Financial Relief Programs for Members

Learn more about government relief programs, such as the Canada Emergency Business Account, that are available to our personal and business members. Details about credit card and mortgage payment relief measures are also offered. 

Canada Emergency Business Account (CEBA)

As of October 26, 2020, eligible Canadian businesses that currently operate through a personal bank account will be able to apply for CEBA.

Otherwise, businesses eligible for CEBA include owner-operated small businesses that do not have a payroll, sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll. This means that more small businesses can access this relief program.

Our small business and non-profit members can apply for the federal government's initiative through online banking. Members should sign on to access the CEBA application since it cannot be completed at a branch; it is posted under ‘Account Services’.

Call your home branch team if you have a question or need help completing the application. We’re here to help.

Program highlights

  • Qualifying members can access a $40,000 interest-free loan.
  • Funds can be used to cover short-term operating expenses, payroll and other non-deferrable expenses such as rent, utilities, insurance, taxes and wages. 
  • Paying off the loan on or before December 31, 2022 will result in loan forgiveness of up to 25 per cent of the original amount (up to $10,000).
  • Principal repayments can be made at any time; there are no monthly minimums.
  • It is administered by Export Development Canada (EDC).

Program eligibility

Eligibility is based on criteria established by the Government of Canada. To qualify, businesses must have:

  • An active Canada Revenue Agency business number (BN) with an effective date of registration on or prior to March 1, 2020;  and either:
  • meet the payroll eligibility criteria ( $20,000 and $1.5 million paid in total payroll) in 2019; or
  • demonstrate a minimum of $40,000 to a maximum of $1.5 million in eligible non-deferrable expenses when payroll was less than $20,000, and have filed a 2018 or 2019 tax return.

Furthermore, an applicant:

  • has not previously used the Canada Emergency Business Account Program and will not apply for CEBA at any other financial institution.
  • intends to continue to operate the business or resume operations.

For complete eligibility information and a comprehensive set of FAQs, visit the federal government's website

Program deadline

The deadline to apply for CEBA has been extended to December 31, 2020.

Have questions?

If you have already applied for CEBA and have a question about the status of your application, contact the CEBA Call Centre at 1-888-324-4201, Monday to Friday, from 8:00 am to 9:00 pm EST.

Canada Revenue Agency Direct Deposit

Register for direct deposit to ensure that your benefit payments such as the Canada Emergency Response Benefit (CERB) or the Canada Emergency Student Benefit arrive sooner. We encourage you to use direct deposit to avoid delays and to receive your payments faster. 

Three easy ways to enrol

  • Contact your home branch team. We can help you sign up, or update your direct deposit information with the Canada Revenue Agency (CRA).
  • Log onto online banking and sign up here. Once logged on, head to 'Account Services' in the left navigation and select the option ‘Set up CRA Deposit’. Complete the related online form.
  • If you prefer, head to the CRA website to sign up directly.

Please note that:

  • if you have never filed a tax return with the CRA, you are not eligible to sign up for this service.
  • the direct deposit service is strictly for individuals using their SIN to register. Small businesses with a Business Number (BN) will be able to update their direct deposit information through their business portal.
  • if you submit multiple requests to update your direct deposit information, the most recent enrolment you complete will become the account on file with the CRA.
  • Direct deposits will only be made into one account, at one financial institution

Which CRA payments can be received through direct deposit?

  • Income tax refund
  • Canada child benefit
  • Goods and services tax/harmonized sales tax (GST/HST) credit
  • Canada workers benefit
  • Related provincial and territorial payments
  • Canada Emergency Response Benefit*

*You will need to apply for this federal government program through the CRA website. Registering for CRA Direct Deposit does not automatically register you for the CERB.

Fraud prevention

Neither the CRA nor our credit union will ever send you an email, text or an Interac e-Transfer to a link asking for your personal information to receive your benefit payment or refund. These are scams and taxpayers should never respond to these fraudulent communications, or click on any of the links provided. 

​What is a direct deposit payment?

Direct deposit is a secure electronic transfer of funds deposited directly into your account at IC Savings. Direct deposit replaces the need to issue payments by paper cheque.

​Who is eligible to enroll in the direct deposit service through financial institutions?

Canadian taxpayers. If an individual has never filed a tax return with the CRA, they are not eligible to sign up for the CRA direct deposit service through their financial institution.

​Why is direct deposit enrolment only available to individuals and not businesses? 

The direct deposit service is strictly for individuals using their SIN to register.

The CRA has confirmed that the that Canada Emergency Response Benefit only supports SIN-based payouts and are not applicable to loans currently being provided for small businesses with a Business Number.

Small businesses with a Business Number will be able to update their Direct Deposit information through their business portal. Payments Canada will circulate CRA’s link to ‘my business’ account where business can sign up.

​Why should I sign up for direct deposit? 

Direct deposit allows you to access your money faster and is more convenient as your payment will not be delayed due to unforeseen circumstances such as bad weather. It is reliable and your payment will always be deposited on time in your account.

For those eligible for the Canada Emergency Response Benefit, we encourage you to sign up for direct deposit with us as soon as possible to receive your benefit payments on time.

​Will I still receive cheques if I sign up for direct deposit?

No. Once you are enrolled for direct deposit, you will receive CRA payments such as benefits, credits and refunds directly to your account.

​What payments can I receive through direct deposit? 

