If you have already applied for financial support programs as a business or individual, and are looking for additional ways to help alleviate the financial burden of the COVID-19 impact, there are numerous payment deferral programs available for you to take advantage of.
The two tables below, one for individuals and one for businesses, outline these programs at federal, provincial and municipal levels.
To view the specific details of any of the programs listed, click on LEARN MORE under the LINKS column.
INDIVIDUALS
| Deferral | When can I defer until? | Do I have to pay interest? | Government Level | Links | Notes |
| Canada Student Loan | September 30, 2020 | No | Federal | Learn More | • Repayment is automatically suspended until September 30th, 2020 |
| Income Tax Owing | August 31, 2020 | No | Federal | Learn More | • Includes the June 15, 2020 payment for those paying by installments |
| Mortgage | Up to 6 Months | Yes | Federal | Learn More | • Contact your financial institution for more information on their specific programs |
| Alberta Student Loan | Up to 6 Months | No | Provincial | Learn More | • Repayment will be paused for 6 months, beginning March 30, 2020 |
| ATB Loans, Lines of Credit and Mortgages | Up to 6 Months | Yet Unknown | Provincial | Learn More | • Personal banking customers can apply for a deferral on loans, lines of credit and mortgages |
| Utilities | June 19, 2020 | Yet Unknown | Provincial | Learn More | • You will not be required to pay for the entirety of balance owing when deferral ends • Providers will have various repayment options |
| Property Tax | Varies | Varies | Municipal | • Please visit your municipality's website for possible deferral program(s) information |
BUSINESSES
| Deferral | When can I defer until? | Do I have to pay interest? | Government Level | Links | Notes |
| Federal Income Tax Owing | August 31, 2020 | No | Federal | Learn More | • Applies to balances and instalments due between March 18 and September 1, 2020 |
| Education Property Tax | 6 Months | Yet Unknown | Provincial | Learn More | • Deferred amounts will be repaid in future tax years |
| Provincial Income Tax Owing | August 31, 2020 | No | Provincial | Learn More | • Applies to balances coming due between March 18 and August 31, 2020 |
| Tourism Levy | August 31, 2020 | No | Provincial | Learn More | • For hotels and other lodging providers • For amounts that become due to government on or after March 27, 2020. |
| Utilities | June 19, 2020 | Yet Unknown | Provincial | Learn More | • Farm and small commercial only - Electricity consumers who consume less than 250,000 kilowatt hours per year - Natural gas consumers who consume less than 2,500 gigajoules per year |
| WCB Premiums | One Year (Early 2021) | No | Provincial | Learn More | • If you have already paid, you are eligible for a rebate or credit • For small and medium businesses, government will cover 50% of the premium when due |
For a complete list of our COVID-19 resources for individuals and businesses, please visit availcpa.com/resources
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