The COVID‑19 outbreak remains the most serious crisis Canada has faced in recent memory. And banks in Canada continue to step up to help our country work through these challenging times.

To confront the financial dimensions of pandemic, Canada’s banking sector has worked in lockstep with the federal government, the Bank of Canada and regulators to immediately implement a series of relief initiatives, redeploying staff to create tailored support plans for individuals and small businesses to help manage financial uncertainty and help blunt the economic impact of COVID‑19.

Canada’s banks have helped more than 778,000 homeowners with mortgage flexibility and provided more than 476,000 individuals with credit card payment deferrals. We’ve worked with the Government of Canada to more efficiently and securely deliver the Canada Emergency Response Benefit to more than 2.8 million Canadians and have provided interest‑free loans to more than 750,000 small businesses through the Canada Emergency Business Account. We’ve also made changes to our branches and customer service delivery methods to protect our employees and customers and provided more than $10 million in donations to support front-line workers and urgent community needs.

As Canadians continue to navigate the economic and social disruption caused by COVID-19, banks in Canada will continue to stand by their customers and bring tailored solutions to help foster a strong recovery.

Personal customers

  • Reducing credit card interest rates, deferring payments and instituting low minimum payments on credit cards, lines of credit and auto loans. As of August 31, more than 476,000 credit card deferral requests are in process or have been completed by eight banks.
  • Canada’s banks are offering mortgage payment relief to customers by way of deferred mortgage payments. As of August 31, 13 CBA member banks have provided help through mortgage deferrals or skip a payment to more than 778,000 Canadians, which represents about 16% of the number of mortgages in bank portfolios.
    • Banks are seeing increasing rates of payment resumption among customers whose payment deferral period has ended. Roughly 32% of Canadians who opted to defer their mortgage payments (254,000) have resumed payments as of August 31.
  • Collaborating with the Government of Canada to offer online enrollment of Canada Revenue Agency’s (CRA) direct deposit to facilitate Canada Emergency Response Benefit payments. Over 2.8 million Canadians have already enrolled through their financial institution for CRA direct deposit.
  • Instituting policies that prioritize seniors, frontline healthcare workers and vulnerable populations when they access in-branch services

Small business customers

  • Canada’s banks serve three million self-employed, small and medium-sized businesses across Canada and have authorized more than $254.6 billion in credit to this sector as of December 2019, and have increased the amount of available business credit by $25 billion since March 1, 2020.
  • Banks are delivering fast access to the Canada Emergency Business Account (CEBA) program, providing small and medium-sized companies interest-free loans of up to $40,000, including facilitating the recent phase four expansion of the program.
  • As of September 17, 750,000 CEBA loans have been approved by financial institutions including banks, representing more than $29 billion in interest-free credit for eligible businesses.
  • Partnering with the Government of Canada to expedite access to the Canada Emergency Wage Subsidy (CEWS) for businesses. The new service allows eligible businesses to register their business payroll accounts for direct deposit with the Canada Revenue Agency directly through their bank business portals.
  • Banks have partnered with the Business Development Bank of Canada to offer a Co-Lending Program and with Export Development Canada to offer a Loan Guarantee Program for small and medium-sized enterprises through the federal government’s Business Credit Availability Program (BCAP).
  • Working with business clients to determine the best options to suit their specific circumstances. Banks have introduced a range of flexible measures for existing loans, including deferrals and term extensions. More than 86,000 deferrals have been extended to business accounts for SME, commercial and corporate customers with a total value of more than $2.6 billion.
  • Providing advice and support of small business clients' immediate cash management or new lending needs

Employees

  • Intensive cleaning programs to ensure that workplaces, including branches, remain as safe as possible for everyone
  • Paying bonuses and extra paid days off to customer-service employees who work in branches and call centers
  • Implementing broad-based work from home options for any roles that can be performed remotely to support public health efforts and the well-being of employees

Communities

  • Gifts to Canadian charities such as United Way Centraide Canada, Food Banks Canada and Breakfast Club Canada to provide essential services, community services and services for senior citizens
  • Seven banks have donated a combined $10.8 million to support frontline health care workers and community services urgently needed for vulnerable individuals affected by the public health, social and economic consequences of COVID-19

As we have done before, Canada’s banks are working closely with all stakeholders to help Canadians weather this unprecedented event.

