wedding. Unless that is your theme, then you do you.

Recovering Canceled Travel Costs During COVID-19

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This year travel came with all the stress and none of the excitement. For many, it meant cancelled trips, leaving most feeling disappointed, concerned and wondering about refunds. After months of planning your dream vacation or weekend getaway, you are now having to spend months scrambling to recoup costs. Here’s some of the best ways – and how to make the most of staying home!

Cancelling a trip due to COVID-19

Let’s be honest, 2020 hasn’t gone as planned for anyone. Especially those who finally saved enough in their piggy banks to take their dream trip. Unless you were lucky enough to travel in January or February,  you’ve spent 2020 cancelling travel plans and refreshing refund policy web pages for updates on how you will recoup your costs. I was a part of the group who were hopeful for a travel resurgence in the Fall and Winter seasons who are now realizing our trips are suffering the same fate as those who booked in the first half of the year.

Travel is exciting and fun but it can also be stressful and a lot of work to plan but typically it is always worth the work. *sighs* But when you throw in a global pandemic, now the time you took to plan the perfect getaway is being rewarded with more work to undo it with the hopes of losing the least amount of money as possible. Navigating refunds from travel plans you’ve spent months assembling can be overwhelming and tough. Here’s what I’ve learned is the best way to recoup these costs:

Flights & Accommodations

For the travel and hospitality industry, COVID-19 has posed as a huge threat. Many flight and travel companies are having to rethink and change their policies to accommodate the safety of their guests and staff, but also the influx in cancellations. Travel service providers, hotels and rental companies worked quickly to address the impacts of COVID-19, posting information and making updates as new information was communicated. Luckily, most made the right decision to shift to more relaxed and flexible refund policies.

With so much information being shared it can be overwhelming. A resource that I found particularly helpful was this article that outlines the  current policies for major airlines, hotels and rental companies.

Another great place to start is to review your travel insurance, if you had any, the terms and conditions of your booking and refund policies. This will help you understand if you need to talk to someone or if you can easily cancel online. If you are having issues finding this information in your booking documents, visit the company’s website. Most companies have created a “COVID-19 Updates” page on their website, making it easy to find the information you need. Finally, if all else fails, pick up the phone and call them. They’ll be able to bring up your information and communicate their refund policies. Plus, many times these agents will be trained to offer exceptions, personalized solutions and even future discounts in order to rectify a situation so sometimes it pays to talk to someone directly.

Tickets

I’m guessing that if you booked an expensive getaway, you likely had some things planned in your destination. Whether it is sports games, concert tickets, art shows and all things in between – most of these attractions would have been purchased in advance. If it’s a concert, you might get lucky as many artists are just postponing shows to the following year instead of cancelling. However, if it’s a sports event or show it might look a little different.  Here are some of the most common ticket sale channels and how to recoup costs:

  1. StubHub
  2. Ticketmaster
  3. Vivid Seats

If you booked tickets outside of these services or you didn’t find any luck through these resources – give them a call. Like I mentioned before, many service providers understand the threat of substitutes in their industry and any unsatisfied customer is a risk to the main thing that keeps them afloat: their reputation. Pick up the phone and explain your situation to them – chances are they will work with you to ensure you leave the conversation satisfied.

Staycation anyone?

Although it hasn’t felt like anything good can come from 2020, life is what you make it! I’m sure you just rolled your eyes a little bit, but I mean it. I once heard that if you want to make progress, you need to create an uncomfortable environment. I don’t know about you, but 2020 has made me pretty uncomfortable. So let’s lean into it and make the best of what life has thrown our way. You know what they say, when life gives you a global pandemic and takes away your dream vacation, make lemonade by turning it into a Saskatchewan Staycation!

Staycation

This new normal has provided perspective and has shown us – it’s okay to slow down.

So, use your vacation days and take some much needed R&R to yourself. Sleep in, read a good book, binge watch that Netflix show, order in from your favourite local spot and truly disconnect from the chaos of the world. If this is exactly what you did during quarantine and your house is feeling like a prison – this is a great opportunity to explore Saskatchewan.

Travel within Saskatchewan 

Saskatchewan is often overlooked because we’re small and don’t have the mountains. As someone who is born and raised in Regina, I even find myself overlooking my own province – thinking ‘I’ve seen it all’ or going back to the same spots because they are familiar.

When we travel, something takes over and we are more open to trying new things and exploring, so I challenge you to take that challenge and go explore the province! I dare you to reacquaint yourself with those little forgotten gems or find somewhere new. Last summer we posted a MONEYTALK blog that helps you travel Saskatchewan on a budget. Just because travel is restricted doesn’t mean you are fenced in to your own backyard.

