As COVID-19 continues to invade on a global level and here
at home, lenders are currently seeking various ways to do what is
possible to support their existing clients.
What We Know Right Now
On March 18, the Government of Canada announced a federal
economic aid package worth $82 billion to help Canadian workers and
businesses weather the COVID-19 storm. This will include up to $27
billion in direct support to Canadian workers and businesses, plus
$55 billion to meet the liquidity needs of businesses and
households through tax deferrals to help stabilize the
economy.
Role of Financial Institutions
The Minister of Finance is in regular contact with the
heads of Canada's six largest banks (Bank of Montreal, CIBC,
National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank)
and continues to encourage them to show flexibility in helping
their customers whose personal or business finances are affected by
COVID-19. The Superintendent of Financial Institutions
