COVID-19 financial relief FAQ

For personal banking

Mortgages

• At the end of your deferral period, you’ll receive a letter with your specific payment amount and the amount of interest that accrued during the deferral period. Your new payment amount will also be available via CIBC Online Banking® and CIBC Mobile Banking®. Your payments will resume on the schedule and date that was in place prior to the deferral (e.g. if your payments were on the first of each month, that will continue to be your payment date; if you were previously paying on a biweekly schedule, that schedule will resume).
• This letter will be mailed to you based on your payment cycle.

Lines of credit

• You will receive a monthly statement showing the due date and the amount of your next minimum payment, including CIBC creditor insurance premiums, if applicable.
• If you didn’t pay your minimum payment(s) that were due before you requested a payment deferral, you’ll need to pay those outstanding amounts owing after the deferral period. 
• If your payment type is interest-only, you may notice a larger-than-usual “minimum payment due” on your next regular statement if your deferral period was 45 days or less. This is because the interest and any insurance premiums that accrued during the deferral period will be due after the deferral period ends. If your deferral period was more than 45 days, then the amount due on your next regular statement will be the average monthly interest and insurance premiums accrued during the deferral period.  
• You can also check your payment amount and due date via CIBC Online Banking or CIBC Mobile Banking.

Loans

• Your payments, including CIBC creditor insurance premiums, if applicable, will resume, starting on the payment date provided in the updated Statement of Disclosure that we mailed to you. If you haven’t received this document in the mail, it will be sent to you shortly. 
• You can also check your payment amount and due date via CIBC Online Banking or CIBC Mobile Banking.

Credit cards

• Once your deferral period ends, you’ll notice your minimum payments resume on your monthly statement. If you have CIBC Payment Protector™ Insurance, your CIBC Payment Protector Insurance premiums will continue to be charged to your credit card account as normal and included in your outstanding statement balance.
• You can also check your minimum payment amount and due date via CIBC Online Banking or CIBC Mobile Banking.

For business banking

Lines of credit

• Your next account statement will reflect all interest owed during your payment deferral period as well as interest owed for the most recent month. 
• This amount will be automatically withdrawn from your associated CIBC Business Operating Account on the due date.
• In the months to follow, your interest payments will continue to reflect a single month’s interest on the principal balance outstanding.

Loans

• If you requested principal payment deferral on your loan, the deferred amount will be due at the end of your term.
• If you requested interest payment deferral, the interest payment will be due as 1 lump sum at the end of your deferral period. 

Each client’s situation is unique and depends on a number of factors, including principal balance owing, remaining amortization, interest rate and the type of rate (fixed versus variable). Here’s an example showing how the payment amount may change for fixed-rate mortgages: 

• If you have a mortgage with an original principal balance of $300,000 amortized over 25 years at a 3% interest rate, your monthly payments will be $1,419.74.
• If you deferred 6 monthly payments, the interest portion of those payments will be added to the principal balance of $300,000 at the end of the deferral period, resulting in a new principal balance of $304,472.16. Because the principal balance has now increased and 6 months have passed, the monthly mortgage payments will increase to $1,460.73, so that the mortgage will still amortize over the same remaining 24.5 years.

A client with a variable-rate mortgage will have the same payment at the end of the deferral; however, the amortization period will increase as a result of the deferred interest added to the mortgage.  

Additionally, if you would like to pay the accrued interest that was added to your principal balance, you can do so once your mortgage resumes. This payment will be part of your prepayment privilege without charge or penalty. 

Mortgages

• If you’re able to resume payments prior to the end of the deferral period, call us at 1-800-465-2422Opens your phone app..

Lines of credit (HPP or Non-HPP)

• You can resume payments at any time for any amount you would like to pay.
• If you have access to CIBC Online Banking, you can view your statements and make additional payments or call us to assist you.

Loans

• If you’d like to resume your payments, you may do so and make payments at any time for any amount you would like to pay.
• If you have access to CIBC Online Banking, you can view your statements and make additional payments by selecting Customer Services or call us to assist you. 

We'll continue to pay your property taxes during the deferral period to your municipality as scheduled. To minimize the impact to your payments after the deferral period, we'll continue to collect the property tax portion of your mortgage payments from you during the deferral period.

If you have CIBC creditor insurance on your mortgage, we’ll also continue to collect the insurance premium portion of your mortgage payments from you during the deferral period and pay them to the insurer.

No, unless you choose to pay the accrued interest at the end of the deferral period, the accrued interest isn’t paid as a lump sum when you renew your mortgage. We’ll take the interest due over the deferral period and add this to the principal balance of your mortgage, so that when you start making payments again, your payment amount could be higher.

If you need an increase to your credit limit, the fastest way is by signing on to CIBC Online or Mobile banking and selecting “Customer Services” to apply for a credit limit increase. Alternatively, you can call the credit card contact centre at 1-800-465-4653Opens your phone app.. We’ll help you review your options. Please note wait times may be longer than normal.

For Business Plus cards, please contact your business advisor or local banking centre.

The Government of Canada launched the CRB to provide financial support to workers who are self-employed or aren’t eligible for Employment Insurance (EI) and still require income support.

For program details, visit the Government of Canada websiteOpens a new window..

The Government of Canada launched the CRSB to provide financial support for workers who can’t work because they are sick or must self-isolate for reasons related to COVID-19.

For program details, visit the Government of Canada websiteOpens a new window..

The Government of Canada launched the CRCB to provide financial support for eligible workers who can’t work because they must provide care to children or family members due to the closure of schools, day cares or care facilities.

For program details, visit the Government of Canada websiteOpens a new window..

If you received relief benefits from the government, you will receive a T4A slip. Residents of Quebec will receive both a T4A and RL-1 slip. If you have any questions about the slip, including if you think there may be a mistake or you have received it in error, please contact the Canada Revenue Agency by phone at 1-800-959-8281 Opens your phone app..

If you’re outside of Canada and the U.S., call 1-613-940-8495 Opens your phone app.. For more information, you can also visit the Government of Canada website Opens in a new window..