Debt

Frequently Asked Questions

  • Where can I find information if Iā€™m concerned about debts as a result of COVID-19?

    The Financial Consumer Agency of Canada (FCAC) has a Fact Sheet, COVID-19 Managing Financial Health, with information on the Canada Emergency Response Benefit, EI, Mortgage deferrals, family benefits, student loans and more:

    View website.

  • How do I keep debt from getting out of hand during COVID-19?

    The Financial Consumer Agency of Canada has a budget planner tool you can use:

    Budget planner.

  • What if I cannot pay my rent?

    You should talk to your landlord and make arrangements. Tenants cannot be charged late fees. Evictions for not paying rent have been suspended until September 30, 2020.

  • What if I cannot afford to pay my mortgage?

    You may be able to get a mortgage deferral that will let you skip payments. You will still be charged interest. When the deferral period ends you will have to pay the deferred payments and interest along with your monthly payments. Ask your bank about the effect on your credit rating. For more information:

    View website.

  • What if I cannot afford to pay my Hydro or Centra Gas bill?

    You can defer payment of these bills and your utilities will not be cut off. Late payment charges will not be charged for 6 months. The utilities are also prepared to make flexible payment plans.

  • What if I cannot afford to pay my credit card bill?

    Talk to your bank about lowering your interest rate or deferring your payments for up to six months. Ask your bank about any effect on your credit rating.

  • What about my student loan?

    Repayments for provincial and federal student loans are suspended until September 30, 2020. Interest will not be added during this period.

  • When do I have to file my taxes?

    Individuals ā€“ June 1, 2020

    Self -employed and their spouse or common law partner ā€“ June 15, 2020

  • When do I have to pay my taxes?

    September 1, 2020.