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)

Businesses that are eligible for CEBA include:

  • owner-operated small businesses that do not have a payroll
  • sole proprietors receiving business income directly
  • family-owned corporations remunerating in the form of dividends rather than payroll
  • businesses that currently operate through a personal account

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 deadline
The deadline to apply for CEBA has been extended to June 30, 2021.

Program highlights

  • Qualifying members can apply for a $60,000 CEBAloan or the $20,000 expansion.
  • 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

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. 

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 mail@icsavings.ca. 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 www.collabriacreditcards.ca 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.