As a frontrunner in the fight against COVID-19, Canada has implemented a range of beneficial policies to serve its economically and culturally diverse population. In doing so, it has also established itself as the most ideal country for people seeking a better quality of life overseas.
Most of Canada’s elderly population depends on savings and retirement funds to support themselves. Since aged people are also more vulnerable in the current health crisis, the Canadian government will allow senior citizens to draw from their Registered Retirement Income Funds – more frequently and in smaller installments – by reducing the minimum withdrawal limit by 25% for 2020.
Besides this benefit to the elderly, students have also been protected under the relief measures. Effective 30th March 2020, the government has placed a six month moratorium on Canada Student Loan repayment for all relevant borrowers. Payments will not be required, and no interest will accrue during this period. This will be a massive aid for recent graduates and current students who may not be drawing sufficient income to be able to repay their student loans.
These steps reflect the compassion and care with which the Canadian establishment nurtures its vulnerable populations, and heals its economy. Immigration aspirants are bound to take note of these measures, and be further encouraged to pursue long-term socio-economic security for themselves and their families, by relocating to Canada.
