The Government of Canada announced a series of amendments to the Foreign Buyer Ban. These amendments increase some exemptions to the regulations, and are effective immediately. Of the four main changes to the ban, three were directly targeted toward development and allowing non-residents to develop property for the purpose of increasing housing supply for Canadians. The...Read More

In this month’s newsletter, we discuss the always interesting spring real estate market. This season presents a unique scenario shaped by new mortgage rules, new regulations on short-term rentals, revisions in property transfer tax exemptions, the introduction of anti-flipping taxes, and province-wide rezoning initiatives. What the net effect will be, we’ll have to wait and...Read More

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...Read More

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....Read More

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...Read More

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...Read More

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...Read More

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....Read More

People refinance their mortgages for a number of different reasons, and it can be a great way to help with your financial goals. Whether it is to consolidate debt, get a better interest rate, or take out equity from your home, knowing when to refinance is an important step in the process. Good timing for...Read More

Thanks to Pino Decina at HomeTrust for his post on Self-Employed Mortgage Applicants. The Canadian workforce is expected to undergo a revolution in the coming years and it is anticipated this will result in more workers being categorized as “self-employed”. Whether operating a small business or working on a contract or consulting basis, the expectation...Read More