When you travel within Saskatchewan, you aren’t just exploring something new, you are also helping to fuel our economy. COVID-19 has had major impacts on our economy, by staying and travelling in our own province, you are helping to improve this.

Here are some other great resources on recouping costs and travel information:

What to know about credit card chargebacks

Government of Canada: Travel and Tourism

How does COVID-19 affect how you renew your mortgage?

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COVID-19 has changed the way we do many things and renewing your mortgage during this time is no different. Thankfully, if you have a good relationship with your lender, the process is relatively seamless and easy to do while practicing social distancing.

Renewing your Mortgage during COVID-19

By law, lenders must give you 21 days’ notice of renewal before the term of your mortgage is up, but if you would like to plan ahead like I do, you should start thinking about the renewal process 120 days before that renewal date. Most lenders will send you their best offer 30 days before the renewal date but starting early gives you some time to really determine what might work best for you and your family. Whether you are looking for a quick renewal of your current mortgage or you are interested in shopping around for the best rate – there are a few things you should keep in mind to set you up for the next 1-5-10 years of home ownership.

How does money affect the mortgage?

If COVID-19 has had an impact on you financially, it might be time to re-visit your household budget. If you took your mortgage over a 5-year term, a lot can change in that time so you should know what kind of flexibility you have in your monthly finances. Some things to consider:

  • What are your financial goals? For a lot of families, COVID-19 has increased the importance of setting up emergency savings. Keeping your mortgage payments small might help you set up that emergency savings in case of another pandemic or job disruption. If retirement is on the horizon and your investments fell during this time, it might be possible to increase your payments while you’re still working. This will allow you to pay the mortgage off faster so that you are mortgage free once you are on a fixed income.
  • Have you received a sum of money such as bonus or inheritance? Consider applying that to your mortgage principle at the same time. Not only could this reduce your payment, but this pays your mortgage off faster and saves you interest. The tricky part is not convincing yourself that this new windfall gain should be spent on a new vacation!
  • Are there some renovations or home improvements that you’ve got the time to accomplish? You could consider increasing the amount you renew your mortgage for to cover the costs of the shingles or finally heating your garage.

Choose the correct term length for you

One of the biggest considerations is the term of your mortgage. Mortgage terms can vary from 1-10 years with the average being 5 years. If you think that you might want to sell your house in the next 5 years, taking your mortgage over a shorter term will help you avoid any costly early-payout penalties from your lender.

Adjusting your payment frequency to match your financial situation is also a change you may want to consider. Bi-weekly payments that match your pay schedule can pay off your mortgage sooner and decreases the amount of interest that you pay in the long run. A monthly payment may make it easier for you to budget during the month. Each option is unique to you and what makes the most sense for your budget.

How COVID-19 has affected interest rates

If there is a bright side of COVID-19, interest rates have fallen significantly since March, making it a great time to renew your mortgage with a low interest rate. The Bank of Canada’s overnight rate is 1.75%*, allowing lenders to offer mortgages just above Prime at 2.89%* for a 5-year fixed rate mortgage.(as of June 9, 2020. Interest rates are based off of your credit score and may vary).

There are traditionally two types of interest rates, fixed and variable and what works best for you is largely based on your own situation:

Fixed: Most borrowers like the idea of having a fixed mortgage rate to limit any surprises in their budget. Especially if you are recovering from job disruption due to COVID-19, a fixed rate is probably your best option.

Variable: Variable rates are attractive because they are often lower than fixed rate mortgages. A variable rate is usually stable, but it is based off the Prime Rate. If the Bank of Canada increases the overnight rate, it pushes the prime rate up, thus increasing variable rates. If your budget can accommodate some flexibility, choosing a variable rate can save you some money over time.

Try shopping around

If you aren’t happy with your current lender, or see a low rate at another bank, renewing your mortgage is an opportunity to shop around. However, COVID-19 has impacted lives in many ways, so be sure to consider your personal situation before making the switch.

If you haven’t applied for a mortgage since October 2018, you are now required to pass the mortgage stress test when applying for a new mortgage or switching lenders. The stress test ensures that borrowers can afford the mortgage that they are applying for by qualifying them at a higher interest rate. The good news is, the Bank of Canada reduced the greater qualifying rate from 5.04% to 4.94% making it easier to qualify for financing. The greater qualifying rate is only to ensure that you can afford your mortgage, the interest rate you will pay are usually lower than this.

If you are considering switching lenders, there may also be some penalties that you have to pay to move your mortgage. Switching within the 120-day window should avoid early payout penalties. Some other fees to consider are appraisal fees, set-up fees for transferring your mortgage and other administration fees. Part of the power of shopping around is that you can ask for these fees to be covered from your new lender which will save you some cash.

