Cash Flow · Financial Support March 23rd, 2020

Financial supports for Alberta-based businesses

The government has made several decisions that will give Albertans and Alberta employers additional supports as they deal with the impacts of the COVID-19 crisis.

ATB Financial and other credit unions deferring payments

ATB will be deferring required payments for loans and lines of credit for 90 days, and making extra working capital available to business.

Customers of other Alberta credit unions may have options to defer loan payments and boost short-term cash flow.

Education property tax deferral for business

Effective immediately, the government will defer education property tax for businesses for 6 months.

WCB premiums deferral for private sector businesses and support for small and medium businesses

Private sector employers can save money on their WCB premium payments at a time when they need it most. These actions ensure the sustainability of the workers’ compensation system and that injured workers continue to receive the benefits and supports they need to return to work.

  • Private sector employers will have immediate financial relief by deferring WCB premiums until early 2021, effectively for one year.
  • Employers who have already paid their WCB premium payment for 2020 are eligible for a rebate or credit.
  • For small and medium businesses, the government will cover 50 per cent of the WCB premium when it is due.
  • Large employers will also receive a break by having their 2020 WCB premium payments deferred until 2021, at which time their premiums will be due.
  • Paying 50 per cent of small and medium private sector WCB premiums for 2020 will cost government approximately $350 million.

Deferral of income tax balances and utility payments

Previously announced measure taken by the province to protect Albertans and assist businesses include:

  • The collection of corporate income tax balances and installment payments is deferred until Aug. 31, 2020.
  • Utility payment deferral for residential, farm, and small commercial customers to defer bill payments for the next 90 days.
  • $50 million to support emergency isolation for working adult Albertans who must self-isolate, including persons who are the sole caregiver for a dependent who must self-isolate, and who will not have another source of pay or compensation while they are self-isolated. It is distributed in one payment installment to bridge the gap until the federal emergency payments begin in April.

Deferral of tourism levy remittances

In response to the COVID-19 pandemic, effective March 27, 2020, temporary accommodation providers in Alberta with tourism levy remittances coming due between March 27, 2020 and August 31, 2020 may defer making these payments until August 31, 2020. Alberta will waive interest that otherwise would be payable in respect of these payments. However, accommodation providers are expected to continue to file tourism levy returns as and when required by legislation.

Contributor

COVID Continuity Team Read More
Was this article helpful?

Stay Updated

We're rolling updates into regular e-mail briefings for business leaders. If you're interested, please subscribe here:

Submit a Resource

If you can't find something that you're looking for, or like to submit your own resource, reach out.

Contact our team