The coronavirus may have hit you hard financially but this is when you should be able to rely on your financial institutions the most. CIBC is no different. Meeting your needs in challenging times, CIBC has been working to provide financial relief for personal and business banking; mortgage deferral payments; and credit card deferrals. CIBC is offering temporary relief to clients facing financial hardship. You can ask for more time to make your payments on your mortgages, loans, lines of credit and credit cards.
We’ll walk you through a number of different ways CIBC is lending aid to Canadians during this difficult time.
As the COVID-19 situation has continued to evolve, CIBC has been moving to respond with a series of initiatives created to address the financial challenges Canadians are enduring. They’ve been offering services such as:
- Mortgages: Deferrals for up to 6 months
- Credit cards: Deferrals for up to 3 months and lowered interest rate
- Line of credit: Deferrals for up to 2 months
- Access to the Canada Emergency Business Account
Small Business Financial Relief
The CIBC and other Canadian banks have teamed up with the federal government to provide financial relief to businesses in Canada. The new joint programs mean that you can access to the Canada Emergency Business Account, the Business Development Bank of Canada (BDC) Co-Lending Program, and the Export Development Canada (EDC) Business Availability Program. Get access to:
- Up to $40,000 interest-free loan for businesses and not-for-profits
- 0% interest per year before December 31, 2022
- Eligible for $10,000 forgiveness if $30,000 is fully repaid by December 31, 2022
Articles and Tips
You can stay up to date with the latest news and events through the CIBC’s website. With access to market insights, economic reports, and personal and business finance tips, you can stay ahead of the curve when it comes to your finances.
Financial Data Protection
Looking to make your banking safer? CIBC is providing opportunities to protect yourself from coronavirus scams, Interac e-transfer fraud and more. Explore the different kinds of ways fraud can happen, and how to bank safely.
CIBC FAQ for COVID-19
Whether it’s general information or answers to questions about credit cards, branch access, travel and business banking, HSBC has you covered. Check out some frequently asked questions we get from our clients.
What Type of Financial Relief is CIBC Offering?
I Submitted My Request for Financial Assistance Form, What Happens Next?
After you submit your request for financial assistance, you will receive:
- You’ll receive an email
- You’ll be asked for more information
- CIBC will review and complete your request
CIBC Currently Pays My Property Taxes With My Mortgage, What Happens if I Defer My Payments?
The CIBC will 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.
Access CIBC Website and Stay Connected
In response to the evolving COVID-19 situation, CIBC has taken proactive measures to further support its customers, colleagues and communities financially. If you have been directly impacted by COVID-19 and are facing financial challenges, check out CIBC’s website for more information on how they can help you with your finances, bill payments, insurance needs and more.