Worried about your bills at the end of the month?
With the pandemic, many people are in the same boat. In response, big banks, auto lenders, utilities, governments, and other service providers are permitting many bill payments to be deferred for a few months. Plus, we recently learned the six big banks are cutting credit card interest rates in some circumstances. In most cases, you must contact the lender for deferrals as per the list below.
This list is current to April 6th.
Rent
Evictions are banned during April. After that, evictions are banned during the pandemic for tenants who make reasonable proposals to their landlord for partial rent payments (as long they are not committing crimes or damaging the property). Also, no rent increases or late payment fees are permitted during this period.
Car Payments
Most auto makers and lenders now have programs to allow borrowers affected by COVID-19 to defer loan payments, including Ford, GM, Honda, Toyota, Kia, Mazda, Nissan and more. The effect is to add the months of missed payments to the loan at the end, but interest is accruing.
This website tracks and updates all the auto loan deferral programs:
Internet Providers
Shaw is encouraging any customer to proactively contact them if they need to make adjustments to their service in order to address their changing financial or connectivity needs due to COVID-19 https://www.shaw.ca/contact-us/
Telus is offering flexible payment options for consumer and small business customers who have been financially affected by the crisis: https://www.telus.com/en/about/covid-19-updates#FAQCOVID
Cell Phone Companies
One source of information tracking what all the main carriers are doing to assist customers with cell phone costs during the pandemic is here: https://www.whistleout.ca/CellPhones/Guides/covid-19-mobile-carrier-response
Electrical Bill
Residential customers:
Can defer electricity bill payments for next 90 days
Call your utility provider directly to arrange for a 90-day deferral on all payments. All service providers directed by province to comply and not cut off service.
Natural Gas Bill
Residential customers:
Can defer utility bill payments for next 90 days
Call your utility provider directly to arrange for a 90-day deferral on all payments. All service providers directed by province to comply and not cut off service.
Calgary water, waste and recycling
All customers:
Have option to defer payments for 3 months without penalty or interest
Must contact Enmax to request: 403-310-2010. Deferred amounts will be divided up and added to the last six bills of 2020.
City of Calgary Property Taxes
The City announced on April 6 that it would defer property taxes for 3 months, from June 30 until September 30, without interest or penalties. Deferred payments will be added to the last three months of the year. Under law, the City is required to collect 2020 taxes (totalling $1.9 billion) during 2020.
Income Taxes
Taxpayers who owe:
No interest or penalties between now and Sept 1st
Have until June 1st to file; can defer tax payable until after Aug. 31 with no interest or penalties
Income Tax Installments
If required to pay CRA installments, e.g. self-employed:
Waived until September 2020
Have until June 1st to file; can defer tax installments until after Aug 31 with no interest or penalties
Student Loans & RRSPs
Canada Student Loan
Person re-paying loan:
Interest free moratorium until September 30, 2020
Automatic, do not need to apply for 6-month pause; includes pre-authorized debits
AB Student loan payments
Person re-paying loan:
6-month interest free moratorium starting March 30
Automatic, do not need to apply for 6-month pause
Canada Apprentice Loans
Person re-paying loan:
Interest free moratorium until September 30, 2020
Automatic, do not need to apply for 6-month pause; includes pre-authorized debits
RRIFs
Persons aged 70+, required to withdraw minimum from their RRSP:
Required minimum withdrawal reduced by 25%
Defined contribution RRSP
In receipt of variable benefit payments:
Required minimum withdrawal reduced by 25%
Banks and Credit Unions
All the major banks and credit unions have COVID-19 policies on their websites now. Deferrals are possible for both personal and business customers, and each bank has instructions on how to apply. You need to contact your institution and request the time you need. Reaching them by phone right now is almost impossible, but many are permitting online requests for deferrals if you have an online account. They are updating their own FAQs about COVID-19 relief regularly.
ATB
ATB Personal Banking Customers:
Apply for deferral of their ATB loans, lines of credit, and mortgages and loans for up to 6 months
Contact your branch to apply. https://www.atb.com/company/news/releases/atb-covid-19-relief-program/
First Calgary Financial
Personal and business members:
Term loans and mortgages; payment relief for up to 3 months
Can be done by phone to your branch - See the FAQs here: https://www.firstcalgary.com/member-relief-program
Servus Credit Union mortgages and loans
Personal and business members:
Up six-month payment deferral on existing mortgages and loans. Will work with personal and business members on a case-by-case basis to assess each individual situation and develop a workable solution. https://www.servus.ca/newsroom/2020/03/covid-19-financial-relief contact_us@servus.ca Call: 1.877.378.8728
Bank of Montreal
Temporary reductions of interest rates on credit cards to 10.99% for customers receiving payment deferrals
CIBC
Can defer mortgages and other credit products
They have a financial assistance form online.
Will lower interest rates to 10.99% for customers who request to skip a payment
Royal Bank
Have relief programs for mortgages and other credit products
One month relief can be requested by online form; longer term deferrals are available through the advisers
Has online booking tool for call backs from bank advisors
Will cut credit card interest rates by 50% for customers receiving deferred payments
Scotiabank
Can apply online for deferrals of mortgage payments and auto loans
·Temporary reductions of interest rates on credit cards to 10.99% for customers receiving payment deferrals
See: scotiabank.com/covid-19 and their regularly updated FAQs
TD Bank
You can request to defer the equivalent of up to six monthly payments. Interest will accrue and be added to the outstanding mortgage balance. People can apply online with an EasyWeb account.
Will cut credit card interest rates by 50% for customers experiencing hardship
National Bank
Deferred mortgages
Will refund additional interest accrued on deferred mortgage payments
Waive fees for transfers and stop payments on cheques and pre-authorized debits
No overdraft fees on checking and high interest savings accounts
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