Renovation Trust
Homeowner and Contractor Protection
How to Fund Your Project
Funding your project through Renovation Trust is fast, easy and safe.
Choose how you want to pay when funding a project in your account. We offer over 7 payment methods to make it convenient for you. Each funding method will have clear instructions. Below are the different funding methods Renovation Trust offers. If you have any questions, please contact us.
Depending on the size of project and how fast you need the money available for your contractor, choose the payment method that is best or easiest for you.
Some payment methods have additional fees levied by your financial institution. Please consult with your financial institution on their fees. Our service fees, if any have been described below.
Bill Payment
For most people this will be the easiest way to pay. You can fund any sized project and money is cleared and available for your contractors usually within 1-2 days.
Go to your online banking portal or app, go into Bill Payments and make Renovation Trust a payee. Then fund your project. It is the easiest way to fund your project right from the comfort of home.
Service Fees by Renovation Trust: No service fees
Limits: Most financial institutions are $50,000 per transaction however you can do as many transactions as needed to fund your project
Money Cleared and Available to Contractor: Next day
You can add Renovation Trust as a payee at most Canadian banks and credit unions including:
Participating Banks
Participating Credit Unions
Most credit unions across Canada powered by Central 1
If Renovation Trust is not available at your financial institution as a Payee, please let us know
Pay At Any CIBC Branch In Canada
Visit any CIBC branch in-person and ask to deposit funds to the Renovation Trust account. You will be given the details when you are funding your project in your account. Provide the teller this information and please keep your receipt.
Find a CIBC location near you
https://www.cibc.com/en/personal-banking/ways-to-bank/atm-and-branch-network.htmlService Fees by Renovation Trust: No service fees
Limits: Fund any sized project
Money Cleared and Available to Contractor: Cheques: 8-10 days, Cash: 2 days
Wire Transfer
Your bank/credit union will transfer the funds electronically directly into our bank account. Its fast and easy and has no limits for large projects.
Just let a teller know you want to do a wire transfer and provide the the information provided when funding your project in your Renovation Trust account. Some financial institutions allow Wire Transfers by telephone banking.
Service Fees by Renovation Trust: $20 per wire. Fee will show when funding your project.
Limits: Fund any sized project
Money Cleared and Available to Contractor: 1-2 days
Interac e-Transfer
Send the funds to the email provided when funding your project in your account. Most banks have a limit of $3,000 per day, however you can send as many transfers as needed to fund your project. Great for small projects like painting, paving and handymen jobs.
Service Fees by Renovation Trust: No service fees
Limits: No limit however most banks limit to $3,000 per day. Send as many transfers as needed to fund your project.
Money Cleared and Available to Contractor: Same day to next day
Credit Cards And Debit Cards
If your contractor has agreed to accept it, fund your project, up to $3,000, on your credit card or debit card. It's great for small fast projects. Pay online when you choose to fund your project by credit card.
Service Fees by Renovation Trust: No service fees
Limits: $3,000 maximum per project
Money Cleared and Available to Contractor: 4 days
We Accept
Apple Pay And Google Pay
If your contractor has agreed to accept it, fund your project, up to $3,000, with Apple or Google Pay. It's Great for small, fast projects.
Pay online when you choose to fund your project by Apple Pay or Google Pay.
Service Fees by Renovation Trust: No service fees
Limits: $3,000 maximum per project
Money Cleared and Available to Contractor: 4 days
Mail A Cheque
If you have no other way to fund your project or you prefer to pay by cheque, please mail or courier your cheque payment to our office. Certified funds or bank drafts are preferred and quicker to clear.
The time to clear funds to be made available depends on time to deliver by Canada Post or courier plus roughly 7-10 days for the bank to clear, shorter for certified funds or bank drafts.
Service Fees by Renovation Trust: No service fees
Limits: Fund any sized project
Money Cleared and Available to Contractor: 7-20 days
Cash
Go to any CIBC branch in Canada and deposit to the Renovation Trust account. See Pay at any CIBC Branch in Canada above for details. Make sure you get a receipt. We DO NOT accept cash any other way - including at our office or through the mail. You may be asked for ID when paying with cash.
Service Fees by Renovation Trust: No service fees
Limits: Fund any sized project
Money Cleared and Available to Contractor: 2 days
Notes:
Fees stated are fees charged to you by Renovation Trust. Your financial institution may charge additional fees.
Money Cleared and Available to Contractor timelines are based on most transactions - your transaction may take more or less time to clear.
A day is a business-day a financial institution is open not including weekends or bank holidays.
For questions on how to fund your project please contact us