Financial Assistance

Has an emergency placed you in financial distress? Do you and your family need extra support because of challenges arising from Canadian Armed Forces service? We can help.

Description

Financial distress is when you or a member of your family lacks the necessities of life, or when your personal debts cannot be met due to sickness, accident, death, or other misfortune.  
You may qualify for a low-interest loan of up to $25,000 or a grant of up to $5,000.

Eligibility

Veterans and their families as well as Regular and Reserve Force serving members and their families as outlined in the Member Personnel Record Resume (MPRR).

Process

Description      

You may qualify for a small loan of up to $5,000 to assist with:

  • emergency situations such as compassionate travel
  • urgent home and car repairs
  • prevention of financial distress
  • health and safety related issues
  • education, if you have been denied through the BMO Student Line of Credit Program

Eligibility          

Veterans and their families as well as Regular and Reserve Force serving members and their families as outlined in the Member Personnel Record Resume (MPRR).

Process           

 
You may be required to provide documentation demonstrating your need, such as copies of recent bills, invoices, or statements. If this documentation is not available, you may provide other information supporting your application such as an email or fax from the provider.

Description

You may qualify for up to $2,000 in financial support during an immediate (within the next 24-72 hours) financial distress situation. Here are a few examples of situations that could qualify: to assist with transportation costs to essential health services or place of employment during an emergency; to prevent eviction or foreclosure; to assist with necessary uninsured medical or dental services costs; to prevent disconnection of essential utilities like heat or hydro; to purchase groceries or other basic necessities; for other emergency needs not defined above.  

Eligibility

Regular and Reserve Force serving members: a grant of up to $2,000.
Veterans: a grant of up to $500.
This also includes family members living in the same household.  

Process

Serving members: assistance is available through the local SISIP Financial Counsellor or the Support Our Troops contact in your area.  Schedules A & B Part 1 and B Part 2 are required.
Veterans: assistance is available through Veterans Affairs Canada and/or the Legion.  

You will be required to provide documentation demonstrating your need, such as copies of recent bills, invoices, or statements. If this documentation is not available, you may provide other information supporting your application such as an email or fax from the provider.

Description     

Families with special needs dependents can receive funding to assist with assessments and reassessments, as well as to offset some of the extraordinary costs associated with things like assistive devices, respite care, therapy, and medical travel.

 Support includes:

  • Assessments and reassessments: a grant of up to $1,000 to cover residual amounts not covered by federal, provincial or local resources, or personal insurance.

  • Other: a grant of up to $1,000 to offset costs associated with assistive devices, respite care, therapy, medical travel, prescriptions not covered by insurance, etc.

Eligibility        

Regular and Reserve Force serving members residing with a dependent family member with a diagnosed physical, intellectual, or emotional condition requiring special medical or educational services.

Process        

Assistance is for serving members only and is available through your local SISIP Financial Counsellor or the Support Our Troops contact in your area. Receipts may be required.  Schedules A & F required.
Applications for special needs assistance will be assessed against the following factors:

  • family composition
  • access to local resources
  • complexity of the dependent’s needs
  • extraordinary costs related to the special need
  • impact on the family
  • family income (not necessarily a determining factor, but will assist in prioritizing applications to ensure those with the greatest need are addressed first).

OBJECTIVE

The objective of the EALP is to:

a. assist spouses who may need to complete recertification courses, supplementary courses and/or training to increase opportunities for employment; and
b. assist serving members, former members and their dependants (spouses and children) who may not qualify under the Bank of Montreal SLOC program in obtaining post-secondary education and/or training.


ELIGIBILITY

In order to be eligible for a loan under the EALP, ALL of the following criteria must be met:

  • the applicant must have served in the Canadian Armed Forces (Regular Component or Reserve Force) or be the widow/widower/dependant of a former member. Note: a widow/widower ceases to be eligible once/if they remarry.
  • the applicant must be capable of repaying the loan without imposing personal financial distress and/or compromising the security of Support Our Troops Fund assets;
  • the student for whom the funds will be used must be registered in a course at a recognized post-secondary institution or an adult re-training centre.


OTHER CONSIDERATIONS

  • CF subsidized programs, such as UTPNCM, ROTP, etc., are not qualifying programs for an EALP loan;
  • Royal Military College courses if not subsidized are acceptable;
  • On-line and distance courses are acceptable;
  • General interest courses are not admissible; and
  • Courses that are not part of a full-time program must lead to potential employment.


APPLICATION PROCESS

Application forms are available on our website or at the local SISIP office.  Schedules A & I required.

In addition, forms may also be obtained by contacting the Support Our Troops office at 4210 Labelle Street, Ottawa, Ontario, K1A 0K2, telephone 613-943-8756 or toll free 1-888-753-9828.

Applications are accepted year round as there is no official deadline to apply. To ensure funding is received in time for the fall semester, applicants are requested to submit their application prior to the end of June.


REQUIRED DOCUMENTATION

The following supporting documentation is required when submitting your completed EALP application form:

  • proof of current income (pay and/or pension stubs);
  • T4’s and/or tax assessments (self-employed members only);
  • discharge certificate or Record or Service (retired or released members only);
  • proof of attendance/acceptance at a recognized post-secondary institution and/or retraining center.  This may follow; however, it is required prior to the issuing of funds; and
  • proof of tuition costs.


LOAN PARAMETERS

The EALP consists of a low interest loan (3.45% APR OAC) which is awarded for the student’s current scholastic year. The EALP does not provide assistance for students who have completed their studies. There may be only one application per student request and one loan per student in any twelve-month period. Loans are granted to and reimbursed solely by the applicant.

Loan amounts start at $500, and then increase in increments of $500 to a yearly maximum of $5,000 per eligible student, with a lifetime maximum set at $20,000 which may be used in consecutive years of instruction.

Approved funds for loans are normally paid to the CAF members.


REPAYMENT

Loans within the EALP are unlike government student assistance loans or programs, in that, payments are not deferred until completion of a course or program.

The following rules apply to the repayment of EALP loans:

  • loans are repayable over a 12, 24, 36 or 48-month period, and is at the applicant’s discretion;
  • repayment commences the month following the issuance of funds;
  • approval of subsequent loans – principal balances of both loans (existing and new) are combined, repayable over term indicated on new application;
  • repayment by serving members – monthly pay allotment; and
  • repayment by former members – monthly pre-authorized debit.


ADJUDICATION PROCEDURE

Applications will be assessed, based on the following criteria:

  • eligibility;
  • not a current debtor under any financial distress program;
  • current credit status (loans, notes, previous loans and /or assistance.); and
  • assessment of Consumer Credit Report.

In some instances, an applicant may be required to submit a budget.
It should also be noted that with regards to bankruptcies and write-offs, Support Our Troops will not normally consider any application or lend any more funds until six years has elapsed following discharge from bankruptcy or write-off of a previous Support Our Troops loan.


DECISION

Following the adjudication procedure of the Grants/Loan Coordinator, the completed application is submitted to the Fund Manager for decision.  Each applicant is notified in writing of the decision.  All decisions are final, there is no appeal process.  Applicants are not required to confirm successful completion of the academic program.


EARLY PAYOUT

Requests for early payout are to be directed to the Support Our Troops Office at 4210 Labelle Street by calling 613-943-8757 or 613-943-8758.


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