How COVID-19 has affected mortgage applications

The pandemic has changed the way that lenders review applications and could make it harder to access funding when renewing your mortgage. Lenders are reviewing any applications under a microscope so it is important to have your documents in order prior to applying for financing. Income statements, business plans for self-employed applicants and personal net worth statements are some of the documentation that may be required.

If you’ve had to defer payments due to COVID-19, you may have to catch up on those payments before being able to switch lenders. This could come at a major one-time cost so be sure to talk to your current lender about what that cost may be.

Finally, the #1 thing that you can do to set yourself up for success while renewing your mortgage during COVID-19 is to reach out to your Financial Advisor. They can complete a review of your finances and your unique situation in order to give you advice on what the best route is for you.

More COVID-19 Scams to Monitor

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During this pandemic, it’s not just your physical health at risk, your financial health may be as well. Throughout times of uncertainty we are seeing fraudsters launch sophisticated scams, exploiting public fears for targeted attacks – and we’re definitely in uncertain times.  In addition to the scams we went over earlier, here are five more of the most prevalent COVID-19 scams we’re seeing used to attack people’s financial health and how you can protect yourself from being a victim.

You don’t think it can happen to you, until it does. We often think we will never fall victim to a scam, but it can happen to anyone. Fraud scams are under reported because victims are too embarrassed to admit they were exploited, and this perpetuates these crimes.

Fraud doesn’t discriminate and the tactics become more predatorial and sophisticated in health and economical crisis such as the COVID-19 pandemic. More than one million Canadians applied for Employment Insurance between March 16 – 22, 2020 because of COVID-19 job losses. The Government of Saskatchewan started introducing public health orders on March 17 that restricts social gatherings and business closure for non-essential services. People are more isolated than they’ve ever experienced, they’re feeling financially insecure, and their sense of normalcy has been disrupted. Criminals target these feelings and with the increase of information about COVID-19 in media coverage, on social media, and direct email, it can be difficult to know what is trustworthy. Let’s make sure you are aware and protected from the following scams:

Social Media Questionnaires

Have you ever used your first car or your pet’s name as the answers to security questions? I know I have. Although harmless at first glance, these questionnaires are an easy way for a fraudster to gain access to your personal information to either answer your security questions or even pose as you to gain financial access.

You might be thinking, “I would never post this”, but someone you care about might or maybe has already. You may also think “I trust everyone in my friend list to not share my information.” They may be trustworthy, but it just takes one of them to get hacked and all of a sudden your personal information is in the hands of a fraudster.

Here’s how you can protect yourself:

  • DO NOT participate in these questionnaires and delete any old ones that you’ve posted. Spread the word to your friends and family as well.
  • Do not accept any friend requests from people you do not know and remove anyone that somehow slipped through the cracks.
  • Restrict the privacy settings on your social media accounts
  • Use secure passwords that include letters, numbers, and characters. Change your password routinely
  • Avoid security questions that could be easily guessed

CRA Text Scam

Do you know the warning signs of a scam? With all the uncertainty in the world right now, it’s easy to want to believe the best in people. This is what fraudsters are thriving off – vulnerability. This news story from CBC, warns Canadians of a text scam exploiting the new emergency relief program.

However, this isn’t the only scam going around. Some other scams to be alert for are text messages or emails from fraudsters impersonating the Canada Revenue Agency. This article outlines what to actually expect when the Canada Revenue Agency contacts you.

Here’s how you can protect yourself:

  • If it’s an unfamiliar phone number or email, don’t automatically trust the source
  • Look for spelling and grammatical errors in the text
  • Ask yourself “Does the URL look credible?” If you have ANY doubt, contact the company and fact check the message.

For more information on how to protect yourself, here the CRA outlines how to ‘Slam the Scam’.

Work From Home Scams

The provincial government recently warned against a work from home scam during the COVID-19 crisis. Fraudulent ads by companies offering opportunities to work from home as securities traders are appearing on social media. These ads promise that traders can keep a large percentage of the profits and they don’t need experience or a license. They only need to pay fees to the would-be traders.

If you’ve experienced job loss from COVID-19 and you’ve lost childcare, this would seem like a good way to replace your income – which is exactly why this tactic is being used. In Saskatchewan, anyone in the business of trading securities must be registered with Financial and Consumer Affairs Authority (FCAA), unless an exemption applies. The FCAA expects that similar scams will continue to increase during the COVID-19 crisis.

Fraudsters Posing as Financial Institutions

In times of uncertainty or struggle is often when individuals turn to their financial institution for advice, services or products to help them navigate their financial situation.

A text message scam has been circling around where fraudsters are posing as a financial institution, using scare tactics to try and gain access to your information.

