In other words which type of loan will typically have the lowest interest rate and most favourable tax treatment - a secured personal loan, a HELOC, a home equity loan, a brokerage margin account debit or something else?
The family home of three siblings is held in trust as per their late mother's will so that the one of them, who had lived with her, and been her principal caregiver, in her last years, could continue to reside in the home as long as he wished and paid for all the relevant costs, such as maintenance, property tax, and insurance. His two siblings have no problem with the arrangement. The property is to be sold once he no longer lives there with...
Is there a good website where I can sign up to get an email when a home matching some criteria is sold in the Willowdale area of Toronto? I have a home I'm trying to value, and want to find comparables as they're sold.
(I have current comparables from a real estate agent, but want to find out about new sales as they happen, rather than constantly bugging the agent to redo the evaluation.)
I've inherited the family home, and it's a tear down in Willowdale (North York). I could list it through a real estate agent, but I'd pay a hefty commission, and I don't need most of the stuff they do, such as staging and open houses. What are my options?
- Go through a real estate agent anyway.
- List it myself. Is this even possible? How do I go about it?
- Try to find the names & numbers of lots of developers, through google, and cold call...
A family member owns a rental property. That family member will likely ask me next season to remove the snow.
Scenario:
A tenant slips and injures him/herself. They decide to sue the homeowner. The homeowner has insurance. The insurance would likely payout.
Question: Could the insurance company then turn around and sue me, to recoop. their payout, since I was responsible for snow removal?
I don't run a snow removal business. So, I don't...
I like to double up my mortgage payments and do so twice monthly. I have almost 4 years left in my fixed conventional mortgage at 1.59%.
With plenty of room available in my TFSA, should I be redirecting those double up payments to 3-4% GICs that mature toward the end of my mortgage term? The thinking here is the mortgage gives me a guaranteed after tax return of 1.59% while the GIC in a TFSA gives a guaranteed higher tax free return....
Real estate agents caught on hidden camera breaking the law,
steering buyers from low-commission homes.
MARKETPLACE, CBC News, Oct 15, 2021
In addition to being illegal, the conduct undermines consumer protection, consumer confidence and the reputation of the real estate profession as a whole,
It's beyond steering, it's just completely unethical... You're not actually providing a service, you're not servicing anyone but yourself.
Hi,
I purchased and lived in a townhome (primary residence) for about 5 years, then moved, decided to keep it, and have rented it out for the last two years. I did make a subsection 45(2) election when we moved out.
Unfortunately, we overpaid for it significantly and here we are 5 years later and it is at most worth what we paid for it (not including transfer taxes, realtor fees, etc.). With the pending downturn on housing prices with rising...
Four of us are headed to Edmonton quite soon and we've signed a tenancy agreement for a home.
With that critical step completed, the next tasks are to purchase renter's insurance, car insurance (and to buy a car, of course), and umbrella insurance. Renter's insurance vendors are quite numerous, which makes choosing harder. There also may be potential for finding a bundle of all three types of insurance on favorable terms with the same vendor....
My CIBC mortgage is up for renewal in March 2021. At that time I will have approximately 90k owing. Based on my calculations I could (and would like to) pay off my mortgage within 18 months (accelerated biweekly payment and maximizing the allowable 25% original lump sum payment).
Unlike Tangerine where I could pay off the mortgage at any time without penalties, CIBC doesn’t allow for this (from what I read anyways). I thought about...
Hello guys! My sister is getting married to US citizen and they are searching for place to live in Ohio. Her groom's elderly parents live there and he wants to live closer to them. Sister has business here and she wonders if she is able to register LLC in Ohio and may she do that online?
We've found some properties that we might be interested in renting on rentfaster.ca, which is apparently a home rentals site for which landlords pay to list their properties. We are searching for a house to rent in or near Edmonton, Alberta.
We're noticing that some the properties that are most appealing have just a phone number and a green button to click to contact the landlord. So, we need to trust that rentfaster.ca has done their homework...
