Canada’s big banks have announced they will allow mortgage payment deferrals for up to six months among other changes.
The countries six largest banks said they will provide financial relief to Canadians impacted by disruptions from the steps taken to slow the spread of COVID-19.
The banks include Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank, and TD Bank.
See all the latest updates about the global COVID-19 pandemic on Vancouver Island
Assistance on other credit products will be included in these offerings of support.
Individuals or business owners facing hardship are urged to contact their bank directly to discuss options that may be available.
“These measures are an important first step and underscore the resilience of Canada’s financial system and the strength of our major banks,” the banks said in the release. “Banks will monitor evolving economic conditions and consider other measures if necessary.”
Effective immediately @BMO @cibc @nationalbank @RBC @scotiabank @TD_Canada offer support for Cdns impacted by #COVID19 incl. a 6-month payment deferral for mortgages, & opportunity for relief on other credit products. Talk to your bank
— Neil Parmenter, ICD.D (@neilparmenter) March 18, 2020
The BCCDC has set up a 2019 novel coronavirus telephone information line at 1-833-784-4397 for those who have further questions about this disease.
Anyone concerned that they may have been exposed to, or are experiencing symptoms of the novel coronavirus, should contact their primary care provider, local public health office, or call 8-1-1.
As of the time of publication, the total number of COVID-19 patients worldwide has risen to 206,951.
Nearly 8,272 people have died from the illness and 82,889 have made a full recovery.