 

 

As seen in this message below, someone impersonating Scotiabank has used a scare tactic to make you think your access has been disabled to get you to click the link. As we touched on before, here are some things you want to look out for:

  • Unfamiliar phone number
  • Spelling and grammatical errors
  • Unusual links

Here’s how you can protect yourself:

  • Don’t click any of the links in the message – go directly to your financial institution’s website through your web browser
  • Always log in to your account directly online or through your mobile app
  • Double check the source of the text – when using scare tactics people often just react, but in reality, you may not even have an account with Scotiabank
  • If something serious was happening to your account, your financial institution would definitely call you, not text you.

Exploiting Grocery Delivery for seniors

As we all take measures to social and physical distance ourselves, common tasks such as grocery shopping have become difficult, especially for some of the most vulnerable in our communities. Unfortunately, fraudsters are posing as helpful citizens offering to deliver groceries to seniors who are socially isolated or are physically unable. These scams ask for e-transfers or credit card numbers in advance with the grocery list. They’ll also ask for your address – not so they know where to deliver the groceries, but so that they can list it as the billing address when they charge the card. Disgusting, right?

Here’s how you can protect yourself:

  • Utilize delivery services offered directly through grocery stores/business in your community. Many grocery stores have started offering special shopping hours for seniors
  • Rely on friends and family to shop for you
  • Be alert and aware of other scams that exist right now
  • Have conversations with your parents and grandparents to educate them on how they can protect themselves

Remember, fraud does not start and end here – it’s important that you remain alert even as the COVID-19 pandemic comes to an end. If you have been targeted or have fallen victim to an attack, it’s nothing to be ashamed or embarrassed about. It can happen to anyone.

For more information about protecting yourself from fraud and to learn about different scams out there right now, visit https://www.antifraudcentre-centreantifraude.ca/features-vedette/2020/covid-19-eng.htm.

What Emergency Funding is Available for Businesses & Ag Producers

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The COVID-19 pandemic is making a significant impact on the Canadian economy, especially with small and medium sized businesses. The federal and provincial governments have announced different support efforts to relieve businesses and agricultural producers during these anxious times. Let’s help you break down these different measures so that you can brave this storm and best protect your business’ financial well-being.

UPDATED: May 21, 2020

Due to the nature of COVID-19, how it spreads, and how self-isolation is the best way to fight against it, businesses across Canada are facing difficult decisions. Over the last week, many provinces and municipalities have announced measures to stop the spread of the virus that resulted in business closures and massive layoffs. The Government of Canada has also announced multiple initiatives to support businesses to provide economic stability during this time. Agricultural producers are also feeling the weight of the pandemic as they approach the beginning of spring seeding and how to get their goods from a difficult 2019 growing year to market. Most of the information below and how to apply for benefits from the Government of Canada can be found here.

Supports for Businesses

Canada Emergency Wage Subsidy (CEWS)

Canadian businesses, including non-profit organizations and charities, whose March revenue has decreased by at least 15% due to COVID-19 and facing employee layoffs can access a temporary wage subsidy. Business owners can receive 75% of wages per employee to a maximum of $58,700 during the 3-month period, to a maximum of $847/week per employee. These payments will be back dated to March 15, 2020. Businesses will have to apply for the program through the My Business Account portal on the Canada Revenue Agency’s website. They will also need to apply each month. To qualify, they will need to prove that their revenues have fallen at least 15% in March, as compared to January and February’s revenues.For non-profits or charities where revenue verification will be more difficult, may be able to access the subsidy by proving donations have reduced. However, the specific details for these organizations is still being worked out.

The 10% wage subsidy that the government announced earlier this month is still in effect. Small businesses can continue to claim the 10% wage subsidy, to a maximum of $25,000 or $1,375/employee. Businesses do not need to have experienced a decrease in revenue for this and can access this support immediately by adjusting the remittances of income tax that they withhold from employee pay. If a business is already receiving the 10% wage subsidy, they can also receive the CEWS, however the amount they receive will  be adjusted down accordingly so that they receive a maximum of 75% subsidy between both programs.

To create some balance between employers and employees, the Government of Saskatchewan will allow businesses to not have to provide notice or pay in lieu in the event of a public emergency when the layoff is 12 weeks or less during a 16-week period. Additionally, if an employee is laid off for more than 12 weeks in a 16-week period, they will be considered terminated and entitled to access federal employment insurance programs.

Businesses also qualify for payment deferrals on loans, skip-a-payment, and interest only payment plans. You are encouraged to reach out to your financial institution to determine what supports are available to you and what makes the most sense with your financial situation.

Canada Emergency Commercial Rent Assistance

The Government of Canada has announced the Canadian Emergency Commercial Rent Assistance (CECRA) program, in co-operation with Canada’s Provinces to provide much needed commercial rent relief to small businesses during this unprecedented time. This program will lower rent by 75% for small businesses that have been affected by COVID-19, in co-operation with the property owner. The program provides commercial property owners access to forgivable loans if they cover 50% of the rent payments for eligible small business tenants.

