Canada’s six largest banks announced plans to provide financial relief to Canadians impacted by the economic consequences of COVID-19. This financial relief includes the option of temporarily deferring payments on a mortgage and line of credit^. We want you to know the facts and financial implications if you are considering payment deferrals.
We understand that our clients may be facing financial hardship, from job loss, to instability and the uncertainty ahead. We introduced relief programs for those impacted by the COVID-19 outbreak, to give clients the flexibility, and help free up cash flow today, so they can plan for your current and future needs.
Financial Relief for Personal Clients
For immediate financial relief
To proceed with one month of relief:
(For longer options see "Longer Term Relief Instructions"); for financial relief for Lines of Credit or Homeline Plan, see “Lines of Credit”)
- Log into Online Banking.
- From the Account Summary page, select your mortgage account.
- Select the “Skip a Payment” link at the bottom of the page and follow the instructions to defer a payment.
Note: This feature is not available between 7:30pm to 9:30pm each day.
ALERT: Payment deferral requests could take up to five days to process. If you are within five days of your regular mortgage payment date, the current payment will be processed, and your next payment may be deferred.
Program Details: Note that skipping a payment is a deferral, not a waiver of that payment. There is no fee to defer a payment. When you defer a payment, the interest portion of all deferred payments is added to your outstanding balance at the time of deferral and interest is charged on that amount at your mortgage interest rate. This means your mortgage balance will increase if no other changes are made to your payment schedule or regular mortgage payment amount over the life of your mortgage. Your payment amount won't change during the term of your mortgage. Instead, at renewal your monthly payment amount increases to account for the higher balance. When you defer a payment you must still pay the portion of your payment that covers your property taxes and HomeProtector Insurance Premium, if applicable.
Note: Deferring payments may significantly increase your interest costs over the life of your mortgage, so it's important to carefully evaluate your financial situation and priorities before exercising this option. Try our calculator to find out what it could cost.
Update: RBC will provide a credit to assist with offsetting the interest charged on deferred interest payments during the deferral period. Eligible clients will receive this credit following the end of our deferral period, if their loan is in good standing and has not been repaid in full by the time the credit is applied. No action is required by you. We will process a one-time credit following the end of RBC’s deferral program. The credit will be made to your loan account towards the end of the year*.
For longer term relief:
Should you require additional financial relief beyond the first month, please use our online booking tool to schedule a time to speak with one of our advisors by phone.
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Frequently Asked Questions
RBC Client Relief Program
No, not for the current term of your mortgage. The deferred interest will be added to the outstanding balance and interest will be charged on this new balance. Clients still need to pay their property taxes, creditor insurance and property insurance on a current basis.
Yes, the financial relief program is available to any client experiencing financial hardship resulting from COVID-19. If you cannot activate a deferral through online banking using our self-serve tool, please book an appointment online to speak with an advisor to set up the skipped payment. Some restrictions apply.
If you are not enrolled in RBC Online Banking or unable to book an appointment using our online booking tool, you can request a callback from one of our advisors for assistance.
Yes. For example if you choose to defer up to 6 monthly mortgage payments now, and your circumstances change, you can recommence payments at any point.
Trademark(s) of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada.
While some of these options may be available to you, they may increase your interest costs or your outstanding principal balance over the life of your loan or increase the outstanding balance on your credit card during the relief period, if applicable. You should carefully evaluate your financial situation and priorities before exercising any of these options to the extent they are available to you. The RBC Client Relief Program is subject to change and is available for a limited time with some options available only until June 30, 2020.
The availability of various deferral program options under the RBC Client Relief Program is subject to change and may be amended at any time.