Reviewed by Scott Dillingham · Licensed Mortgage Agent (Ontario, Level 2) · Updated May 22, 2026
Updated May 2026. A single reference table covering every major Canadian mortgage lender — Big 6 banks, monolines, credit unions, and B-lenders — with the fields that actually matter when choosing where to renew: charge type, portability, IRD calculation method, blend-and-extend availability, skip-a-payment, prepayment privileges, and the lender's 2026 stance.
All data reflects lender practice as of May 2026 based on published commitment letters, broker channel communications, and customer-facing product sheets. Always verify specifics against your own commitment letter — individual products vary within a lender.
| Lender | Charge Type | Portable? | IRD Method | Blend? | Skip-a-Pay? | Prepay | 2026 Stance |
|---|---|---|---|---|---|---|---|
| RBC | Standard (default) | Yes (120 days) | Posted-rate IRD | Yes | Yes | 15/15 | Aggressive retention; absorbed HSBC book |
| TD | Collateral (default) | Rarely | Posted-rate IRD | Yes | Yes | 15/15 | Stubborn first offers; collateral lock-in |
| BMO | Standard (default) | Yes (90 days) | Posted-rate IRD | Yes | Yes | 20/20 | Retention responsive; "Smart Fixed" competitive |
| Scotiabank | Collateral (STEP) / Standard | Yes (120 days) | Posted-rate IRD | Yes | Yes | 15/15 | STEP collateral complicates switches |
| CIBC | Standard (default) | Yes (90 days) | Posted-rate IRD | Yes | Yes | 20/20 | Flexible retention; watch for bona fide sale clauses |
| National Bank | Collateral (All-in-One) / Standard | Standard only | Posted-rate IRD | Yes | Limited | 10/10 to 15/15 | Quebec-heavy; thinner retention |
| HSBC Canada | Absorbed by RBC (2024) | See RBC | See RBC | See RBC | See RBC | See RBC | Existing book renews through RBC |
| First National | Standard | Yes (60–90 days) | Fair 3-month interest only | No | No | 15/15 to 20/20 | Fair penalty; broker-only; tight rates |
| MCAP | Standard | Yes (90 days) | Discounted-rate IRD or 3-month | No | No | 20/20 | Broker-only; strong Gen-Y programs |
| CMLS | Standard | Yes (60 days) | 3-month interest | No | No | 20/20 | Broker-only; no-frills, very tight rates |
| Equitable Bank | Standard | Limited | 3-month interest | No | No | 10/10 to 15/15 | B-lender; 1–3 year terms common; higher rates |
| Home Trust | Standard | Limited | 3-month interest | No | No | 10/10 to 15/15 | B-lender; bruised-credit focus |
| Haventree | Standard | Rarely | 3-month interest | No | No | 10/10 | Alt-A / B-lender; expect rate premium |
| Meridian Credit Union | Standard | Yes | Discounted-rate IRD | Yes | Yes | 20/20 | Ontario; competitive on renewals |
| Vancity | Standard / Collateral | Yes (standard) | 3-month interest | Yes | Yes | 20/20 | BC; values-aligned; fair penalties |
| Coast Capital Savings | Standard | Yes | 3-month interest | Yes | Yes | 20/20 | BC; federally chartered since 2020 |
| DUCA | Standard | Yes | 3-month interest | Yes | Yes | 20/20 | Ontario; community-owned; renewal specials |
| Desjardins | Standard | Yes | 3-month interest | Yes | Yes | 15/15 | Quebec-dominant; retention moderate |
Prepay notation: "15/15" = up to 15% lump sum of original balance per year + up to 15% payment increase. "20/20" = 20% / 20%. Policies as of May 2026; confirm with your specific commitment letter.
Switching lenders or discharging a collateral charge requires re-registration of the mortgage at provincial land titles. Fees vary by province and are usually bundled with legal fees paid to the lawyer handling closing. These are the typical all-in ranges for an average renewal switch or payout.
| Province | Discharge Fee (current lender) | Registration Fee (new lender) | Legal Fees (lawyer) | Typical All-In |
|---|---|---|---|---|
| Ontario | $250 – $400 | ~$80 (Teranet) | $700 – $1,200 | $1,100 – $1,700 |
| British Columbia | $250 – $350 | $80 – $150 (LTSA) | $800 – $1,400 | $1,200 – $1,900 |
| Alberta | $250 – $400 | $50 + 0.04% of principal | $700 – $1,200 | $1,100 – $1,900 |
| Quebec | $300 – $450 | $150 – $200 (notary) | $900 – $1,500 (notary) | $1,400 – $2,200 |
| Manitoba | $250 – $350 | ~$100 | $700 – $1,100 | $1,050 – $1,550 |
| Saskatchewan | $250 – $350 | 0.3% of principal (ISC) | $700 – $1,100 | $1,250 – $1,900 |
| Nova Scotia | $250 – $400 | ~$100 | $800 – $1,300 | $1,150 – $1,800 |
| New Brunswick | $250 – $400 | ~$100 | $750 – $1,200 | $1,100 – $1,700 |
| Newfoundland & Labrador | $300 – $400 | $100 – $150 | $750 – $1,200 | $1,150 – $1,750 |
| Prince Edward Island | $250 – $350 | ~$100 | $700 – $1,100 | $1,050 – $1,550 |
On a "legal-paid switch" program, the new lender reimburses the legal and discharge fees directly to the lawyer — meaning $0 out-of-pocket for standard-charge mortgages. Collateral charges typically require full legal work and aren't always covered.