The commercial property owner must agree to reduce the tenants rent by 75% for the months of April, May and June under a Rent Forgiveness Agreement. The property owner would not be able to evict the tenant under the agreement, and the tenant would cover the remaining 25% of rent owed. Tenants must be paying less than $50,000 a month in rent, have ceased operations or experienced a 70% decline in revenues due to COVID-19. Non-profit and charitable organizations also qualify for the program.

To apply and find more information, visit the CMHC website.

Saskatchewan Small Business Emergency Payment

The Saskatchewan Small Business Emergency Payment program provides much needed financial assistance to Saskatchewan’s small businesses that had to close or reduce operations due to the public health order during COVID-19.

The payment can be used for any purpose, including covering fixed costs or the costs associating with re-opening after the public health order has lifted restrictions. Payments are based of 15% of the businesses’ monthly revenue in April 2019 or February 2020 to a maximum of $5,000. Seasonal businesses 15% payments are based off the average monthly sales revenue for their 2019 operational months.

To be eligible, a Saskatchewan business or not-for-profit must:

  • Have been carrying on business in Saskatchewan on February 29, 2020;
  • Have been ordered to temporarily close or curtail operations through a COVID-19 public health order;
  • Have less than 500 employees:
    • Seasonal businesses:
      • In the year before the COVID-19 public health order; or
      • When averaged for the 3 years before the year in which the COVID-19 public health order;
    • Attest that they:
      • have experienced a loss in sales revenue from business activities due to a COVID-19 public health order;
      • plan to reopen operations following the cancellation of the COVID-19 public health order; and
      • have not received any payments or amounts from any other sources, including insurance, to replace or compensate for the loss of sales revenue other than amounts from other government assistance programs; and
    • Apply on or before July 31, 2020.

Applications can be completed on the Government of Saskatchewan website.

Business Tax Filing

Like the measures taken for filing personal income taxes, businesses will be able to defer the payment of income tax until September 1, 2020. No interest or penalties will accumulate on these amounts owing. The Canada Revenue Agency will also pause most of its audit interactions for businesses for the next 4 weeks. For businesses requiring assistance understanding your tax obligations, help will be administered over the phone or through webinar.

Businesses and self-employed individuals can defer payments of the Goods and Services (GST)/ Harmonized Sales Tax (HST) until June 30, 2020. Businesses will also be able to defer customs duties owing on imports until June 30, 2020. Details about remittance schedules and how they qualify can be found here.

The Saskatchewan Government is also providing relief for you if you own a business and are unable to submit your Provincial Sales Tax (PST) remittance over the next three-months. You can submit a request for relief from penalty and interest charges here. Like the federal government, they are also pausing audit and compliance programs for businesses.

Credit Services

Canada Emergency Business Account (CEBA)

This emergency loan program will allow businesses to access interest-free loans of up to $40,000 to cover operating costs while revenue is down due to COVID-19. Contact your business advisor or financial institution to learn more about the CEBA and what it means for your business.

What is the CEBA loan?

  • $40,000 interest-free loan to help you cover operating costs you were not able to defer because of COVID-19
  • $10,000 (25%) of the $40,000 loan is eligible for complete forgiveness if $30,000 is repaid on or before December 31, 2022
  • If the loan cannot be repaid by December 31, 2022 it can be converted into a 3-year loan with an interest rate of 5%
  • Once your loan application has been reviewed and submitted the process for funding will take up to 7 days from completion.

How does the CEBA loan work?

  • The loan will be funded as a $40,000 term loan, 0% interest and no payments until December 31,2022
  • No interest will apply until January 1, 2023
  • Beginning January 1, 2023, interest accrues on the balance of the term loan at the rate of 5% per annum, payable monthly on the last day of the month
  • If you pay 75% of the balance of the term loan on or before December 31, 2022, the remaining balance of your term loan will be forgiven. For example, if your balance is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven
  • If you do not repay the 75% of the balance of the term loan on or before December 31, 2022, the full loan balance and all accrued and unpaid interest will be due and payable on December 31, 2025.

What’s the eligibility criteria?

