Canada’s COVID-19 Economic Response Plan has announced measures to help individuals and businesses in Canada cope with the new financial realities. As a part of this Plan the deferment of some major monthly expenses have been included. 

If you have an outstanding Canada Student Loan, effective March 30, 2020, a six-month interest-free moratorium is being granted to all student loan borrowers. 

  • If you have a private student loan offered by a financial institution, please ensure you contact them directly for any applicable updates to your repayment schedule.

If you have a mortgage you may be eligible for a Mortgage Payment Deferral. You should contact your bank or your mortgage professional to see if you are eligible.

  • Mortgage payment deferral may be applied to both CMHC-insured and non CMHC-insured mortgages. 

Note: This list is not exhaustive and depending on your personal circumstance there may be additional benefits or deferred payments applicable to you.  Learn More.

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This article offers general information only and is not intended as legal, tax, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed.All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by RBC Ventures Inc. or its affiliates.

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