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Debt Relief

Fighting for Debt Relief

In January 2022, the Canadian government announced that the repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023, for all eligible borrowers in good standing. The same extension was effectively provided to the RRRF. Repayment on or before the new deadline of December 31, 2023, will result in loan forgiveness of up to a third of the value of the loans (meaning up to $20,000).

The HASCAP provided flexible and competitive terms, including a 4% interest rate and a repayment term of up to 10 years, and allows a recipient to postpone principal payments for up to 12-months from the start of the loan.

The Tourism Industry Association of Canada (TIAC) has heard from some operators that are concerned about their capacity to repay these loans. As such, working with Nanos Research, we are launching a research initiative to more fully understand the issue across Canada. The information obtained from this research will also provide us with critical information which we could use to develop new advocacy proposals.

We need your help in this regard. If you are currently holding a CEBA, RRRF or HASCAP loan, we are asking you to fill out this very short 2-3 minute survey. The responses to this first survey will form the basis for a second more in-depth and targeted survey which will be launched in the very near future.

The purpose of this first phase of the CEBA, RRRF and HASCAP research project is to find as many operators as possible in the tourism sector across Canada who are currently holding outstanding CEBA, RRRF or HASCAP loans, and collect basic demographic information about each of those companies including the contact information for that operation’s accountant or financial controller.

The second phase of the research will entail contacting the identified accountant or financial controller and invite them to participate in a much more developed survey which will be designed to provide insight on financial risk and burden related to these loans.

Please do not hesitate to contact the Nanos researcher for this project, Emilie Bossard, at if you have any questions about the research. For questions about the project in general please contact Marc Seguin, Vice President Policy and Government Affairs, TIAC at .

All the views and information you share with Nanos Research will be confidential and protected in accordance with Canada’s privacy laws, only aggregated data will ever be shared by Nanos with TIAC.

Take the Survey