The eligibility criteria are as follows, per the Government of Canada’s requirements:

  • You are a Canadian operating company (ie. not a holding company) registered and in operation on or before March 1, 2020
  • Your Annual payroll expense is between $20,000 and $1.5 million, as evidenced on your 2019 T4 Summary of Renumeration Paid (T4SUM). If you cannot locate your T4SUM contact Revenue Canada for reissue
  • A 15-digit Canada Revenue Agency Number also shown on your T4SUM
  • Conexus is your primary financial institution – meaning your everyday business banking account and cash management activities are held with Conexus, and opened on or before March 1, 2020
    • If your everyday business banking account is held elsewhere, please apply for funding through the Financial Institution that holds your primary Business Operating Account
  • Your account must be in Good Standing as an existing member

Expanded eligibility as of May 19, 2020

The criteria for access to the CEBA Loan Program has been expanded to include businesses with sole proprietors, those that rely on contractors or family owned businesses that pay employees through dividends. To be eligible, applicants with payroll less than $20,000 must meet the following criteria:

  • Have a business operating account at a participating financial institution
  • Have a Canada Revenue Agency business number
  • Filed a 2018 or 2019 tax return
  • Have eligible non-deferrable expenses such as rent, property taxes, utilities and insurance that equal between $40,000 and $1.5 million

Business Development Bank of Canada (BDC) Co-Loan

On March 27th, the Federal Government announced the BDC Co-Lending Program to support Canadian businesses of all sizes that have been negatively impacted by COVID-19.  Eligible applicants can access up to $6.25 million CAD (max loans amount dependent on business size) in loans to cover operating expenses such as rent and payroll and working capital needs such as inventory.  The loan will be jointly funded by BDC and your financial institution.

 

Business with less than $1 Million in Annual Revenue

Businesses with $1-50 Million in Annual Revenue

Businesses with over $50 Million in Annual Revenue
Up to $312,500 Up to $3.125 million

Up to $6.25 million

How does the BDC Co-Lending Program work?

  • Eligible business members can apply for financing to support their operational and liquidity needs
  • Term Loan
  • First 12 months to be interest only

What’s the eligibility criteria?

  • Been a member with your financial institution as of March 1, 2020
  • Been a viable business as of March 1, 2020 prior to COVID-19 impact
  • Meet the necessary requirements that will form part of the application process

More information can be found on the BDC website here.

To further ensure Canada’s businesses have access to credit services during this time, the Government of Canada is relaxing its parameters for certain funding:

  • The Canada Account ensures Canadian Exporters have access to loans, guarantees, and insurance policies during this time.
  • The Business Credit Availability Program (BCAP) is allowing the Business Development Bank of Canada (BDC) and Export Development Canada to support small and medium businesses with an additional $10 billion. In addition, BCAP and BDC will work with private sector lenders to ensure credit solutions are offered for individual businesses, specifically businesses that operate in the oil and gas, air transportation, and tourism sectors.
  • Canada’s individual banks will be able to access $300 billion for the economy by lowering the Domestic Stability Buffer of risk-weighted assets by 1.25%. This is in addition to the Bank of Canada reducing its interest rate to 0.75% to support the economy. Further reductions to the interest rate are expected, but not known at this time.

More details on market support measures taken by the Government of Canada can be found here.

Export Development Canada Business Credit Availability Program Guarantee

As part of the federal government’s new $65 billion Business Credit Availability Program (BCAP), Conexus Credit Union and Export Development Canada (EDC) are partnering to provide small-and medium-sized Canadian businesses with financing during the COVID-19 pandemic. Access the credit you need to cover payroll and other operating costs during this global health crisis. The EDC BCAP Guarantee provides businesses with up to $6.25 million in credit to cover operational costs like payroll and rent. Proceeds from the BCAP-supported loan cannot be used to repay or refinance existing debt (further restrictions apply to other non-operational costs). Export sales are not required to qualify for the program.

EDC fees related to this guarantee will be deferred for the first six months, giving some short-term relief to your business. EDC will provide a guarantee to Conexus Credit Union on 80% of the value of your loan. By sharing risk with EDC, we can help your company access the financing it needs. Note that the guarantee is to our institution, not your business, so you remain responsible for the full value of the loan.

For more information on the loan and the eligibility criteria, contact your business advisor.

Information can also be found on the EDC website.

Regional Relief and Recovery Fund

The Government of Canada has announced additional funding for small and medium businesses who need additional relief due to the COVID-19 pandemic. The Regional Relief and Recovery Fund (RRRF) provides $962 million in relief funding delivered through regional development agencies. Specifically, $304 million is allocated to Western Economic Diversification Canada to assist Western Canadian businesses specifically in the tourism sector.

The objective of the RRRF is to assist Western Canadian businesses that do not qualify for other programs such as the Canadian Emergency Business Account (CEBA) or the Community Futures Emergency Loan Program. The RRRF will support businesses in two ways:

  • Provides up to $40,000 in repayable contributions to businesses that are not eligible to access other federal support programs. Businesses that receive funds from the RRRF and repay 75% of the contribution (up to $30,000) on or before December 31, 2022 will result in forgiveness of 25% of the contribution (up to $10,000).
  • Provide up to $1,000,000 in repayable contributions to businesses that can demonstrate a meaningful contribution to the Western Canadian economy and are experiencing liquidity issues. These companies may not have accessed other Government of Canada relief programs, or may have accessed them, but require additional funding to mitigate cash flow pressures. This contribution is fully repayable.

