Big 5 Mortgage Deferral Programs Canada 2026: TD, RBC, BMO, Scotia, CIBC

Every major Canadian bank has a mortgage hardship program. None of them advertise it prominently. The programs exist because the Financial Consumer Agency of Canada expects federally regulated lenders to provide tailored assistance to homeowners facing severe mortgage difficulty — but exercising that expectation requires the homeowner to make the call.

This guide covers what each Big 5 bank’s program actually offers, what to say when you call, and when deferral is the right tool versus when a deeper solution is needed.

Before You Call Any Lender

Two things to establish before making the call:

1. Understand your actual shortfall. Use the Mortgage Shock Calculator to know the exact monthly gap between your current obligation and what you’ll face at renewal (or currently face if you’ve already renewed). A $400 shortfall is a deferral problem. A $900+ shortfall is likely a structural problem where deferral will not solve.

2. Separate the mortgage from the unsecured debt. List your total monthly minimum obligations: mortgage, credit cards, personal loans, LOC, CRA payments. If the non-mortgage minimums exceed $600/month, unsecured debt is probably the root issue. A 3-month payment deferral adds $3,000-$6,000 to your balance while the $600/month unsecured minimums continue. A consumer proposal eliminates the unsecured portion entirely. Both options matter — they solve different problems.

TD Bank — Mortgage Assistance

Program name: TD Mortgage Assistance / Payment Flexibility

What TD offers:

• Payment pause: Eligible TD mortgage holders can defer 1-4 payments annually (cumulative, not consecutive) depending on account standing and mortgage type. Deferred amounts are added to the mortgage principal.
• Payment reduction: Temporary reduction of regular payment amount for borrowers demonstrating financial hardship — TD will assess your full financial picture.
• Amortization extension: Available for TD mortgages at renewal — extending amortization reduces the monthly payment without deferral.
• TD FlexLine (readvanceable mortgage): If you have a TD FlexLine, the HELOC component can be drawn to cover payment gaps; this is not a deferral but a liquidity tool for homeowners with available equity.

Eligibility notes: Best outcomes for borrowers with good payment history, stable employment income, and documented short-term hardship. Investment properties face different terms than owner-occupied primary residences.

Contact: TD Mortgage Customer Service: 1-888-720-0075. Ask specifically for “mortgage assistance” or “hardship accommodation” — do not use the general banking line.

Documentation to have ready: Recent pay stub, NOA, brief explanation of hardship event. TD may conduct an internal review based on your account history for shorter deferrals.

RBC Royal Bank — Mortgage Payment Flexibility

Program name: RBC Mortgage Hardship / Payment Holiday

What RBC offers:

• Payment holiday: RBC offers a skip-a-payment feature on eligible mortgages — typically 1-2 skips per 12-month period without full hardship documentation. The skipped amount is capitalized and added to the principal.
• Formal hardship accommodation: For multi-payment deferrals or payment reductions, RBC’s mortgage hardship team reviews income, assets, and hardship circumstances. Options include temporary payment reduction (paying interest only for a period) and amortization extension at renewal.
• Rate hold and flexibility at renewal: If you are within 120 days of your renewal date, RBC offers early renewal options that may include an amortization extension to reduce the new payment.

Eligibility notes: Account must be in good standing or in early-stage arrears (typically less than 60 days delinquent) to access formal hardship programs. Investment properties have narrower accommodation options.

Contact: RBC Mortgage Assistance: 1-866-809-5800. For clients with an existing MyAdvisor relationship, you can initiate through RBC Online Banking under “Mortgage and Home Equity” but phone confirmation is typically required for hardship accommodations.

What to say: “I am experiencing a temporary financial hardship and want to discuss payment accommodation options before I miss a payment.” This framing activates the formal program rather than a standard collections conversation.

BMO — Mortgage Assistance Program

Program name: BMO Mortgage Assistance

What BMO offers:

• Payment deferral: Up to 6 months of deferred payments for qualifying homeowners experiencing documented hardship. Deferred payments are added to the mortgage balance and the amortization may be extended.
• Temporary payment reduction: BMO can approve a reduced payment for a set period, with normal payments resuming after recovery. Partial payments still accrue — the unpaid portion is capitalized.
• Amortization extension at renewal: For BMO customers renewing during a period of financial difficulty, extending the amortization at renewal reduces monthly payments and can improve affordability.
• BMO Homeowner ReadiLine: If you have a BMO readvanceable mortgage, available HELOC room can be used as a bridge — but this increases your total debt.

Eligibility notes: BMO’s formal hardship program is more documentation-intensive than the skip-a-payment programs at other banks. Be prepared to share income documentation and a full financial picture. Programs are most accessible for primary residences and owner-occupied properties.

