Reconsidering when to take CPP benefits amid COVID-19 risk + MORE Apr 18th

The COVID-19 pandemic has swept many Canadians into unanticipated financial uncertainty. Mass temporary layoffs and job losses have left hundreds of thousands of people wondering how they are going to pay their rent and credit card bills in the coming months.
While the federal government is taking steps to ensure that its citizens have financial resources, the financial services industry is also stepping up to do their part for Canadians in their time of need. From emergency loans and mortgage deferrals to more recent measures such as pausing planned credit card interest changes and cutting interest rates, the major Canadian banks are proving that they care about their customers.
How Credit Card Issuers Are Offering Support
So far, Canada’s top banks have announced the following changes to support their customers during these times of financial stress.
Payment Deferrals
Canada’s five big banks have announced payment deferral plans for those struggling to keep up with their credit card bills…

Rates as of April 15, 2020

Table of contents

Who is EQ Bank?
How to make deposits and access funds with an online EQ Bank account
What you need to know about the EQ Bank Savings Plus high-interest savings account
GICs at EQ Bank
How EQ Bank’s international money transfers, powered by TransferWise, work
What you need to know about signing up for an EQ Bank account

Sign-up requirements
Sign-up process

No-fee digital bank accounts have grown in popularity and availability in recent years. It’s easy to understand why: You can always access them from the comfort of your home; they charge few to no fees because they don’t need to cover the costs of brick and mortar locations; and these high-interest savings accounts usually come with great rates, which makes them perfect for building your savings.
EQ Bank’s Savings Plus Account is a fantastic offering in this category (for personal banking only; they don’t offer business accounts). This account charges zero fees for everyday services, and it’s flexible, allowing you to transfer money and pay bills (so it operates similarly to a chequing account)…

In an earlier column, we looked at how to optimize the timing for taking your Canada Pension Plan benefits—early or late. We also touched on the issue of “survivorship,” mentioning retired advisor Warren Baldwin, who decided to take his own CPP at age 66, in part because of limited options for a surviving partner. He said: “If you die, the pension stops or only a limited amount continues to a surviving spouse/partner; more limited if the spouse/partner has a decent amount of CPP of their own.” I followed suit myself.
Because the matter is far from simple, Baldwin suggested we get some annuity quotes to better compare the value of CPP to a Registered Retirement Savings Plan (RRSP), while considering the fact that most or even all CPP’s value might be lost if a partner dies prematurely. (I hate to say it, but the coronavirus pandemic does make this a slightly more probable event, especially for seniors.)
For example, say your CPP is worth $350,000, and you also have a $350,000 RRSP…