Please visit your bank’s website for more information:

BMO Financial Group

Canadian Western Bank

CIBC

Coast Capital Savings

Equitable Bank

HSBC Bank Canada

Laurentian Bank of Canada

Manulife Bank of Canada

National Bank of Canada

RBC

Scotiabank

TD Bank Group

Bank Announcements

Bank of Montreal
CIBC
Canadian Western Bank
Coast Capital Savings
HSBC
Laurentian Bank
National Bank
RBC
Scotiabank
Tangerine
TD

BMO logo

July 24, 2020
BMO Wealth Management Offers Tips for Stress Testing Estate Plans During Times of Uncertainty

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July 8, 2020
BMO Announces $100,000 Grant Program for Women-Owned Businesses

June 25, 2020
BMO Continues Support for Women Entrepreneurs with New Grant Program

June 19, 2020
BMO Clients Can Now Access Expanded Financial Support with BDC's Mid-Market Relief Program

May 28, 2020
Kids Help Phone Never Dance Alone-a-thon powered by BMO in Support of Youth in Canada

May 25, 2020
BMO Creates Dedicated Online Resource Hubs for Canadians

May 14, 2020
BMO Transforms BMO Institute for Learning (IFL) into Rest Space for Front-Line Healthcare Workers

May 4, 2020
BMO Business Clients Can Now Enroll to Receive Funds Quickly and Securely from the Canada Emergency Wage Subsidy

April 23, 2020
BMO Business Clients Can Now Apply for the BDC COVID-19 Relief Program

April 19, 2020
BMO to Begin Accepting Applications for the EDC COVID-19 Relief Program

April 8, 2020
BMO Small and Medium Business Clients Can Now Apply for the New Canada Emergency Business Account

April 3, 2020
BMO Bank of Montreal Announces New Credit Card Rates For Consumers and Small Businesses Affected by COVID-19

April 3, 2020
Banks Facilitate Access to Relief Funds Through CRA Direct Deposit

March 27, 2020
Banks in Canada Step Up to Support Small Business

March 24, 2020:
BMO Announces Dedicated Financial Relief for Canadian Businesses Affected by COVID‑19

March 20, 2020:
BMO Financial Group Supporting United Way Community Fund to Fill Gaps for Community Services due to COVID‑19

March 17, 2020:
Canada's Six Biggest Banks Take Decisive Action To Help Customers Impacted by COVID‑19

BMO Bank of Montreal Announces Actions to Support the Well-Being of Clients, Team Members, and Communities

CIBC logos

September 21, 2020
CIBC Alerts that Help Clients Keep On Top of Finances Take Centre Stage in New CIBC Campaign

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June 17, 2020
CIBC launches Revival Rewards™ to help restart the economy and support local restaurants

May 13, 2020
CIBC Recognizing Frontline Health Care Workers with 30 million Aventura Points to help them Recharge and Reconnect with Family

May 7, 2020
CIBC's financial relief measures providing $3 Billion in cash flow to over 200,000 clients impacted by the economic fallout of COVID-19

May 4, 2020
Banks Facilitate Access to Emergency Wage Subsidy Through CRA Direct Deposit

COVID-19 impact felt by 81 per cent of Canadian small business owners: CIBC Poll

April 27, 2020
CIBC launches Advice for Today, an online resource focused on financial advice and insight during COVID-19

April 24, 2020
Term loans available starting April 27 to help businesses with working capital

April 20, 2020
CIBC announces new loan program with Export Development Corporation to provide liquidity to Canadian businesses

April 8, 2020
CIBC accepting applications for the new Canada Emergency Business Account starting April 9

April 3, 2020
CIBC announces reduced credit card rates for Canadians experiencing financial hardship due to COVID-19

Banks Facilitate Access to Relief Funds Through CRA Direct Deposit

CIBC launches special call handling measures for 750,000 seniors

April 1, 2020
CIBC announces fully digital application process for the new Canada Emergency Business Account, expects over 150,000 eligible small business clients to apply

March 27, 2020
Banks in Canada Step Up to Support Small Business

March 24, 2020:
CIBC announces additional measures to support seniors, our team, and the community during COVID‑19

March 19, 2020:
CIBC announces support for small business owners

March 17, 2020:
Canada's Six Biggest Banks Take Decisive Action To Help Customers Impacted by COVID‑19

March 16, 2020:
CIBC announces proactive, precautionary measures to help slow the spread of COVID‑19 and support our clients and communities

Canadian Western Bank logo

August 7, 2020
CWB to introduce mandatory mask usage at all locations effective August 10

coast capital logo

May 26, 2020
Coast Capital Community Relief Fund helps Threshold Housing support at-risk youth through COVID-19

HSBC logo

July 21, 2020
Post-COVID climate will be greener for Canadian business: HSBC survey

Laurentian logo

April 9, 2020
Deferral of minimum Visa payments and reduced interest rate

National Bank logo

May 6, 2020:
National Bank to donate $500,000 to ten mental health organizations

RBC logo

September 8, 2020:
RBC makes banking more accessible with fully digital account open processes

