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We understand that everyone who owns or rents a home has lots of questions right now.
Landlords may be wondering things like; what if my tenant loses their job and cannot pay rent? How will I ensure that I can pay my mortgage? What are my rights during this time? Can I evict my tenant if they cannot pay rent?
Tenants may want to know answers to questions like, will I be evicted if I cannot pay my rent on time? What happens if I lose my job and cannot pay rent? What are my rights? How is the government going to help me?
You’re not alone. Naborly is here to help you navigate this new emerging reality.
In this article you will find a breakdown of what the Canadian Public Sector is doing to financially assist Canadian Citizens, as well as what major financial institutions are doing to ease the financial stress this pandemic has had on their customers.
The Canadian Federal Government is taking action to make sure that the economy stays afloat during these unprecedented times. Part of that includes creating assistance programs for Tenants and Homeowners to make sure that people can continue to afford their cost of living.
Below you will find some government initiatives to make this crisis financially bearable for Canadians:
Utility Payment Deferral
Banks and credit unions
Eligible working Albertans can receive a one-time emergency isolation support payment of $1,146 if they:
Student loans repayment deferral
Feed Nova Scotia and community food banks
Suspending student loan payments
This province does not appear to have current assistance available specifically for residential landlords or tenants during the COVID-19 outbreak.
The Province’s page on COVID-19 information for landlords gives landlord specific information about evictions, rental payments, and changes to electricity pricing that will cut some costs related to owning a home.
Banking Institutions (Press the name of each bank to access their COVID-19 Update webpage).
Deferral options available for the following services:
Customers can request immediate financial relief for up to 1 month. This would allow you to skip a payment for the following services:
More financial relief is available for these and other products by speaking to one of their advisors.
If you have a TD personal loan, auto loan, mortgage, home equity loan or line of credit, TD Fit Loan or TD Bank, N.A. Visa credit card, they can help with:
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