TD is the most talked-about renewal lender in Canada, for one reason: since 2010, every TD mortgage is registered as a collateral charge by default. That single fact quietly restructures the entire renewal negotiation. TD knows switching from them costs you $700–$1,100 more in legal fees than switching from a bank that uses standard charges, which means their retention team has less pressure to match aggressively.
How TD delivers your renewal offer
TD sends the renewal package about 21 days before maturity. It arrives by mail and inside EasyWeb under My Accounts → Mortgages → Documents. The package typically shows five or six term options at TD's 'special rate', which is discounted from posted but rarely at the retention desk's floor.
If you take no action, TD auto-renews into a 6-month convertible open mortgage at posted rate. You can then convert to a closed term at any time — but every month at posted-open costs materially more than a closed term.
The TD collateral-charge reality
TD registers your mortgage at up to 125% of the home's value as a collateral charge. Practically, that means:
(1) You cannot use title insurance and a fast 'assignment' to switch to a new lender — every switch requires full legal discharge and re-registration. Expect $700–$1,100 in additional legal fees that competing lenders' switch programs rarely cover.
(2) You can borrow more from TD at any time up to the collateral limit without re-registering the charge — this is useful if you plan to refinance later.
(3) TD may cross-collateralize other TD debts (credit cards, lines of credit) against the mortgage in a default scenario. Read the fine print of your charge document.
TD FlexLine and the readvanceable trap
If your original mortgage was set up with a TD Home Equity FlexLine, the FlexLine portion 'readvances' as you pay down the mortgage — meaning your revolving line grows automatically. At renewal, this is not a problem if you stay at TD. If you switch, the entire structure has to be dissolved and re-registered elsewhere, which pushes the legal cost toward $1,200+.
Before renewing, decide whether you actually use the FlexLine. If not, ask TD to convert to a standard-charge amortizing mortgage. It cannot be reversed later without re-registration, but it makes future switches vastly cheaper.
Negotiation questions that work at TD
TD's retention desk is called TD Mortgage Solutions and can be reached at 1-866-222-3456. Effective openers: 'Can you send me your best 5-year fixed rate on my file today, before I look at a broker quote?' — this puts them on the record. Then get a real broker quote, come back, and ask for a match under TD's 'client-focused pricing' authority (that is the internal escalation path).
Also ask whether they can absorb the collateral-charge discharge fees if you commit to a longer term — TD sometimes offers a $500–$700 accommodation credit to retain customers who threaten to switch.
Jay Klair — FSRA Level 2 mortgage agent — will personally review your offer for free. One business day reply.
Where to find your TD mortgage details
Log into EasyWeb, click your mortgage under My Accounts, then Statements. Pull the most recent Annual Mortgage Statement, which lists balance, maturity, rate, amortization, and charge amount (this is the collateral registration total, not your current balance). A broker will also ask for a payout statement, which you can request at 1-866-222-3456.
Real example
Mississauga homeowner, $438,000 balance, TD 5-year fixed maturing October 2026. TD renewal offer: 4.99%. Broker quote at a monoline: 4.24%. Legal cost to discharge TD collateral and re-register standard: $950. Five-year interest savings from the 0.75% rate improvement on $438K: roughly $14,700. Net savings after legal: $13,750. TD retention was called and matched to 4.39% — homeowner switched anyway because monoline had better prepayment terms.
Official TD renewal resources
TD's renewal information is at td.com/ca/en/personal-banking/products/mortgages/renewals and the retention line is 1-866-222-3456.
Frequently asked
Is a TD collateral-charge mortgage bad?
Not bad — but not free. It gives you flexibility to borrow more later without re-registration, at the cost of more expensive switching. If you'll never leave TD, it's fine. If you shop rates every renewal, it's a friction tax.
Can I convert a TD collateral charge to a standard charge without switching lenders?
No. The registration type is chosen at origination and cannot be changed while the mortgage is live. You can only switch to a standard charge by moving to a different lender.