Further details, including eligibility criteria for each stream, and how to apply, can be found here.

Examples of business that are eligible to apply to the RRRF:

  • Pre-revenue firms (e.g. a company that has not had any sales to date)
  • Businesses that do not have salaried employees (e.g. a company with a workforce of contract employees)
  • Businesses with no payroll that do pay their owners a salary (e.g. a company that pays its owners through dividends)

Examples of businesses that are not eligible to apply to the RRRF:

Applications are being accepted through Western Economic Development Canada and can be found here.

Large Employer Emergency Financing Facility

The Large Employer Emergency Financing Facility (LEEFF) is a program to support large employers through COVID-19. The program provides short-term liquidity assistance in the form of interest-bearing term loans through the Canada Enterprise Emergency Funding Corporation, a subsidiary of the Canada Development Investment Corporation. The assistance is available to large Canadian employers who meet the following criteria:

  • Make a significant impact on Canada’s economy by:
    • Having significant operations in Canada
    • Supporting a significant workforce in Canada
  • Have annual revenues of $300 million or more
  • Require a minimum loan of $60 million
  • Have never been found guilty of tax evasion

Assistance is available to large for-profit enterprises in all industries, except those who operate in the financial sector, as well as certain not-for-profit businesses. They must commit to minimizing loss of employment by sustaining their business operations through COVID-19 and provide an overall plan to return to financial stability.

For full information on LEEFF, visit the Canada Development Investment Corporation fact sheet here.

Canada Summer Jobs Program

On April 8th, the federal government announced changes to the Canada Summer Jobs Program to do more for students and small businesses that rely on the program to deliver essential services. The program creates almost 70,000 jobs for Canadians aged 15 to 30. Temporary changes to the program for this year include:

  • Increase to the wage subsidy so that employees can receive up to 100% of the minimum hourly wage for each employee
  • End date for employment is now February 28, 2021
  • Employers can adapt their activities to support essential services
  • Hiring staff on a part-time basis

Supports for Agricultural Producers

Farmers and the agri-food sector will be supported by Farm Credit Canada and an additional $5 billion dollars provided by the Government of Canada. You are encouraged to contact Farm Credit Canada to discuss the supports available to you.

Eligible farmers who have an outstanding Advanced Payments Program (APP) loan that comes due on or before April 30 will receive an automatic stay of default, giving farmers an additional 6 months to repay the loan. Those farmers with outstanding interest free loans, under the $1 million cap, can also apply for an additional $100,000 interest free portion for the 2020-21 year.

Agriculture and Food Business Solutions Fund

Farm Credit Canada will be running the Agriculture and Food Business Solutions Fund, providing agribusinesses and producers much needed relief during the COVID-19 pandemic. $100 million dollars will be available in the form of convertible debt investments and other flexible financing options. Companies that have experienced business disruption can apply for up to $10 million.

Fish Harvesters Benefit

Fish harvesters facing a 25% drop in income due to COVID-19, will have access to $470 million in relief from the Federal Government. The Fish Harvesters Benefit covers up to 75% of losses to a maximum of $10,000. Additional relief in the form of non-repayable grants will be available and the rules for Employment Insurance claims in 2021 will be changed to reflect previous years income.

AgriRecovery Set-Aside Program

The Saskatchewan Government announced an additional $5 million dollars for participation in the AgriRecovery Set-Aside Program, supporting producers in the livestock industry that need to hold their livestock back from markets. Saskatchewan Livestock producers will be able to access a total of $12.5 million under the program. 40% of the program is funded by the Saskatchewan Government, with the remaining 60% funded by the Federal Government. The program will be delivered to Saskatchewan producers through Saskatchewan Crop Insurance Corporation.

Western Livestock Price Insurance Program

The Western Livestock Price Insurance Program (WLPIP) supports livestock producers by reducing the price of livestock insurance purchased through WLPIP. $5 million is being provided by the Saskatchewan Government to offset the premiums producers are facing due to the COVID-19 pandemic. 40% of the increased premium costs, back to February 25, 2020 will be covered by the government. Additionally, the deadline for obtaining calf price insurance through WLPIP is being extended to June 18, from May 28, 2020. Premium adjustments will be in place until September 1, 2020, and reviewed at that time.

Producers may also qualify for payment deferrals on loans, skip-a-payment, and interest only payment plans. You are encouraged to reach out to your financial institution to determine what supports are available to you and what makes the most sense with your financial situation.

