As many Canadians are facing tough questions surrounding their financial stability amid the COVID-19 crisis, Global News reached out to experts for advice.
They say there are things you can to do ease the financial burden. The Canadian Government announced a mortgage deferral program in March to help those who cannot make their monthly payments.
The big six banks in the country: Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank also say they will allow mortgages to be deferred for up to six months. “All banks are different, but typically they will take the interest payment and spread it out over future payments or perhaps even the life of the mortgage,” said Rob Tétrault with Canaccord Genuity Wealth