How Early Can You Renew Your Mortgage in Canada?
Every major Canadian lender’s early-renewal window in one table, taken from each lender’s own website, with what each says about penalties.
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How early can I renew my mortgage?
Most major Canadian lenders let you renew 90 to 180 days before your term ends (in days: 120 at National Bank, RBC and TD; 150 at CIBC; 180 at BMO and Scotiabank). Renewing with the same lender and term type inside that window is usually penalty-free. Breaking your term early to switch lenders can trigger a prepayment penalty.
Early mortgage renewal windows by lender
Last verified: October 11, 2026. Sorted from the longest window. Month-based windows are shown as the lender states them.
| Lender | How early you can renew | Penalty-free? | Notes | Source | Our guide |
|---|---|---|---|---|---|
| BMO | As early as 180 days before the end of your term | Yes. BMO says without penalty; renewing earlier than 180 days means a prepayment fee. | BMO page | BMO guide | |
| Coast Capital Savings | 6 months or less from your maturity date | Yes. Coast Capital says without penalty. | Coast Capital Savings page | Coast Capital Savings guide | |
| Scotiabank | Up to 6 months before your mortgage expires | Yes. Scotiabank says without a prepayment charge. | Scotiabank page | Scotiabank guide | |
| CIBC | As early as 150 days before maturity, if you qualify | Depends. CIBC says prepayment charges are often waived, depending on the mortgage type. | CIBC says it sends renewal offers about 30 days before maturity; you can apply to renew earlier. | CIBC page | CIBC guide |
| Meridian Credit Union | Up to 5 months before your term ends | Yes. Meridian says without any extra fees. | Meridian Credit Union page | Meridian Credit Union guide | |
| Simplii Financial | 150-day early renewal option | Yes. Simplii says renewing early has no added charges. | Simplii stopped offering new mortgages on June 19, 2025; existing mortgages still renew with Simplii. | Simplii Financial page | Simplii Financial guide |
| ATB Financial | As early as 120 days before your renewal date | Depends. ATB says no prepayment penalty for a closed mortgage renewing into another closed term within 120 days. | ATB says open mortgages can renew early at any time. | ATB Financial page | ATB Financial guide |
| Desjardins | Up to 120 days before the end of your term, if your mortgage can be renewed online | Not stated. The Desjardins page does not say; check your mortgage documents. | Desjardins page | Desjardins guide | |
| First National | Renewal agreement available up to 4 months before maturity; the renewal takes effect on the maturity date | Depends. No charge stated for signing the agreement early, since it takes effect at maturity; First National says renewing before the maturity date means a prepayment charge. | First National page | First National guide | |
| National Bank | Up to 4 months before your term ends | Yes. National Bank says with no penalty. | National Bank says you can protect your rate from 6 months before the end of your term. | National Bank page | National Bank guide |
| RBC | Up to 120 days before your term ends | Yes. RBC says without any penalties. | RBC page | RBC guide | |
| Tangerine | Within 120 days of maturity | Yes. Tangerine says without penalty. | Rates in the mailed Renewal Offer are guaranteed for up to 60 days. | Tangerine page | Tangerine guide |
| TD Bank | As early as 120 days (4 months) before maturity | Yes. TD says without a prepayment charge. | TD Bank page | TD Bank guide | |
| Vancity | Within 120 days of maturity | Yes. Vancity says no prepayment fees. | Vancity says that if you take no action, the mortgage automatically renews. | Vancity page | Vancity guide |
| MCAP | Within 90 days of your maturity date | Yes. MCAP says there are no costs to renew with MCAP. | MCAP says this period can change without notice. | MCAP page | MCAP guide |
| Equitable Bank | No fixed window published; early renewal can be discussed any time after your first payment date | Not stated. The Equitable Bank FAQ does not say; ask before you agree to an early renewal. | Equitable Bank says a Renewal Specialist reviews your mortgage three to five months before maturity. | Equitable Bank page | Equitable Bank guide |
We could not verify a published early-renewal window for ICICI Bank Canada and Laurentian Bank: check your mortgage documents or ask the lender. HSBC Bank Canada mortgages now renew with RBC after RBC's 2024 acquisition. Credit unions not listed set their own rules.
Each window is what the lender says on its own website. Your mortgage agreement and renewal notice control, and lenders can change these policies.
Renewing early vs switching lenders early
Renewing early means signing a new term with your current lender before the old one ends. Inside the lender's window this is usually free, though not always: First National says its renewals take effect on the maturity date and renewing before then means a prepayment charge, and ATB's penalty-free rule covers closed-to-closed renewals.
Switching early means paying off the mortgage before maturity to move to another lender. That is a prepayment, so a closed mortgage usually carries a penalty: often three months' interest, or for many fixed-rate mortgages the greater of that and an interest rate differential (IRD). At maturity you can switch without a prepayment penalty, though discharge, legal or appraisal costs may apply.
- Estimate the charge with the IRD penalty calculator and read how the IRD penalty is worked out.
- Lender-specific penalty methods and estimators: BMO, Scotiabank, CIBC, Meridian Credit Union, Simplii Financial, First National, National Bank, RBC, Tangerine.
- Ask for a dated payout statement before you decide: it is the lender's actual figure, not an estimate.
What to do when your renewal offer arrives
An early offer still needs checking. Compare the written rate with current rates for the same term and fixed or variable type, and confirm when the new term starts, how long the rate is held, and whether accepting early changes anything else.
For a 3-year or 5-year fixed renewal offer, FairRate's free checker places your written rate beside dated Canadian market context so you know what to ask before you sign.
The federal rule: a renewal statement at least 21 days before your term ends
The Financial Consumer Agency of Canada says federally regulated financial institutions, such as banks, must send you a renewal statement at least 21 days before your term ends, or tell you they will not renew. That is a minimum, not an early-renewal window: most banks above let you renew months earlier. Provincially regulated lenders, such as most credit unions, follow provincial rules.
Source: FCAC, Renewing your mortgage (canada.ca). See also the 21-day rule guide.
Related renewal guides
The full renewal decision: offer, payment, penalties, fees and switching.
How renewal works at each Canadian lender, with penalty estimators.
Estimate three months’ interest versus an interest rate differential.
What federally regulated lenders must send before your term ends.
Discharge, legal, appraisal and registration costs when you move lenders.
What to weigh before accepting an offer months ahead of maturity.
Important limitation: FairRate Canada is an independent educational comparison and reporting product — not a lender, mortgage broker, mortgage agent, law firm, financial advisor, or mortgage underwriter. FairRate does not arrange mortgages, take applications, or approve credit. If you choose to be introduced to a mortgage broker, FairRate may earn a referral fee; we’ll always ask first, and your result never depends on it. The current benchmark-backed checker and paid benchmark reports support Canadian 3-year fixed and 5-year fixed renewal offers and use fresh public same-term fixed comparison context when a usable source is available. Variable-rate and unsupported terms should not be compared against these fixed-term references. Broader Bank of Canada data may be used for contextual purposes. Results are not a lender quote, approval, qualification result, personalized advice, or guarantee of a lower rate or savings. Verify current rates, eligibility, fees, penalties, product terms, and switching costs with the relevant lender and, where appropriate, a licensed mortgage professional or other qualified advisor.