COVID Resources - Banks

Toronto-Dominion, Scotiabank, BMO, Royal Bank, CIBC and National Bank have cut credit card interest rates personal and small business customers receiving payment deferrals due to the outbreak. Ask your bank what they can do for you or consult the Canadian Bankers Association website for information.

Mortgage Default Management Tools

The Canada Mortgage and Housing Corporation (CMHC) and other mortgage insurers offer tools to lenders that can assist homeowners who may be experiencing financial difficulty. These include payment deferral, loan re-amortization, capitalization of outstanding interest arrears and other eligible expenses, and special payment arrangements.

The Government, through CMHC, is providing increased flexibility for homeowners facing financial difficulties to defer mortgage payments on homeowner CMHC-insured mortgage loans. CMHC will permit lenders to allow payment deferral beginning immediately.