Canada’s Six Largest Banks Ease the Financial Pressure of COVID-19


While the current economic climate seems to be changing day by day, Canada’s six largest banks are bringing good news for those struggling financially due to COVID-19.

Yesterday, Bank of Montreal, CIBC, National Bank of Canada, Royal Bank of Canada, Scotiabank and TD Bank made a commitment to work with individuals and small business clients to ease the financial pressures they may be facing due to COVID-19. This includes offering flexible solutions such as up to a six-month payment deferral for mortgages or relief on other credit products.

Situations will be handled on a case by case basis and individuals are encouraged to contact their banking institution directly. For more information see TD’s press release here.

For Canadians that are experiencing a disruption in pay due to illness, childcare closures or other business closures due to COVID-19, this may be the helping hand they were looking for.

If you have questions regarding how this change or the economic situation of COVID-19 may affect your family law matter, including payment of spousal or child support, please contact our Family Law Team.

For more legal analysis of how COVID may affect your business, or personal affairs, visit Clark Wilson’s COVID-19 Resource and FAQ pages