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At the stroke of midnight on January 1st, 2020, you were probably raising a glass, returning a hug, or sharing a kiss. You, like many others, were buzzing with excitement at the thought of another 365 days unfolding before you. A yawning, new year full of promise.
Today is a different day. There is no less promise, but there is more adversity; more uncertainty. This year, a novel coronavirus, COVID-19, swept the world, impacting the smallest families and the largest organizations alike. Millions of people, from hundreds of countries, had to uproot their routines to protect themselves, loved ones, even strangers on the street.
Right now, global health is the top priority. As it should be. The economy is another challenge, but we have seen the likes of that before. In 1929. In 2008. Just to name a few. This is a turbulent time, but we have the experience to do better. Because we know better.
You may be thinking about withdrawing from your investments or cashing out completely because of COVID-19. According to a new Market Perspectives Report, our long-term outlook remains positive. There are opportunities in every market— even this one. Selling now may not be the answer. If your circumstances or goals have changed, you should consult with your investment professional to revisit your plans. If you need support, the Government of Canada has introduced measures to help combat the effects of this coronavirus.
Consider these options before locking in potential market losses on your investment portfolios:
- Apply for an assistance program (e.g. Canada Emergency Response Benefit)
- If you own a business, apply for a credit program (e.g. Canadian Emergency Business Account)
- Check if you have any extra savings available before liquidating your retirement portfolio
- Defer payments on your debt or mortgage
The best days often come after some of the worst. Check out our new Stick to the Plan Resource for more information on staying the course, whenever possible.
Stay Positive. Stay Healthy.
Explore our COVID-19 Resource Centre.