Each lender family has its own structural traps that show up at renewal or when you try to break a term. These are the most common ones borrowers encounter.
RBC, TD, BMO, Scotiabank, CIBC, and National Bank all calculate Interest Rate Differential using their posted rate rather than the discounted rate you actually pay. This inflates the penalty dramatically when rates have fallen — often to $10,000+ on a mid-term break. Monolines use the actual contract rate or a 3-month interest penalty, typically 3–5x smaller. Full detail in our IRD vs. 3-month penalty guide.
TD registers mortgages as collateral charges by default (up to 125% of home value), and Scotia's STEP product is also collateral. The collateral charge cannot be assigned to another lender — it must be discharged and re-registered, which costs $700–$1,500 in legal fees that "legal-paid switch" programs don't usually cover. See our charge-type explainer.
Some low-rate "no-frills" products (CIBC Better Than Prime, certain RBC specials, a few monolines) include a bona fide sale clause — meaning you can only pay out the mortgage mid-term if you're selling the home to an arm's-length buyer. You cannot refinance with a different lender. The rate discount is usually 0.10–0.15%; the flexibility cost can be tens of thousands if rates move.
The best Big 6 retention rate is often available 90–120 days out, not at renewal itself. Borrowers who wait until their maturity date — when the bank has already printed the renewal letter with a generic posted discount — typically pay 0.20–0.50% more than those who negotiated earlier.
Credit union portability is often advertised as unlimited but is actually capped at the province or region they operate in — a Vancity mortgage can't port to Ontario; a Meridian mortgage can't port to BC. If you're likely to move provinces, factor this in.
Equitable, Home Trust, and Haventree typically offer 1, 2, and 3-year terms rather than 5-year. This works for the B-lender business model (shorter commitment, rate-reset opportunities) but traps borrowers in repeated renewal and transfer cycles. Aim to move to an A-lender as soon as credit rebuilds.
Find your current lender in the first table, note the charge type and IRD method. If you're considering switching at renewal, check whether the new lender covers legal fees under a standard-charge switch program (most do). If your charge is collateral, budget $1,100–$1,900 depending on province. If you're mid-term and contemplating a break, the IRD method row tells you roughly how painful the penalty will be — and our penalty calculator produces the actual dollar figure.
The charge type column. If your existing mortgage is a collateral charge (common at TD, sometimes Scotiabank STEP, sometimes National Bank All-In-One), switching to a new lender involves discharging and re-registering the mortgage — roughly $700–$1,500 in legal fees. Standard charge mortgages can be 'assigned' to a new lender, which many lenders cover under legal-paid switch programs. Knowing your charge type changes the whole switching math.
It's a commercial choice. Posted-rate IRD penalties — calculated using the bank's inflated posted rate rather than the discounted rate the customer actually pays — produce dramatically larger penalty amounts, especially in falling-rate environments. First National, MCAP, CMLS, and most monolines use a straightforward 3-month interest penalty (or a discounted-rate IRD), which is typically a fraction of what a Big 6 borrower pays to break the same-size mortgage. This is a well-documented structural cost difference that our IRD explainer covers in detail.
Most Canadian credit unions are provincially regulated — Meridian (Ontario), Vancity (BC), Desjardins (Quebec), Coast Capital Savings (BC), DUCA (Ontario). Provincial regulation means they're not bound by OSFI Guideline B-20 in the same way federally regulated lenders are, though most apply equivalent stress tests voluntarily. A few credit unions, like Coast Capital Savings after its 2020 federal charter, are now federally regulated.
Most Big 6 and monoline lenders offer 15/15 or 20/20 prepayment privileges — meaning you can increase your payment by 15-20% and make lump-sum payments of up to 15-20% of the original balance per year. CIBC's Better Than Prime and some First National products offer 20/20. Monolines tend to be slightly more generous on average, and credit unions vary widely (some as low as 10/10, some as generous as 25/25).
A bona fide sale clause restricts when you can break the mortgage — specifically, it says you can only pay out the mortgage (and the associated IRD penalty) if you are genuinely selling the property to an arm's-length buyer. You cannot break to refinance with a different lender. These clauses are most common in no-frills mortgages at CIBC, RBC, and some monolines, in exchange for a rate discount of roughly 0.10-0.15%. Avoid them unless you are certain you won't want to refinance mid-term.
Canadian Mortgage Lender Types
Big banks, monolines, credit unions, B-lenders, private — compared.
Using a Broker at Renewal
How a broker shops 30+ lenders at no cost to you.
Best Mortgage Renewal Rates
Current best renewal rates — fixed and variable — across Canada.
Switching Lenders at Renewal
How to change lenders at renewal — prescribed-MQR exempt on uninsured straight switches; overlays remain.
Credit Union Renewals
Provincially-regulated credit unions and renewal flexibility.
First National Renewal (Monoline)
Renewing with Canada's largest monoline lender.
Compare your renewal offer across lenders — prescribed MQR exempt on uninsured straight switches; overlays remain.
Or call (226) 783-1640