Canada’s banks have partnered with the Government of Canada to expedite access to the Canada Emergency Wage Subsidy for businesses affected by COVID-19. A new service allows eligible businesses to register their business payroll accounts for direct deposit with the Canada Revenue Agency (CRA) directly through their bank business portals. Employers should visit their bank’s online or mobile … Read more
Canada’s banks will begin enrolment for their own small-business clients for the Canada Emergency Business Account (CEBA) program, a new federal plan that will help businesses to meet their operational cash flow requirements through access to interest-free loans of up to $40,000, to manage through the financial impacts of the pandemic. Customers are encouraged to visit their own bank’s website … Read more
Almost 500,000 requests for mortgage deferrals or skip a payment have already been completed or are in process since Canada’s banks announced a mortgage deferral program over two weeks ago. Taken together, the country’s six largest banks have deferred more than 10 per cent of the mortgages in their portfolio. “Canada’s banks are standing by Canadians and … Read more
The Canadian Bankers Association announced that nine banks, including the country’s six largest, have each accessed the Bank of Canada’s new Standing Term Liquidity Facility (STLF). The Bank of Canada has encouraged Canadian financial institutions to use the STLF. Bank of Montreal, Canadian Western Bank, CIBC, Equitable Bank, HSBC Bank Canada, National Bank of Canada, RBC Royal Bank, Scotiabank … Read more
In keeping with expert guidance from Canada’s public health authorities, and out of concern for the health and safety of employees and customers, Canada’s six largest banks are taking new coordinated measures to support social distancing to control the spread of COVID-19. Banks will be working together to temporarily limit operating hours and reduce the … Read more
Banks in Canada are closely monitoring developments related to COVID-19 and understand that some of their customers may be worried about the impact the current market turbulence and economic challenges might have on their personal or business finances. We are dedicated to working with customers to provide flexible solutions on a case-by-case basis for managing through … Read more
Neil Parmenter, President and CEO of the Canadian Bankers Association, and Employment, Workforce Development and Labour Minister Patty Hajdu (Thunder Bay-Superior North, Ont.) reaffirmed the strong commitment of Canada’s banks in favour of pay equity and the principle of equal pay for work of equal value. “Diversity, inclusion and equality – particularly with respect to women in the … Read more
The Canadian Bankers Association launched a white paper that reveals how digital ID could become a reality in Canada. “A federated digital ID approach – one interconnected network – would transform the way Canadians identify themselves to government, businesses and each other, with ease and rock-solid security,” said Neil Parmenter, President and CEO, Canadian Bankers Association. … Read more
The Canadian Bankers Association has submitted its response to the Department of Finance’s second consultation paper on the review of the federal financial sector framework. “Banking is evolving at record pace. It’s critical that the legislation governing the industry reflects this reality and facilitates the investments in technology that will keep Canada a leader in … Read more
Dedication, courage, teamwork and innovative law enforcement techniques earned two individuals and two groups of police officers the Canadian Banks’ Law Enforcement Award (CBLEA). Through the officers’ tireless efforts and collaboration, two bank robbers and members of a large organized crime group have been arrested.The Canadian Bankers Association (CBA) will recognize fifteen police officers and … Read more
