The situation with the COVID-19 is changing rapidly, day by day. Bâtirente monitors what is going on constantly and takes the necessary measures to ensure continuity in the management of your pension plan and your savings, as well as the security of our team and you, our members.
The financial markets have been subject to strong fluctuations since the beginning of March. The situation has stabilized somewhat over the past two weeks but remains very volatile. It is important in this context to remain calm and make decisions with a longer-term perspective.
Governments around the world are investing significantly to counter the effects of the crisis. Monetary authorities have also acted quickly to lower interest rates. However, it will take time for these measures to take full effect.
The Government of Canada is taking immediate, important and decisive action to help Canadians who are struggling with the COVID-19 outbreak. These include the following two:
A protection measure for retirees (RRIFs and LIFs)
Reducing the required minimum withdrawals from Registered Retirement Income Funds (RRIFs) for 2020, given volatile market conditions and their impact on retirement savings for many retirees, will increase financial flexibility for seniors worried that they might need to liquidate their RRIF assets to meet the minimum withdrawal requirements. This reduction would also apply to people who receive variable benefits from a Life Income Fund (LIF). Please contact the Member Service Centre if you would like to take advantage of this reduction.
Canada’s COVID-19 Economic Response Plan
For individuals experiencing declining employment income, several measures have also been put in place, including the Canada Emergency Response Benefit (CERB).
The government cannot yet specify when the money will be released, but has promised an online portal as early as April 6 to apply for CERBs.
If you plan to apply for the CERB, register with the Canada Revenue Agency My Account to ensure you receive the CERB as soon as possible.