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.