Once every 12 months you have the option to skip mortgage payments (principal and interest), provided that:

• Your mortgage is not in arrears
• Your current mortgage balance, together with the amount of the payments you wish to skip, does not exceed the original amount of your mortgage.

You can skip up to four consecutive weekly payments, up to two consecutive bi-weekly or semi-monthly payments, or one monthly payment. You will still be responsible for paying your usual insurance premiums and property tax installments, where applicable.

There is no fee for this option, and your payments won't change during the term of your mortgage. Instead, any skipped interest is added to the principal balance and interest is charged on that amount at the same rate as on the mortgage.

Please note that Skip-A-Payment is not available with terms of 10 or 25 years or for mortgages with payments of interest only. Additional requirements apply for CMHC-insured mortgages.