Major Banks have put in place financial relief programs for personal and business clients who have experienced financial hardship as a result of the COVID-19 outbreak.
Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank all are offering to ease up on customers whose lives have been disrupted by the new coronavirus, a largely unprecedented move that could include allowing borrowers to delay mortgage payments for up to six months.
Delayed Mortgage and Loan Payments
To help their clients with immediate relief, some of these programs are available by self-serve, including skip a mortgage payment, an auto-loan payment, and personal loan payment. These options will provide you with direct relief for one month. Banks will continue to work with you to provide further financial assistance, including further payment relief (for example, up to 6 months on mortgages), should you need our help.