Frequently asked questions about COVID-19

We’re here to continue to support you and we’ll be reaching out before the end of your deferral period for your mortgage, line of credit and loan to let you know what the next steps are. 

If you requested a payment deferral on more than 1 product you hold with us, you’ll receive a separate communication for each deferral request.

For your mortgage

Once your selected deferral period ends, you’ll receive a letter with your specific payment amount and the amount of interest that accrued during the deferral period. Your new payment amount will also be available on Simplii online banking and mobile banking. 

Your payments will resume on the schedule and date that was in place prior to the deferral. For example, if your payments were on the first of each month, that will continue to be your payment date; if you were previously paying on a biweekly schedule, that schedule will resume. 

This letter will be mailed to you based on your payment cycle. 

For your line of credit

You’ll receive a monthly statement showing the due date and the amount of your next minimum payment, including creditor insurance premiums, if applicable.

You can also check your payment amount and due date on Simplii online banking and mobile banking.

For your loan

Your payments, including creditor insurance premiums, if applicable, will resume starting on the payment date provided in the updated Statement of Disclosure that we mailed to you. If you haven’t received this document in the mail, it will be sent to you shortly. 

You can also check your payment amount and due date on Simplii online banking and mobile banking. 

For your credit card

Once your deferral period ends, you’ll see your minimum payments resume on your monthly statement. If you have CIBC Payment Protector™ Insurance, your CIBC Payment Protector Insurance premiums will continue to be charged to your credit card account as normal and will be included in your outstanding statement balance.

You can also check your minimum payment amount and due date on Simplii online banking and mobile banking.

Every client situation is unique and depends on a number of factors, including principal owing, remaining amortization and interest rate. This example may help in understanding how the payment amount may change: 

• If you have a mortgage with an original principal balance of $300,000 amortized over 25 years at a 3% interest rate, it will have monthly payments of $1,419.74.
• If you deferred 6 monthly payments, the interest portion of those payments will be added to the principal balance of $300,000 at the end of the deferral period, resulting in a new principal balance of $304,472.16. Because the principal balance has now increased and 6 months have passed, the monthly mortgage payments will increase to $1,460.73, so that the mortgage will still amortize over the same remaining 24.5 years.

Additionally, if you would like to pay the accrued interest that was added to your principal balance, you can do so once your mortgage resumes. This payment will be part of your prepayment privilege without charge or penalty.

For your mortgage

If you’re able to resume payments prior to the end of the deferral period, call us at 1-888-723-8881Opens your phone app..

For your line of credit 

You can resume payments at any time for any amount you would like to pay. 

If you have access to Simplii online banking, you can view your statements and make additional payments. Or, call us at 1-888-723-8881Opens your pone app.. 

For your loan 

If you’d like to resume your payments, you may do so and make payments at any time for any amount you would like to pay.

If you have access to Simplii online banking, you can view your account and make additional payments. Or, call us at 1-888-723-8881Opens your phone app..

We’ll 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.

If you have creditor insurance on your mortgage, we’ll also continue to collect the insurance premium portion of your mortgage payments from you during the deferral period and pay them to the insurer.