COVID-19 News

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COVID-19 Financial Relief Programs Expand/Collapse

Federal measures:

Employment Insurance (EI) changes to provide greater accessibility,
including waiving the waiting period and medical certificate requirement.

Canada Emergency Response Benefit (CERB) combines previously announced benefits and covers all workers who have lost their job or are quarantined, sick, or caring for family member(s) or children.

Family Benefits for low- and modest-income families including
increases to the GST credit and child tax benefit, both to be paid in May.

Canada Emergency Wage Subsidy (CEWS) employers will be provided with temporary wage subsidies up to 75% of wages paid to employees for up to three months.

Business Credit Availability Program (BCAP)
allowing Business Development Bank of Canada and Export Development Canada to provide credit to small- and medium-sized businesses.

Near-term credit
increases for farmers and the agri-food sector in the form of enhanced lending capacity for Farm Credit Canada.

Registered Retirement Income Funds required minimum withdrawal reduced by 25% for 2020.

Canadian Student Loan six-month interest-free moratorium on repayments.

Tax filing deadlines deferred until June 1, with payment deadlines extended until after August 31.

Mortgage payment deferrals from many of Canada’s financial institutions for up to six-months and the opportunity for relief on other credit products.

Canada Emergency Student Benefit (CESB) gives eligible post-secondary students $1250/month from May to August and up to $2,000/month if they are taking care of someone else or have a disability.

GST/HST payment deferrals allow businesses (including self-employed individuals) to defer GST/HST payments until June.

Provincial measures:

Utility payment holiday for residential, farm and small commercial customers to defer electricity and natural gas payments. Many municipalities offering options to defer water, sewer, waste and recycling bills as well.

Alberta Student Loan six-month moratorium on repayments.

Corporate income tax balance and installment payment deferral.

Education Property Tax freeze/deferral with a freeze to 2019 levels and the option to defer the tax for six months.

Workers' Compensation Board premium deferrals where private-sector employers can defer premiums until early 2021 or apply for a rebate/credit.

Canada Emergency Commercial Rent Assistance Program (CECRA) will provide a loan retroactive to April 1 for qualified small business for commercial property owners in Alberta through CMHC. Property owners must offer a minimum of a 75 % rent reduction for April, May and June 2020.

Other provincial measures include 14 days of job-protected leave for isolation, residential Education Property Tax freeze at 2019 rates and extended expiry dates for licenses, vehicle registration and permits.

Canadian Emergency Student Benefit - CESB Expand/Collapse

The Canada Emergency Student Benefit (CESB) provides financial support to post-secondary students, and recent post-secondary and high school graduates who are unable to find work due to COVID-19.

This benefit is for students who do not qualify for the Canada Emergency Response Benefit (CERB) or Employment Insurance (EI).

From May to August 2020, the CESB provides a payment to eligible students of:

$1,250 For each 4-week period


$2,000 For each 4-week period, if they have dependents or a disability.

Disabilities include: Any impairment, including a physical, mental, intellectual, cognitive, learning, communication or sensory impairment — or a functional limitation — whether permanent or episodic in nature, or evident or not, that, in interaction with a barrier, hinders a person’s full and equal participation in society.

Dependents: must be under the age of 12-years-old

If you are able to work, you must be actively looking for a job to be eligible to receive the CESB. If you still cannot find work due to COVID-19, you can re-apply for each CESB eligibility period that you are eligible for.
Registering with the Government of Canada Job Bank is an easy way for you to show that you are looking for work.

Register here:

Where to apply:

Lakeland Members can use CRA Direct Deposit

Applicants must set up direct deposit through CRA first.


Canada Emergency Business Account Program - CEBA Expand/Collapse

Lakeland Credit Union is now an approved lender to facilitate applications for the Canada Emergency Business Account (CEBA) 

The CEBA is a loan of $40,000.00, interest free until December 31, 2022.  If the recipient repays 75% of the loan, the remaining 25% will be forgiven. If the loan is not repaid before December 31, 2022 it will transition into a 3 year term loan with a 5% interest rate.

