Short answer: no. As of October 2026, the federal government has not announced any extension. The Department of Finance describes December 31, 2026 as the final repayment deadline for all remaining CEBA loans, so plan as if the date will not move.
Why people expect another extension
CEBA deadlines did move several times. The deadline to repay and keep partial forgiveness started at December 31, 2022, moved to December 31, 2023, and finally to January 18, 2024. Businesses that applied to refinance with their own financial institution by January 18, 2024 had until March 28, 2024. Business groups such as the CFIB lobbied hard for each of those changes.
Those extensions were all about forgiveness. December 31, 2026 is different: it is the maturity date of the term loan that every unpaid CEBA balance became on January 19, 2024. Forgiveness is gone, and the government has given no sign that the maturity date is under review.
What the December 31, 2026 deadline means
- The full remaining principal is due on December 31, 2026.
- Interest of 5% a year has applied to unpaid balances since January 19, 2024. Some financial institutions collect it monthly; others, such as CIBC, collect the accrued interest when you repay the principal.
- You can repay part or all of the loan at any time before the deadline without a prepayment penalty.
- Missing required interest payments can put a loan into default before the deadline.
What happens if you miss it
Your financial institution tries to collect first. If the loan stays unpaid, it is assigned for collection to the CRA, which collects CEBA loans for Export Development Canada (EDC), the program’s administrator. By November 2024, about 70,000 defaulted loans worth $3.4 billion had already been assigned to the CRA. Read what happens to your CEBA loan on January 1, 2027.
What to do now
- Get your exact payoff amount, including interest. See how to get your CEBA payoff statement.
- Decide how you will pay: cash on hand, a loan from your bank or credit union, or refinancing with another lender. Compare CEBA refinancing lenders or try the repayment calculator.
- Leave time. Approval and funding can take days or weeks, and banks are short-staffed over the holidays. Aim to apply in November, not the last week of December.
- If you cannot pay at all, talk to your financial institution now and read about CRA payment plans for CEBA.
Sources
- Department of Finance Canada, CEBA briefing materials
- Department of Finance Canada, CEBA defaults and collections
- CIBC, CEBA FAQ
This article is general information, not financial or legal advice. ceba.ca is an independent website and is not affiliated with the Government of Canada or any financial institution.