What:
Canadians may be eligible to defer payments on their mortgage, allowing Canadians to skip payments for a defined period of time. COVID-19-related mortgage deferral is available for an indefinite period. Canadians do not have to face a deadline, to seek payment relief. 

Who:
Canadians who are in good standing with their bank. For full eligibility requirements, please contact your bank to see if
you are eligible.

When:
Effective immediately

How: 
Contact your bank or mortgage professional to determine if you are eligible for a mortgage deferral.

For more information, please visit the following links: 

• Department of Finance: “COVID-19 Economic Response Plan — Support for Individuals”
• Financial Consumer Agency of Canada: “COVID-19: Managing financial health in challenging times”
• Canadian Bankers Association’s Media Release (March 22, 2020): “Mortgage Deferral to Help Canadians Experiencing Financial Hardship Due to COVID-19”

*Note: this is not mortgage forgiveness. Interest will continue to be charged on the amount you owe and will be added to your balance.