Canada’s six largest banks have announced they will provide financial relief to Canadians impacted by the COVID‑19 pandemic’s economic consequences.
Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank, and TD Bank have committed to working with personal and small business banking customers, on a case‑by‑case basis, effective immediately.
The banks will work to provide flexible solutions to help customers navigate challenges, such as pay disruption due to the coronavirus pandemic; childcare disruption due to school closures; or those facing illness from the virus.
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Up to six-months payment deferral for mortgages, and relief on other credit products, will be included in these offerings of support.
Individual Canadians, or business owners who are facing hardship under the current circumstances, are encouraged to contact their bank directly to discuss available options.
These measures are reportedly a first step. The aforementioned banks will monitor evolving economic conditions and consider other measures if necessary.