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When dreaming of a home renovation, visions of new cabinets, counter tops and appliances are often the first things that come to mind. Maintaining your property and undertaking smart renovations not only improve the utility and value of your property, they can also protect the value in a declining market or make it easier to […]
Continue ReadingThe first step of the home buying process is getting a mortgage preapproval, even before starting your home search. This will help isolate your maximum purchase price, and avoid any surprises. Apply online! Here are some ways to begin looking for your new home: Work with a realtor – For most buyers, a realtor is key […]
Continue ReadingAlternative Mortgage lending is arranged when you have one of life’s common setbacks, such as work injury, divorce, car breakdown, or layoff from employment which has temporarily affected your credit score. Maybe you are in arrears on your mortgage and they have threatened a Foreclosure action? Maybe you have a bad credit score or want […]
Continue ReadingMany self-employed people, presently or in the past, have accumulated tax arrears at some point. The CRA has strong powers to make sure they collect what people owe. They charge penalties and interest on all tax arrears. They can withhold child tax credits and GST credits until the arrears are paid. They can take money […]
Continue ReadingFor those having trouble qualifying for a traditional mortgage, other solutions are still available, one of which is a private mortgage. And with increasingly stricter mortgage regulations and qualification requirements being introduced by the government, they’re growing in popularity. Whether you have bad credit or want to consolidate your debt, Canada West Mortgage has a network […]
Continue ReadingAn RRSP is a retirement savings plan that you establish, that the CRA registers, and to which you or your spouse or common-law partner contribute. With the federal government’s Home Buyers’ Plan, you can use up to $25,000 of your RRSP savings ($50,000 for a couple) to help finance your down payment on a home. To qualify, the RRSP funds you’re […]
Continue ReadingStricter new mortgage rules about who can qualify for an insured mortgage took effect across the country. Canada`s OSFI (Office of the Superintendent of Financial Institutions) is “reinforcing a strong and prudent regulatory regime for residential mortgage underwriting.” Here is a link to the OSFI website. Among the major new mortgage rules is a requirement to stress […]
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