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August 25, 2020:
The RBC Future Launch Future Ready Summit will bring young people together virtually, helping them stay future ready and prepared for a post-COVID workforce

June 29, 2020:
As Canada Begins to Re-Open, RBC Launches Points for Canada

June 15, 2020:
The National Institute on Ageing and RBC Wealth Management Partner to Serve Older Canadians

June 1, 2020:
RBC Helping Hand Program Enables Canadians to Support Frontline Healthcare Workers

May 28, 2020:
RBC and Marriott Bonvoy collaborate to support first responders with up to 5,000 free room nights

May 20, 2020:
RBCxMusic launches new series to support Canadian musicians and recording artists during pandemic

May 7, 2020:
RBC keeping seniors safe by helping them bank from home

April 28, 2020:
RBC Future Launch announces new virtual resource hub for Canadian youth

April 24, 2020:
RBC helps business clients improve liquidity with the BDC Co-Lending Program

April 20, 2020:
Demi Lovato, Royal Bank of Canada, Virgin Unite, and Draper Richards Kaplan Launch Coronavirus Mental Health Fund

April 17, 2020:
RBC clients can now access the Export Development Canada Business Credit Availability Program

April 8, 2020:
RBC announces that business clients can enroll for the Canada Emergency Business Account through the RBC Online Banking for Business channel

April 6, 2020:
RBC Client Relief Program: Committed to helping Canadians when they need it most

April 3, 2020:
RBC Cuts Credit Card Interest by 50% for Clients Facing Hardship Due to COVID-19

March 30, 2020:
Royal Bank of Canada CEO pledges no cut jobs in 2020 due to COVID-19

March 18, 2020:
RBC commits $2-million in support of COVID‑19 community response efforts

March 17, 2020:
Canada’s Six Biggest Banks Take Decisive Action to Help Customers Impacted by COVID‑19

To slow the spread of COVID‑19 RBC announces temporary branch closures

Scotiabank logo

September 21, 2020
Scotiabank Launches Advice+ to Help Canadians Navigate Their Financial Plans During COVID‑19

More

September 15, 2020
Scotiabank provides update on COVID-19-related customer assistance programs

June 26, 2020
Scotiabank ready to support more Canadian businesses through the expanded CEBA program

June 19, 2020
Scotiabank strengthens support for Canadian businesses with launch of BDC Mid-Market Financing Program

June 15, 2020
CMA, in collaboration with Scotiabank and MD Financial Management, launch new Wellness Support Line to help Canadian physicians and medical learners

June 1, 2020
Scotiabank Simplifies Digital Banking with a New Resource for Seniors - Bank Your Way

May 4, 2020
Banks Facilitate Access to Emergency Wage Subsidy Through CRA Direct Deposit

April 30, 2020
Audible.ca and Scotiabank Join Forces to Offer Canadians Free Scotiabank Giller Prize-Winning Audiobooks

April 29, 2020
Scotiabank, CMA and MD Financial Management commit further support to physicians during the COVID-19 pandemic

April 27, 2020
Scotiabank Launches Online Enrollment for CRA Direct Deposit of Canada Emergency Wage Subsidy Funds for Business Customers

April 25, 2020
Scotiabank and the Government of Canada support businesses with another relief program - BDC

April 24, 2020
Scotiabank and Tangerine Bank team up with MLSE, Rogers and Bell to prepare and deliver up to 10,000 meals per day for frontline healthcare workers, their families and community agencies

April 17, 2020
Scotiabank announces availability of the Canadian Government's Export Development Canada Business Credit Availability Program

April 8, 2020
Scotiabank launches Online Application Process for the Canadian Government's Canada Emergency Business Account

April 7, 2020
Scotiabank launches priority line for frontline healthcare workers and seniors

Scotiabank commits $2.5 million in support of COVID‑19 community response efforts

April 3, 2020
Scotiabank reduces credit card interest rates for customers experiencing COVID-19 financial hardships

Banks Facilitate Access to Relief Funds Through CRA Direct Deposit

March 31, 2020
Scotiabank hosts virtual fireside chat to provide company update

March 27, 2020
Banks in Canada Step Up to Support Small Business

March 18, 2020:
Scotiabank announces support for customers, employees and communities impacted by COVID‑19

March 17, 2020:
Canada's Six Biggest Banks Take Decisive Action to Help Customers Impacted by COVID‑19

Tangerine logo

June 23, 2020
Another first from Tangerine Bank: Sign up as a Client in minutes on the Tangerine Mobile Banking app with a few taps and a selfie

TD logo

June 16, 2020
TD Announces 3rd Annual TD Ready Challenge and Pledges $10 Million in Grants for Innovative Solutions in Response to COVID-19

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