An RRSP (Registered Retirement Savings Plan) is a valuable tool for saving for retirement, offering tax-deferral on both contributions and on any interest your account receives. That means you can rack up some serious compound interest on your savings before paying tax. You’ll only pay tax on the funds you withdraw from the RRSP in […]

#1. Think About Financing Early Canadian banks are very conservative when it comes to issuing mortgages for rental property investment. You’ll want to think about financing fairly early on to account for the likelihood that getting approved won’t be as easy as it was for your primary residence. Prime lenders will typically want to see […]

by Ross Taylor Many Canadians are under the assumption their mortgage is as good as done once they have a mortgage pre-approval. But the truth is a buyer cannot expect a mortgage pre-approval will automatically translate into a mortgage. The lender now needs to consider the property itself, approve all the terms and review the […]

If you have a mortgage, then interest rates are extremely important to you! When rates go up, mortgages become more expensive. When interest rates go down, keeping up with a mortgage becomes much easier. The problem is that you’re not just getting a mortgage based on today’s rate – your mortgage will be subject to […]

The dollar figure on your provincial property assessment notice should not be taken as your home’s market value, here’s why: BC Assessment notices have arrived in the mail, giving some homeowners a big smile and a bit more spring in their step (increased property taxes aside), while others wilt and lament at a modest gain […]

It has been said that there are two certainties in life; death and taxes. Well, as it relates to your mortgage, the single certainty is that you will pay back what you borrowed, plus interest. However, how you make your mortgage payments, the payment frequency, is somewhat up to you! The following is a look […]

The purchase plus improvements mortgage is one of the best untapped opportunities when buying a home. Many homes for sale in the market are in great locations and the structure or ‘bones’ of the property is also excellent. But the property may not be totally up to date as far as to look or feel […]

As a buyer, one of the key parts of getting a mortgage is having an appraisal performed to confirm the home value for the lender (bank). Why Lenders Want an Appraisal An appraisal is an unbiased, professional estimate of the value of a property for sale. Lenders always require a home appraisal before they’ll issue a mortgage because they want […]

Adding a small addendum to your lease agreements, mandating coverage for renters, is a shrewd move to benefit all parties. Whether you’re a new landlord or longtime one, it’s smart to require your tenants to have renters insurance. Here’s how this simple clause can save you from headaches, stress and worry. How renters insurance protects […]

With the latest stats claiming that about half of marriages end in divorce and with around three-quarters of Canadians being homeowners, it’s important to know how to handle your mortgage if you decide to separate. Here’s a quick list of things to consider. You need to keep making your payments. A mortgage is a legally […]