Your Finances and COVID-19 Provincial Update

Today, our Premier presented an update on measures the provincial government will be rolling out to combat the financial difficulties Albertans are feeling. We wanted to put a list together for you in case you did not catch the live update.

1) Taxes:  The government is keeping the property education tax the same as last year. What this means for you is a decrease in your 2020 proposed property taxes. 

***Note municipalities are working as well for further tax breaks. However, these have not been released yet.***

If you own commercial land, the provincial education tax will be deferred until October 2020. In 2020, commercial land owner will only be responsible for 50% of the provincial education tax. 

There is also a business tax deferral program. 

These efforts are to free up some funds to keep people employed and that commercial landlords pass on these savings to their commercial tenants through lease payment deferrals or other means.

2) Utilities: Residential, farm and small commercial customers can call their utility provider directly to defer all payments for 90 days.

***More Information: 
https://www.alberta.ca/assets/documents/covid19-90-day-utility-deferral.pdf

Elimination of Alberta Energy Regulator fees for energy producers in 2020.​

3) Financial Assistance: There is a $1,146.00 bi-weekly payment for emergency self-isolation payments. See alberta.ca to apply.

AB Treasury Banks and Credit Unions have direction from the province to provide mortgage payment relief as well as business and personal loans.

Student Loan payments are deferred. The government will be covering the interest for the period of the deferred loan payments.

Increase funds to shelters to help with the increase in demand.

4) Workers Compensation Board (WCB): WCB premiums for small & medium businesses will only be responsible for 50% of their 2020 premiums. If you have already paid your premiums you are due a reimbursement upon request.

***Note that this does not affect coverage for employees. Your coverage stays as is.***