If you’re having trouble making a payment on your mortgage or loan, we’re here to help. We can tailor a solution to your individual circumstances, and one possible approach is skipping a payment. You can request to skip a payment online, through your mortgage or loan payment options, or by calling our Contact Centre at 1-866-592-2226.
How it works
You can skip one month’s mortgage payment once every 12 months with no penalty. If you have already skipped a payment due to COVID-19, you are still eligible for up to a total of 6 skipped payments - if they are related to COVID-19.
When you skip a payment, you are only deferring the payment, not subtracting it from the total you owe. Instead, you make an additional payment later. The interest continues to accrue but will not be added to the outstanding principal balance. This means that you won’t be charged interest on interest.
Is this for you?
Skipping a payment is a great option to have for your peace of mind. Remember, though, paying off your debt is always going to be better for your finances overall, so if you can make your current mortgage or loan payment, you should. Our skip-a-payment feature is intended to help you if you are incapable of making a payment due to financial difficulties arising from a crisis or emergency.
Eligibility
You are eligible to skip a payment as long as:
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Your mortgage or loan is currently in good standing.
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There is more than 60 days until your mortgage or loan maturity date.
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Interest-only construction mortgages are not eligible for skip-a-payment.
Frequently asked questions about skipping a mortgage or loan payment