Timing
The disclosure statement has to be provided at least 21 days before the renewal date (section 45).
Work out your renewal payment →
Contents
FCAC lists the balance or remaining principal at the renewal date, the interest rate, the payment frequency, the term, and any charges or fees.
Two statements the lender must include
That no change increasing the cost of borrowing will be made before renewal, and that your rights continue until the later of the renewal date and the day 21 days after you receive the statement.
If the lender will not renew
It has to tell you so at least 21 days before the term ends (section 46).
Early renewal
FCAC describes a blend-and-extend option some lenders allow before the term ends, mixing the old rate with the new term's rate without a prepayment penalty. Administrative fees can apply, and your lender must explain how it sets the blended rate.
Using the statement here
The balance, rate and term from the statement go straight into the calculator. Your current rate and the amortization left complete the picture.