The current misleading bank or credit union "cash-back" offer...

Banks and credit unions are currently offering $1,500 for you to move your mortgage over to them at renewal. Why do you ask? Because when the next renewal (with them) comes up, you will have to pay this to leave them. You might think, well, that is a breakeven so all good. Not in most cases if you choose or need to cancel your mortgage for any reason. Their penalties are 4-times more expensive than a standard lender that only offers mortgages.

For example, a mortgage with First National that has a $10,000 penalty will now cost you $40,000 with CIBC.