As expected, my home insurance premiums are going up so I'm reviewing my policy.
I was wondering how you guys calculate how much additional living expenses insurance to have.
I own a townhome in Metro Vancouver and there's just two of us. So say the home gets burned down and needs to rebuilt, how many months would it take to rebuild a townhome? 12 months? 18?
Right now, I have enough additional living expenses insurance to allow me to rent a...
We're moving to the Edmonton area this summer. To help prepare for that, I've read through information provided by the government of Alberta regarding tenants' and landlords' rights, given here:
It seems fairly straightforward to interpret, overall. But, how laws are interpreted by the courts and the degree to which they're enforced can vary quite a bit from a layman's interpretation of text provided on the internet. So, hopefully somebody...
We're moving to Canada within a couple of months. And, we would prefer to steer clear of multi-family housing situations for our four-member family (two eight year old twins, and my wife and I). Renting a two bedroom or three bedroom house would be the preferred choice.
We had picked out Vancouver Island originally, some time ago, as a probable destination. But, rents for houses on Vancouver Island have gone up noticeably in recent months. For...
My MIL went to the lawyer to have a new will made and to have my FIL's name taken off the title of their house, as he recently passed away. The lawyer did a title search and stated there was a problem when their mortgage was transferred between lenders from Investors Group Trust Company to Scotia Mortgage Corp back in 1997. He says there is an issue because the note says deleted against this property while the other...
When will a lender limit someone on max rental property mortgages? I had understood the banks considered the rental income of a rental property at 50% of actual. My wife and my combined employment income is ~$200k. We claim our tenant rental income on our taxes, and this has been reviewed in the past by the lender when determining how much we can borrow.
I have a house (with basement tenant), a rental townhouse, and rental apartment. My lender,...
i'm just finishing a month in Florida and i decided to book for next year. The experience was like being shaken down by the Mafia. i was told I had to pay half of next year's rent by credit card before 7 pm that day . It would have put me over my US card limit so I managed to negotiate two payments a week apart, transferring cash from $CND to $US and paying off the balance in my US card in between. Then they had me sign an electronic contract...
I'm 35 and just paid off the mortgage on my condo, which is worth about $225,000. TD is working with land titles to have the bank removed from the title. Should I be getting title insurance to protect against fraud or identity theft? I read it's possible for someone to take ownership of my condo without me even knowing. A lot more risk now with me only on the title.
A renewal of house insurance just came, and the part I am concerned and if you folks can give feed back, regarding roof.
The roof if asphalt, and if it is 15 years old, only 45% of damage due to hail and wind is covered. For each additional year of age they knock off further 3%. Is this everyone's experience. Also how does every one deal with extend absence from the house. Please share your ideas.
I've never had a mortgage in the U.S. and for a long time I've been aware that it is different from Canada's mortgage market and I've been interested in why.
U.S. fixed rate mortgages are often refinanced. The event of a refinancing seems like an opportunity for somebody to pad the bill . How is the refinance closing cost determined? An adjustable rate mortgage (ARM) can be refinanced into a fixed rate mortgage. How is the refinance closing...
I was looking at the notice I got from the developer about scheduling the final inspection / deficiency walk through. They say that they only permit 2 adults (plus the realtor), and that 3rd party inspectors are specifically not permitted. Is this legal? Some internet searches talk about whether the developer lets you bring an inspector or not so I guess this red flag sketchiness isn't novel in this instance. Can I just bring one anyway and tell...
Reading through Principal residence exemption: Would a senior get a tax credit for selling their house if they move out? - MoneySense got me thinking, pondering and perhaps planning.
Consider the case when a couple has had long term ownership of both a house and a cottage. The articles TaxTips.ca - Principal residence exemption and TaxTips.ca - Tax Implications of Owning a Cottage or Second Home cover some of the scenarios, in particular One...
