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Like most things in 2020, income tax rules and programs have changed.  Here are 3 important tips crafted from tax professionals we work with: Government Subsidies:  CEBA funds are taxable and the government will be issuing a T4A tax reporting slip for 2020 showing the total amount of CERB you received.  If your business participated...
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Are you currently deferring your mortgage due to the pandemic? If so, you should know that if you plan to purchase a new residence, refinance, or switch mortgage providers you must be back to making regular payments and have confirmation from your existing lender that the deferral has ended, especially to receive the best rates....
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Many of our clients have called us with questions about how the COVID-19 outbreak will affect their mortgage, tax season, or business. The Canadian government has released lots of information about the economic response to this challenging period. To help you find all this information, we’ve compiled some links below. INDIVIDUALS Mortgage Default Management Tools...
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Purchasing a home with a basement rental suite can be a great way to own a higher priced home with the benefit of having part of the mortgage paid for by your tenant. However, lenders take rental income into account in a variety of ways. Banks tend to be more conservative meaning you’ll qualify for...
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This week was one full of financial related news from the Federal Government. Some positive, some perhaps not. The Taketh The worst kept secret is now no longer such. Effective Jan 1, 2018 the Office of the Superintendent of Financial Institutions (OSFI), the federal crown corporation that regulates all chartered banks, will require lenders to...
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Another Day, Another Rate Hike The Bank of Canada has raised interest rates for the second time in less than two months. The central bank’s benchmark rate was raised twice by 0.25% since July and now stands at 1.00%. For consumers, this means the Prime Rate now stands at 3.20%. It was as low as...
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This post is brought to you by Marc Shendale at Genworth Canada, originally appearing on Dominion Lending Centeres’ website here. Buying a home is financial decision, but also an emotional experience. Before we’ve explored every room, we often start imagining our new lives there. Where our furniture will go. The parties we’ll host in the...
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Spring is definitely here in full force, minus the sun.  Multiple offers on condos and houses continue to keep us busy and lenders on their toes. 4Front has expanded again adding a new full time in house underwriter to assist with our files.  We have a total of 16 brokers working with our clients to...
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This post is brought to you by our friends at CLMS, highlighting the complicated nature of the mortgage market and the greater needs of homebuyers and homeowners alike to lean on the expert advice of a professional mortgage experts. The last quarter of 2016 brought considerable change to Canada’s residential mortgage business. In October, the...
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The mortgage process can be overwhelming. Knowing the key terms that are part of it can help reduce confusion and help guide your first conversation with your mortgage broker. Amortization Length of time over which the mortgage will be repaid. Mortgage Term Length of time that the mortgage contract conditions and interest rate is fixed....
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