The College understands the real challenges facing each and everyone of our regulated members during this international health pandemic (COVID-19). As a result – College staff have been researching various supports available to individuals and business owners during these challenging times.
We encourage you to take a few minutes and review the available options below – keeping in mind that additional supports may be available and are not listed below:
From the Province of Alberta
Emergency Isolation Support Payment
This one-time payment of $1146 (payable by e-transfer) is made to ANY Albertan who experienced:
- total or significant loss of income as a result of having to self-isolate, or are the sole caregiver of a dependent who is self-isolating, and
- have no other source of compensation, such as workplace sick leave benefits or federal employment insurance benefits
To apply for this benefit – go to: https://www.alberta.ca/emergency-isolation-support.aspx
Utility Payment Deferral
Residential customers can defer electricity and natural gas bill payments for the next 90 days to ensure no one will be cut off, regardless of the service provider.
This program is available to Albertans who are experiencing financial hardship as a direct result of COVID-19. For example, those who have lost their employment or had to leave work to take care of an ill family member.
Call your utility provider directly to arrange for a 90-day deferral on all payments.
Student Loan Payments
The Province is implementing a six-month, interest free moratorium on Alberta student loan payments for all Albertans in the process of repaying these loans:
- Alberta Student Loan repayments will be paused for 6 months, beginning March 30, 2020.
- Interest will not accrue during this period. This mirrors the approach of the Canada Student Loans Program.
- Students do not need to apply for the repayment pause.
- Borrowers may continue making payments during this period if they choose and this will not affect their eligibility to receive the benefit.
Banking Options
ATB Financial
- Personal banking customers can apply for a deferral on their ATB loans, lines of credit and mortgages for up to six months.
Alberta credit unions
- Credit union members will have access to a variety of programs and solutions designed to ease difficulties with loan payments and short-term cash flow.
- Contact your credit union to work out a plan for your personal situation.
From the Government of Canada
- Provides up to 15 weeks of income replacement for eligible Albertans who are unable to work due to illness, injury or quarantine (self-isolation).
- One-week waiting period is waived for people in self-isolation.
- Provides $2,000 a month for up to 4 months to workers without paid sick leave (or similar workplace accommodation) who are unable to work, sick, quarantined or forced to stay home to care for children.
- Eligible parents will receive $300 more per child with their regular May CCB payment.
- Provides low- and modest-income Albertans with a one-time special payment in May of up to $400 for single people and $600 for couples.
- The required minimum withdrawal from Registered Retirement Income Funds (RRIFs) will be reduced by 25% in 2020 in recognition of the impact of volatile market conditions on many seniors’ retirement savings.
