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Mortgage Tips & Advice
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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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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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...
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Thanks to Pino Decina at HomeTrust for his post on Self-Employed Mortgage Applicants. See the original post here. 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...
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You’re approved! Congratulations, you are on your way to owning a new home, or perhaps refinancing your current home. While for some people getting approved for a mortgage is the hardest part of purchasing a new home, for others the hardest part is actually once the approval is obtained. There are steps after the approval...
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Subject free offers are increasingly needed to ensure you are the successful bidder in today’s red hot Real Estate market.  For many clients, this adds another level of stress and uncertainty in what can be an already stressful set of circumstances. While never an ideal situation, there are ways to mitigate the inherent risk of...
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