COVID-19 Alberta's Economic Relief Measures19-Mar-20
By McLennan Ross Corporate & Tax Team
This article has been updated as of April 17, 2020.
Following the publication regarding the Federal Economic Relief Measures, we would like to provide this update in light of the Alberta government’s economic measures announced on March 18th. Many of the Alberta measures mirror their Federal counterparts or are intended to act as a “back-stop” until the Federal relief measures are implemented.The Alberta-specific relief measures are:
- Alberta will be deferring corporate income tax balances and instalment payments between March 19 and August 31.
- Utility charges for residential, farm and small commercial customers may be deferred for up to 90 days.
- Personal banking customers of ATB financial can apply for a deferral on their ATB loans, lines of credit and mortgages for up to 6 months.
- Alberta credit union members will also be given access to programs designed to assist with loan payments and other short-term cash flow difficulties.
- Alberta Student Loans are subject to a six-month, interest-free moratorium.
- Emergency Isolation Support (EIS) was a stop-gap payment for Albertans while they waited for the Canada Emergency Response Benefit (CERB) to launch. Applications for the EIS is now closed. For information on the CERB, please see Federal Economic Relief Measures.
- Residential lease relief has been implemented and more details are found here.
- Commercial lease relief has been announced and will provide details (when available) under the Corporate & Tax Publications section in our COVID-19 tab.