The COVID-19 outbreak is the most urgent challenge Canada has faced in recent memory. And banks in Canada have stepped up to help our country work through these times. We are redeploying staff to create tailored support plans for individuals and small businesses as we come together to manage the financial uncertainty and economic disruption faced by our families, friends, employees and communities.

Canada’s banks have launched comprehensive programs to make a positive difference for those who need our help and support.

Personal customers

  • Reducing credit card interest rates, deferring payments and instituting low minimum payments on credit cards and lines of credit. As of May 27, more than 413,000 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 May 27, 13 CBA member banks have provided help through mortgage deferrals or skip a payment to more than 721,000 Canadians, which represents about 15% of the number of mortgages in bank portfolios.
  • 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 2.3 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 $247 billion in credit to this sector as of September 2019.
  • 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
  • As of May 21, more than 621,000 CEBA loans have been approved by financial institutions including banks, representing roughly $24.8 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.
  • 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 74,000 deferrals have been extended to business accounts for SME, commercial and corporate customers with a total value of $2.5 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

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

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

May 19, 2020
CWB to expand branch hours in ten communities effective May 25

April 22, 2020
CWB launches Export Development Canada’s Business Credit Availability Program for business clients

April 9, 2020
Canada Emergency Business Account now available

March 27, 2020
CWB to close select branches and further reduce hours to foot traffic effective April 6

March 18, 2020
CWB backs business owners; announces additional support for business owners impacted by COVID-19

March 17, 2020
CWB to reduce hours for in-branch services effective March 19

March 12, 2020
How CWB is protecting our people – including clients – in the wake of COVID-19

coast capital logo

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

May 14, 2020
Coast Capital Community Relief Fund helps non-profits endure, thrive and innovate through COVID-19

March 30, 2020
Coast Capital addresses food insecurity during COVID crisis with $100,000 donation to Food Banks BC

March 19, 2020
Media Advisory: Coast Capital’s COVID-19 Response

HSBC logo

March 26, 2020
COVID-19: HSBC Bank Canada Announces $500,000 donation

Laurentian logo

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

Laurentian Bank accepts applications for the new Emergency Business Account Program for Canadian businesses

March 18, 2020
Laurentian Bank Financial Group is supporting its customers during the COVID-19 pandemic

National Bank logo

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

April 10, 2020:
National Bank to Donate $1 Million to Food Banks, Vulnerable Groups and the Canadian Red Cross

April 8, 2020:
Canada Emergency Business Account: National Bank Encourages SME Owners and NPO Managers to Apply Online Starting Tomorrow

April 3, 2020:
National Bank Announces New Support Measures and a Special Approach for Seniors

Banks Facilitate Access to Relief Funds Through CRA Direct Deposit

March 31, 2020:
COVID-19: National Bank Clients Can Now Request a Payment Deferral on Their Personal Loans Online

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

March 26, 2020:
National Bank Encourages its Clients to Stay Safe and Use Digital Banking Solutions

March 24, 2020:
National Bank to donate $500,000 to the United Way Centraide Canada COVID-19 Community Response and Recovery Fund

March 18, 2020:
National Bank Announces Temporary Branch Closures to Limit the Spread of COVID‑19

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

COVID-19: National Bank to Offer Support to its Clients

RBC logo

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

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

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 6, 2020
Tangerine Bank reduces Credit Card interest rates with payment deferrals, helping Clients when it’s needed most

March 18, 2020
Tangerine Bank here to help our Clients impacted by COVID‑19 with new financial relief program

TD logo

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

April 29, 2020
The TD Community Resilience Initiative Allocates $25 Million to Organizations Engaged In COVID-19 Response and Community Recovery

April 8, 2020
CEBA Loan Application Available April 9th at TD

April 3, 2020
TD Steps Up Support for Canadians Impacted by COVID-19 with 50% Cut to Credit Card Interest

Banks Facilitate Access to Relief Funds Through CRA Direct Deposit

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

March 25, 2020:
TD encourages customers to stay home, bank digitally

March 18, 2020:
TD Bank: "The most vulnerable in our communities require immediate support"

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

TD announces additional customer and colleague response to COVID‑19