6 Canadian Banks allowing mortgage deferrals

From mortgage broker Maria Solverson: Please note all banks are currently inundated with calls so the wait times are going to be very long, please be patient, and if you can wait until next week to call them please do, or you can e-mail their customer service departments as well.

I know they would greatly appreciate it, and it would let them help those most in need first.

The Canadian Bankers Association also announced Tuesday the country’s six biggest banks are working together in their efforts to limit the spread of COVID-19 by temporarily limiting branch operating hours and reducing the number of branches, while maintaining critical services.

CRA Halts debt collection

“Collections staff will address pre-existing situations on a case-by-case basis to prevent financial hardship,” it said.

The CRA also said that taxpayers prevented from making payments, filing returns on time, or complying with other tax obligations due to circumstances beyond their control “can submit a request to cancel penalties and interest.”

“Payment arrangements are also available on a case by case basis if you can’t pay your taxes, child and family benefit overpayments, Canada Student Loans, or other government program overpayments in full,” it said.

Read more HERE

United Way Calgary
There are a tonne of resources/information on their website - read more HERE

Telus and Shaw offers
 Telus is waiving data overages and allowing free previews on a host of channels - read more HERE

Shaw has opened up their wifi network to non-Shaw customers and are also giving free access to some channels. If you are having challenges - call them or go to their online chat service and ask for help. Read more HERE

CMHC, Genworth, Canada Guarantee
CMHC, Genworth, and Canada Guarantee are working with homeowners financially impacted with the COVID-19 outbreak. They have increased flexibilities to allow for payment deferrals up to 6 months.
Other tools available are: re-amortization of the loan, capitalizing of outstanding interest arrears and other eligible expenses and special payment arrangements.
Please reach out to your banker/mortgage broker/lender for help...  you can read more HERE.