Beware of These Scams During the Coronavirus Pandemic

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As you take precautions to protect yourself from the coronavirus, don’t forget to safeguard your financial well-being from fraudsters who are hoping to cash in on the paranoia. Here’s how you can identify scams that are currently being used and what you can do to ensure you are shielded from fraud during the pandemic. 

Well this escalated quickly.

The coronavirus is a devastating pandemic that is making a massive impact on the economy and health care systems all across the world. As of March 20, the world has experienced over 267,000 cases of the virus and although Canada is only representing a small portion of that total with 925 cases, we are in uncharted territory. Terms like “social distancing” and “self monitoring” have become second nature in (remote) conversation and we’ve all been exchanging shows to binge on Netflix during our two week long self-isolation periods.

This is truly an unsettling time where paranoia and panic are running rampant. Unfortunately, like a virus themselves, fraudsters and scammers feed on this urgency and as if we didn’t have enough to worry about, with the increase in global coverage comes an increase in fraud activity. Let’s make sure you are briefed and safeguarded against the types of fraud to watch out for so you can focus on protecting yourself from the global pandemic.

Fraudulent Health Products & Professionals

Fraudsters know that during a pandemic, your anxiety surrounding your health skyrockets and you’ll do whatever it takes to ensure you and your family are protected. From the moment that the coronavirus hit the global media, scammers were creating fake products that claim to boost your immune system, cure you from symptoms and, in some instances, have access to a vaccine.

The sad truth of the matter is that although they are in development, we are likely a year away from having a vaccine available and there are no approved drugs to prevent the virus. The websites and messages that these scammers are sending are chocked full with convincing information on the product, faux testimonials, professional sounding terms like “clinical trial” and even conspiracy theories about their company having access to a vaccine that the pharmaceutical industry is withholding for money. We’ve also seen con artists who are impersonating World Health Organization professionals with alleged access to information on a miracle drug. These con artists have been sending emails with important updates on the virus that prompts readers to click on a phishing link or download malicious software.

How you can protect yourself: Caution will prevail here. As long as you know that any medical information, especially on vaccines or treatment, will come directly from your healthcare professional and not from a link from a suspicious email address – you’ll know not to click anything or entertain any offers for a miracle drug. Be suspicious of products and “professionals” that have cured the virus and when in doubt, check with your health care professional.

Fake Charities & Fundraising Efforts

Another tactic that fraudsters employ is to pull on your heart strings. With the coronavirus affecting so many small businesses and charities, many are calling for aid in order to navigate these tough waters. Scam emails and phone calls have been going out to try and trick people into donating to fake charities and relief efforts. They may say that they are looking for a small donation but as soon as they have your credit card number or authorization, they have access to take as much as they want.

In addition, you may see a few GoFundMe pages pop up on social media feeds to rally monetary support to offset expenses that affected families are incurring due to the virus. Most of these pages are started by incredibly generous people in order to provide support for families in a time of need, but unfortunately, scammers and fraudsters have also taken advantage of this method.

How you can protect yourself: Unless you know the family that is garnering the support or someone you know can vouch for them, it is safest to move along from any GoFundMe page or fundraising websites calling for monetary support. If you do want to contribute some money to a relief fund, consider experienced or established relief organizations, especially those that clearly describe the use of the funds. Beware of scammers impersonating those organizations, though!

Face Mask Scams

Yes, these are a thing. Scammers are actually capitalizing on the high demand for face masks. Many different websites and organizations claiming to sell face masks online are attempting to lure you in by showing they have a limited amount of stock available. Why is this effective? The urgency and scarcity for an in-demand product will increase the likelihood of an impulsive purchase. It’s the same method that infomercials employ with “Act now before it’s gone!” messaging. The Red Cross has actually issued a warning that scammers are posing as them to solicit face mask purchases through text messages.

How you can protect yourself: Whether it is face masks, hand sanitizer or another product you are buying to protect yourself and your loved ones, make sure you are keeping an eye out for phony e-commerce sites and scams. If your gut is telling you that something “just doesn’t feel right” or “it seems too good to be true”, it most likely is. Only purchase from stores and websites with an established reputation. The most effective way to avoid a scam is to buy directly from a seller you are familiar with and who you already trust. When in doubt, make sure the seller has legitimate contact information, a real street address and a customer service number you can call before you hand over your name, address and credit card number.

It has yet to be seen how long the coronavirus will remain classified as a pandemic, but heightened fraud activity will be a constant throughout. Remain vigilant to avoid scams related to the virus, use caution when giving out your credit card information to e-commerce and relief efforts,  and look out for fake cures, phony prevention measures, and other coronavirus cons. We’ll get through this – but let’s make sure your financial well-being does, too.