If you are eligible, you can receive your Canada Emergency Response Benefit payments directly to your bank account.

You can also receive payments such as your income tax refund, benefits and credits such as the Canada child benefit (CCB), the goods and services tax/harmonized sales tax (GST/HST) credit, Canada workers benefit (CWB), and provincial and territorial payments such as the Ontario Trillium Benefit (OTB).

​Is it safe to sign up for direct deposit? 

In order to offer this direct deposit enrolment service, IC Savings signed an extensive Terms of Use Agreement with the CRA which obliges us to use consent and privacy statements with all our clients who enroll in CRA direct deposit. By signing these consent and privacy statements you will acknowledge and agree that:

  • To facilitate your direct deposit enrolment with the CRA:
    • The CRA requires your name, bank account information, date of birth and social insurance number (SIN).
    • IC Savings will provide to the CRA your name and bank account information as set out above, as well as the date of birth and SIN that we have on file for you.
  • Once the CRA has completed your direct deposit enrolment, the Receiver General will deposit any amounts to be paid to you by the CRA.

The Government of Canada considers privacy and security of utmost importance in the issuance of payments. Any information you provide to the Government of Canada when you enrol for direct deposit is protected under the Government of Canada Privacy Act and as described in Receiver General Payments (Personal Information Bank PWGSC PCU 712).

​How do I register for direct deposit through IC Savings?

Beginning April 7, check out our website – -- where you can access a form which will simply and securely transmit your details to CRA. Log onto online banking to see the form under ‘Account Services’.

​What should I do if I don’t want to go through my financial institution? 

You can also sign up for direct deposit and enter your bank details through CRA’s My Account online or by using the MyCRA and MyBenefits CRA apps from your mobile device. For more information, go to (Of course, there is still a paper application available although this will take longer to complete.)

​How long will it take to process my direct deposit enrolment or update through my financial institution? 

Once you provide consent for your banking information to be shared with the CRA, your direct deposit information will be updated by your financial institution the following day. The CRA aims to process your direct deposit enrolment or information updates in one or two business days. Given the current environment, you may experience longer than usual processing times once the CRA receives your information from your financial institution.

​What information do I have to provide to IC Savings to sign up?

Your financial institution will provide to the CRA your name and bank account information, as well as the date of birth and SIN that we have on file for you.

​How will I know that my direct deposit information has been updated? 

If you are fully registered for CRA’s My Account, you can verify your direct deposit information through this online self-service portal.

​How do I know that I have received my direct deposit payment from the CRA? 

You can verify that the payment has been received by checking your banking statement on the account you used to sign up for direct deposit. Your payment amount will be deposited directly into the account.

You can also confirm that the payment was sent by the CRA by logging into CRA’s My Account.

Mortgage Payment Deferrals 

We understand the anxiety many Ontarians are feeling as these times have brought about unprecedented challenges to our economy. 

If you are a member of our credit union and your income has been reduced because of a COVID-19-related job loss, self-isolation or quarantine, assistance may be offered, including payment deferrals on mortgages. We will evaluate requests on a case-by-case and month-to-month basis to determine respective eligibility.

Reach out to us at While our lending team is dealing with a high volume of payment deferral requests, know that our aim is to get back to you as soon as we can. If you have received an email confirmation, you don’t need to call us. Know that we are reviewing your request. 

Collabria Visa* Credit Cards Payment Relief

Collabria Financial, our partner for credit card services, has introduced several financial relief measures to help qualified credit cardholders affected by COVID-19. Read on for more about these financial supports.

Collabria Financial Contact Centre 

If you are experiencing financial hardship due to the impacts of COVID-19, or have questions about the information offered below, call their contact centre, toll-free, at 1-855-341-4643. The Collabria team will work with you to see which supports may be of help to you.  

Reduced interest rate 

Effective April 13, 2020, the interest rate has been reduced to 10.9% for up to six months when cardholders contact Collabria and request financial relief due to COVID-19.

Minimum payment deferral 

Deferral of ‘minimum due’ payments and the promotional interest rate bundle can be approved for up to three months at a time for cardholders affected by COVID-19. Cardholders can call in after three months to extend to six months, if needed.

Increased ‘contactless’ transaction limits

Limits have been increased to $250 for all cardholders across all merchant (grocery, convenience stores and pharmacies) categories, wherever these merchants have enabled acceptance of higher contactless transactions.  

Balance transfers

Members can consider consolidating higher interest rate loans and credit card balances.  New and existing cardholders with business and personal accounts can benefit from a 5.9% balance transfer offer for a period of six months. This program is available until July 31, 2020.

Using MyCardInfo

Like others, Collabria's contact centres are receiving an unprecedented volume of calls from cardholders needing our assistance. One way to avoid longer wait times on the phone is to use MyCardInfo, an online credit card management tool for your day-to-day activities. Visit and select IC Savings.

Day-to-day activities can include:

  • Activating a credit card
  • Requesting a credit limit increase
  • Viewing current balance and available credit
  • Viewing an account online via eStatement
  • Viewing card transaction history and pending transaction(s)
  • Making one-time payments and setting up AutoPay
  • Signing up for (paperless) eStatements
  • Tracking, managing and redeeming rewards

Fraud prevention

Unfortunately, reports of scams and fraudulent activities continue. Members should always be vigilant. Know that Collabria Financial will never send emails asking for confidential information such as passwords, PINs or credit card numbers.