Living on a low income in Alberta presents significant challenges as the cost of living continues to rise. With increasing housing, groceries, and healthcare prices, many residents struggle to make ends meet. This is compounded by peak inflation of 4.2%, as seen earlier this year. And, of course, financial pressure is intensified by growing debt burdens that can feel insurmountable.
In times like these, non-profit credit counseling agencies offer hope. For example, Consolidated Credit Counseling Services of Canada (CCC) can help Albertans lower their debt by over 50%(!) if they qualify. But CCC isn’t the only one. Various resources are available to low-income Albertans needing to regain financial stability.
Alberta’s Low-Income Benefits
These programs provide much-needed relief for residents facing rising costs and mounting debt. However, many Albertans are unaware of the full range of support available.
What are these programs? And how can they help? From debt management services and direct financial aid to assistance with housing, healthcare, and childcare, these benefits can help ease the burden for low-income earners. Let’s get into it.
1. Consolidated Credit Counseling Services of Canada (CCC)
As a non-profit organization, Consolidated Credit (CCC) helps residents through financial counseling and debt management services. The goal? To help Albertans regain control of their finances.
CCC also utilizes personalized debt management plans (DMPs) to consolidate unsecured debts into a single, affordable payment. By working with creditors, the organization can reduce interest rates and negotiate terms to help Albertans lower their debt by 50%. Or more! If they qualify, of course. Their professional credit counselors also provide budgeting advice and education to help individuals build a more stable financial future.
Eligibility: Albertans struggling with (unsecured) debt. I know that represents a lot of us.
Benefits: Providing reduced interest rates and practical monthly payments, CCC helps Albertans tackle their debts. The non-profit organization also offers financial education.
More information: https://www.consolidatedcreditcanada.ca/
What do we think of CCC? Click here to read our review: https://inflationcalculator.ca/consolidated-credit-counseling-canada-legit-debt-relief-service-read-our-review/
Are you looking for debt consolidation options in Alberta? Find more information here: https://inflationcalculator.ca/how-to-find-debt-consolidation-options-in-calgary/ or https://inflationcalculator.ca/how-to-find-debt-consolidation-options-in-edmonton/
2. Alberta Works Emergency Financial Assistance
The Alberta Works Emergency Financial Assistance program offers short-term support for individuals and families facing unexpected financial crises. This program can help with urgent expenses. This includes food, rent, transportation, or medical bills during emergencies like job loss or sudden health issues.
Eligibility: Alberta residents with low income experiencing a sudden financial emergency
Benefits: Access to emergency funds, helping to cover essential needs and prevent further financial hardship during crises.
More information: Visit the Alberta Works Emergency Financial Assistance webpage at https://www.alberta.ca/emergency-financial-assistance.aspx
Are you looking for other resources? I invite you to check out our list of debt relief programs for Albertans here: https://inflationcalculator.ca/alberta-debt-relief-consolidation-programs-in-2024/
3. Alberta Income Support
The Alberta Income Support program helps Albertans who cannot cover their basic living expenses. This program provides financial assistance for necessities like food, shelter, and clothing. Eligible residents can receive monthly payments to help ease financial strain and ensure they can afford essential daily living costs.
Eligibility: Who is the program for? It is ideal for Alberta residents who are unemployed or underemployed. What does that mean? Basically, the program is for those who cannot meet their needs through their current income alone.
Benefits: Helps to free up income through debt management. The program also reduces the reliance on high-interest credit and provides financial relief for daily living costs.
More information: https://www.alberta.ca/income-support
4. Alberta Child and Family Benefit (ACFB)
Providing financial assistance, the Alberta Child and Family Benefit helps families with children under 18. The benefit combines the Alberta Family Employment Tax Credit (AFETC) and the Alberta Child Benefit (ACB), offering support for low- and middle-income families based on family income and the number of children. Payments are issued quarterly. They aim to reduce the financial burden on parents. Perfect, right?
Eligibility: Alberta families with children under the age of 18. Income thresholds and family size determine eligibility.
Benefits: The ACFB gives regular financial support through quarterly payments and income-based assistance.
More information: Visit https://www.alberta.ca/alberta-child-and-family-benefit
5. Alberta Adult Health Benefit
This program offers essential health services to low-income families. It provides coverage for health-related costs that may otherwise be unaffordable. These services include dental care and prescription drugs, as well as eye exams and glasses. By covering these expenses the Alberta Adult Health Benefit ensures families can access necessary medical care without the financial burden.
Eligibility: Low-income families. Household income determines eligibility. Those able to apply include Albertans receiving income support, child and family benefits, or those with incomes below a specific threshold.
Benefits: The program helps families redirect funds they would otherwise spend on healthcare toward other needs. It can free up your money. This reduces overall financial stress.
More information: See https://www.alberta.ca/alberta-adult-health-benefit
6. Alberta Seniors Benefit (ASB)
Extending low-income seniors financial assistance, the ASB program covers essential living expenses for eligible Albertans. This is a provincially-funded program. It supplements federal income programs such as Old Age Security (OAS) and the Guaranteed Income Supplement (GIS). Providing additional financial support, the ASB ensures seniors have the necessary resources to cover their basics, such as housing, utilities, and other daily necessities. The ultimate goal? To help seniors manage their basic living expenses and avoid financial hardship as they age. (See, there is hope!)
Eligibility: Seniors aged 65 and older who live in Alberta may be eligible, but those with modest incomes are the ideal applicants. That’s right. If you have a low income, you may be the perfect candidate. The program considers both income and marital status to determine benefit amounts.
Benefits: The ASB program provides additional funds to low-income seniors. It helps cover basic living costs, reduces financial strain, and enhances quality of life. This benefit supplements federal income sources. It ensures seniors have more comprehensive financial support.
More information: https://www.alberta.ca/alberta-seniors-benefit
Lauren has over 13 years of experience in wealth management and financial planning. She is a CFA charterholder and holds a Bachelor's degree in Finance. Lauren has worked with several asset management firms, offering wealth advisory and portfolio management services to high-net-worth clients.