Contact: BMO Mortgage Client Care: 1-877-225-5266. Specify that you are calling about “mortgage hardship” or “payment accommodation” — the standard mortgage line handles both renewals and hardship, so being explicit helps you reach the right team faster.

Scotiabank — Mortgage Payment Assistance

Program name: Scotiabank Mortgage Payment Assistance / STEP Flexibility

What Scotiabank offers:

• Skip-a-payment: Available on eligible Scotiabank mortgages — typically 1 payment per 12 months without formal hardship documentation, provided the account is in good standing. Skipped payment is added to the principal.
• STEP (Scotia Total Equity Plan) flexibility: For STEP mortgage holders, Scotiabank can consolidate missed payments into the HELOC component of the plan if equity is available — a more flexible arrangement than a formal deferral.
• Hardship accommodation: For multi-payment deferrals or formal financial hardship situations, Scotiabank’s mortgage hardship team can arrange temporary payment reductions, deferred payment arrangements, and amortization extensions at renewal.
• Payment frequency change: Switching from accelerated bi-weekly to monthly payments can reduce annual obligation without a formal hardship arrangement.

Eligibility notes: Scotiabank’s informal STEP-based flexibility is useful for homeowners with equity. For formal deferrals, standard hardship documentation applies.

Contact: Scotiabank Mortgage Assistance: 1-800-472-6842. For STEP clients, ask specifically about STEP restructuring options — this is often more accessible than a formal deferral.

CIBC — Mortgage Payment Flexibility

Program name: CIBC Mortgage Financial Hardship Assistance

What CIBC offers:

• Payment skip: CIBC allows eligible customers to skip a mortgage payment (typically 1-2 per year); the skipped amount is added to the balance.
• Temporary payment reduction: CIBC can approve interest-only payments or reduced principal payments for a set period pending income recovery.
• Amortization extension: At renewal or mid-term for borrowers demonstrating hardship, CIBC can extend amortization — reducing the monthly payment at the cost of more total interest paid.
• CIBC Home Power Plan: For readvanceable mortgage holders, available revolving credit capacity can be used as a bridge.

Contact: CIBC Mortgage Client Contact Centre: 1-800-465-2422. Ask for “mortgage hardship assistance” or “payment flexibility review.”

Summary: Big 5 Quick Comparison

All deferred payments are capitalized — added to your mortgage balance and continue accruing interest. They are not forgiven.

Credit Unions and Monoline Lenders

Federally regulated banks are subject to FCAC’s mortgage hardship guidance. Credit unions — provincially regulated — are not, but many offer more flexible hardship terms precisely because their underwriting is more relationship-based.

Credit union approach: Call your credit union’s mortgage department directly and ask to speak to someone about payment accommodation. Credit unions have fewer formal program structures — the conversation is often with a decision-maker rather than a script-following customer service representative. Provincial credit unions (Meridian, Caisse Populaire, Coast Capital, Conexus, Access) each have their own approach.

Monoline lenders (First National, MCAP, Merix, Radius): These lenders service mortgages directly or through brokers. First National and MCAP both have documented hardship accommodation processes accessible through their customer service lines. Contact information is on your mortgage commitment letter or statement. Your mortgage broker may also be able to intervene on your behalf.

CMHC-insured mortgages: If your mortgage is insured by CMHC (typically high-ratio, under 20% down payment), there are additional borrower protections. CMHC encourages insured lenders to offer loss mitigation options including payment deferrals, repayment plans, and extended amortization. Ask your lender specifically whether CMHC guidelines apply to your mortgage.

When Deferral Is the Wrong Tool

A deferral is the right tool when: the hardship is clearly temporary (a layoff with reemployment expected within 90-180 days, a medical leave with a return date, a divorce settlement being finalized), the mortgage will be affordable once income recovers, and the deferred balance remains manageable.

A deferral is the wrong tool when: monthly unsecured debt minimums are $600+ and will not decrease after the deferral ends; total household obligations structurally exceed income regardless of the mortgage; or equity has eroded to the point where the property can’t be refinanced out of difficulty at renewal.

In those cases, a deferral adds $3,000-$12,000 to your mortgage balance and delays the decision by 3-6 months. A consumer proposal — which typically eliminates 60-80% of unsecured debt and reduces monthly minimums by $600-$1,400 — addresses the structural problem directly. Use the Consumer Proposal Calculator to see whether your situation fits.

For the full range of options if you are already in arrears, see Mortgage Arrears Options in Canada. For what happens if enforcement proceedings have begun, see What Happens If You Miss 3 Mortgage Payments in Canada.

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Sources:

• Financial Consumer Agency of Canada, mortgage financial difficulty guidance (fcac-acfc.gc.ca)
• Office of the Superintendent of Financial Institutions, Guideline B-20
• CMHC, homeowner mortgage assistance guidelines
• TD Bank, RBC, BMO, Scotiabank, and CIBC published mortgage product documentation (2025-2026)