Businesses are to use this loan to cover their operational costs which cannot be deferred. There are some criteria that businesses must meet to receive these funds.

The requirements are:

  • An operating company registered in Canada on March 1, 2020
  • Annual payroll of between $20,000 and $1.5 million as evidenced by the organization’s 2019 T4 Summary of Remuneration Paid (T4SUM) (if you cannot locate your T4SUM, contact the Canada Revenue Agency to have them reissue it to you)
  • A 15 digit Canada Revenue Agency Number also shown on the T4SUM
  • Lakeland Credit Union is the primary financial institution for the business account (opened on or before March 1, 2020)
  • Good standing as an existing borrower
  • Updated business contact information, including phone numbers and e-mail address

The funds may be used for:

  • Payroll costs
  • Rent
  • Utilities
  • Insurance
  • Property tax
  • Regular scheduled debt payments

The funds may not be used for:

  • To fund any payments or expenses such as prepayment/refinancing of existing indebtedness
  • Payment of Dividends
  • Distributions and increases in management compensation

Lakeland Credit Union is partnering with Alberta Central and Export Development Canada to ensure that members have access to the federal funds immediately. Lakeland Credit Union will be providing clear and concise updates to members who have requested information about CEBA. If you have any questions, concerns or would like to be updated about the program, please email your contact information to .

We will continue to work with our membership on an individual level to address their needs as they arise.


Lakeland Credit Union Management

PDF Version: Canada Emergency Business Account Program

Canada Emergency Business Account Program - EDC BCAP and BDC Co-Lending Expand/Collapse

Lakeland Credit Union is now an approved lender to facilitate applications for the Canadian Emergency Business Account (CEBA) Export Development Corporation BCAP Guarantee (EDC BCAP). More information on the Business Development Corporation Co-lending Program (BDC Co-lending) will be available in the coming days.

  • EDC BCAP – To finance operations and liquidity needs of the business only. Canadian Dollar Secured Loan or Revolving Line of Credit. Please e-mail and you will be contacted once more details are available.
  • BDC Co-Lending – To exclusively fund operational cash flow needs (including regularly scheduled principal and interest payments on existing debt). Please e-mail and you will be contacted once more details are available.

Our Changing Banking Experience Expand/Collapse

To Our Valued Lakeland Credit Union Members,

We are all doing our very best to adapt and keep our credit union families healthy and safe.  Only a few weeks ago, the world was very different, and we could move around freely and safely.  Now, we need to keep our social distance and worry for our loved ones and the welfare of our community.

We know that we continue to be an essential service for our members, and we have made enhanced safety measures a top priority over the last couple of weeks.  You may have noticed significant changes to how we serve you while you are in our credit union locations, and we are thankful that you have supported these changes as we work together to stop the spread of coronavirus.  We know that if we all work together, we will get through these challenging times.

To protect our very important front-line employees and our valued members, we have made some important decisions that will affect how we serve you moving forward:

Effective Monday, March 30, 2020, we will be moving to providing service to our members By Appointment Only

You will still have the same friendly Member Service Agent assisting you, but in a much more protected, and safe way. We ask that members call their respective branch at the following numbers to arrange to speak with your Financial Advisor, or to arrange an appointment time should you require to physically come into a branch:

Bonnyville Branch 780-826-3377

Cold Lake Branch 780-594-4011

Our ATM’s will remain available at each branch for member use, but our branch doors will be locked moving forward.

Members are strongly encouraged to take advantage of our online or mobile banking platforms that will provide 24/7 service for all your everyday banking.

Don’t have online banking?
Email and one of our service agents will respond as soon as possible to assist you.

For after-hours technical support of online banking, call our Technical support line at 1-877-251-5237 or submit a request here.

Thank you for your trust as we navigate these changing times.  Stay Safe.

COVID-19 and Your Finances Expand/Collapse

Financial Support Expand/Collapse


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