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Mar
30

Mortgage Deferral to Support Canadians Amid COVID-19 Pandemic

Mortgage-Relief
Canada’s largest banks are offering mortgage payment relief to their customers through deferred mortgage payments. What is Mortgage Deferral?Mortgage deferral is not mortgage forgiveness. Mortgage deferral means that payments are skipped for a defined period of time, during which interest which would otherwise be part of the deferred payments is added to the outstanding balance of the mortgage. The added interest is incorporated into the monthly payment when payments resume at the end of the deferral period.This mortgage deferral related to the COVID-19 pandemic is available for an indefinite period and there is no deadline for customers to apply. Who can...
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Mar
30

Repayment Pause on Canada Student Loans and Alberta Student Loans

Repaymentonstudentloans
o The Federal Government has announced that it will pause the repayment of Canada Student Loans and Canada Apprentice Loans until September 30, 2020 with no accrual of interest. This will be effective on March 30, 2020. This will include pre-authorized debits. o No payments will be required and interest will not accrue during this time. o Students who are currently studying can continue to apply for Canada Student loans. o The Alberta Government has also announced a similar measure – Alberta Student Loan repayments will be paused for 6 months beginning March 30, 2020 with no accrual of interest. And...
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Mar
30

Canada Emergency Response Benefit

CERB
Update (as of  June 16, 2020):  The Federal Government has announced that it will be extending the CERB for another 8 weeks for a total of 24 weeks.  What is the Canada Emergency Response Benefit (CERB)?The CERB is a taxable benefit that will provide $2000 a month for up to 6 months (updated June 16, 2020)  for workers who lose their income because of the COVID-19 pandemic. The CERB is a combination of the previously announced Emergency Care Benefit and the Emergency Support Benefit. Who are eligible to receive the CERB?• Workers who must stop working due to COVID19 and do...
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Mar
30

Alberta’s Emergency Isolation Support

Albertaisolationsupport
This program is now CLOSED.  This program provided funds to over 79,596 eligible Albertans since it launched for a total of approximately $91.7 million. What is Emergency Isolation Support? Eligible Albertans can receive a one-time emergency isolation support payment of $1,146 if they are required to self-isolate or are the sole caregiver of someone in self-isolation and they have no other source of income or compensation. Note that this is a temporary program to bridge the gap until the Federal Government’s Emergency Response Benefit is available in April. Who is eligible?You are eligible if have experienced total or significant loss of income...
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