Mar. 27, 2020

MARCH 27, 2020 ANNOUNCEMENTS

  • Bank of Canada lowered interest rates to from 0.75% to 0.25% this morning in an emergency move.
  • Prime Minister Trudeau announced:
    • covering up to 75% of wages for qualifying small and medium businesses
    • backing $40,000 small business loans interest free for 1 year, $10,000 is forgivable

GOVERNMENTS IN ALBERTA AND CANADA SUPPORTING BUSINESS AND INDIVIDUALS THROUGH THE COVID19 PANDEMIC – SUMMARY BY CATHERINE KEILL, KEILL AND CO

  • Visit https://www.alberta.ca/covid-19-support-for-employers.aspx for full details.
    • Corporate income tax balances and instalment payments will be deferred until August 31, 2020
    • Education property tax rates are frozen at last year’s levels
    • Small, medium and large private sector employers can defer WCB premium payments until 2021
    • Residential, farm, and small commercial customers can defer electricity and natural gas bill payments for the next 90 days
    • ATB Small Business customers can apply for a payment deferral on loans and lines of credit for up to 6 months
    • Eligible working Albertans can receive a one-time emergency isolation support payment of $1,146 if they are required to self-isolate for themselves; are sole caregivers; if they have no other source of compensation such as sick leave benefits or federal employment insurance
  • Visit https://www.canada.ca/en/department-finance/economic-response-plan.html for details:
    • Business Credit Availability Program to help Canadian business obtain financing
    • Deadline for business to pay income tax amounts owing or due between March 18, 2020 and September 1, 2020 has been extended to September 20, 2020
    • Canada Child Benefit is increased $300 per child starting in May, no need to reapply
    • Announced March 27:
    • Expected but not announced: coordination with banks to reduce credit card interest rates and provide increases to small and medium business lines of credit
  • Visit https://www.edmonton.ca/programs_services/emergency_preparedness/covid-19.aspx for details:
    • City of Edmonton has temporarily suspended fare collection on Edmonton Transit
    • City of Edmonton curbside and EPark zones fees are temporarily suspended
    • Property tax notices will be mailed in May and no late fees to be charged Until September 1
    • All libraries, parks, playgrounds and recreation facilities are closed
    • Announced March 26: temporary closure of hair and spa salons as well as tattoo parlors
  • Visit https://www.calgary.ca/CSPS/cema/Pages/Response-to-Coronavirus.aspx for details:
    • Residents should contact Enmax to defer utility payments for 3 months
    • All libraries, parks, playgrounds and recreation facilities are closed

OIL OVERSUPPLY AS GLOBAL DEMAND CONTINUES TO DECLINE

  • International Energy Agency expects global oil demand to decline by as much as 20 million barrels a day, meaning storage will be filling at the rate of 600 million barrels per month with entire supply chain likely to be full within 2-4 months.
  • Western Canadian Select fell to $5.03 March 27th.

TIDBITS FOR KEEPING YOUR SANITY

  • Try various games to keep your kids entertained. Things like Twister, board games or card games.
  • Encourage your older kids to pitch in with planning and preparing meals.
  • If both you and your significant other are working from home, cut each other some slack…no one is perfect, and we aren’t mind readers either!
    • Make time to have a social life
  • Try virtual cocktail or dinner parties with friends and colleagues.