Banks providing support for those struggling financially due to COVID-19

Canada’s six largest banks have announced they will be offering financial relief to Canadians impacted by the economic consequences of COVID-19.

Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank have announced they will be providing flexible solutions to personal and small business customers on a case-by-case basis who are struggling financially amid the pandemic.

These challenges could include pay disruption due to COVID-19; childcare disruption due to school closures; or those facing illness from COVID-19.

This support will also include up to a six-month payment deferral for mortgages, as well as the opportunity for relief on other credit products.

Those facing financial hardship are encouraged to contact their bank directly to discuss what options are available to them.