So a TD rep who was helping with my mortgage preapproval told me that i can use my capital gains to help qualify for a larger mortgage. As long as i have two years of NOA showing the income . Is this normal?
In my case it would significant as it would allow me to double how much i would be able to qualify for.
Wanted to get some advice on options for a home purchase using our investment portfolio.
I'm married and have 3 young kids and are currently renting our home. With the kids getting older we're considering purchasing a home. We've been diligent savers and currently have a >$5M investment portfolio (~25% registered (TFSA, RRSP, etc) and ~75% non-registered). Ideally we want to minimize taxes when purchasing the home.
[Split from a topic in Retirement because the discussion was getting a little far afield.]
I just spoke to a 23 year old who bought a 25 acre farmland in Sudbury during the pandemic for a bargain (400k). She's now renting out the land to a windfarm company, a farmer and a house to another independent tenant. She said she was profiting about 4500 a month...how do i find opportunities like that?
Wife took out the maximum $25k from rrsp as part of HBP in Jan 2019. I believe at the time the minimum amount to pay starting 2021 would be 1/13th of $25k. However with the HBP being updated in march 2019 to $35k max and 1/15th minimum, does my wife still have to pay back 1/13th or is 1/15th ok?
Hi all, I’m refinancing a rental property. Term is up October 19. The broker at TD is pretty useless and not answering my questions about the process of switching my loan over from Merix to TD (doesn’t answer phone and hardly responds to emails). Could one of you let me know how long the process takes. I feel with three weeks left, I should be at least starting the process…
Thanks for any advice.
How is ones credit score affected by getting a Heloc?
If I were to close a small unused Heloc account and open a larger account (70k to 400k), would my credit score take a large hit due to the much larger sum requested? More over, let’s say I never touch the new 400k HELOC (or use a small sum) but kept it open long term, would my credit score improve with time or does carrying this the large amount negatively impact my score?...
Looking for some advice. I am in the early infancy stages of seeking out a recreational property. Not sure if I will purchase a vacant land and build myself or buy some thing with an established cabin.
I have two years left on my mortgage which is my principal residence (value of 625k). I have no other debt. I max out RRSPs annually and am slowly playing catch-up with my tfsa. After inquiring about a Heloc through my bank I can...
I am looking for advice or pitfalls to address if anyone has been in this type of situation.
Background:
My elderly mother owns and lives in a condo that my brother and I are also living in due to current circumstances. She made provision in her will for us to continue living here for a couple of years and gives us option to buy it at preferential rate. Now she wants to change will to gift it to us and remove condo from her will. There are 2...
I have a rental property in ontario. I'm currently a non-resident (living outside of Canada for the next few years).
I'm currently using square one. However, some of the coverage around flooding was not as expected and the monthly premium is around 150 for a 300k house. The insurance provider that I was using when the house was covered as a primary residence does not provide the coverage for a non-resident.
I'm getting a mortgage on a condo that I'm moving to. I want to have the ability to do the Smith Manoeuvre with it.
What needs to be done when the mortgage is set up to be able to do the Smith Manoeuvre?
I understand that the mortgage account is used like a line of credit when doing the Smith Manoeuvre, with money withdrawn up to the amount of principal paid on the mortgage. Is the interest rate on the withdrawn money typically the same as the...
I apologize if this is the wrong place to ask this question.
We are first-time home buyers (31M/31F). Our HHI is $140,000 ($100,000 + $40,000) and we are planning to buy a house using a $130,000 down payment taken from our investments.
Our investments are about $1,030,000 allocated across six different investment accounts:
Does anyone have experience of getting mortgage directly from B lender without using mortgage broker?
If yes, any useful info about this topic will be greatly appreciated.
Thanks
My wife and I (Americans, Canadian Permanent Residents) are moving to Canada in May / June. We're currently applying for mortgages with Canadian banks. So far, CIBC has worked well with us, and RBC kind of has (although they apparently have no secure way to send documents electronically) but I was just looking at rates and it seems like both of these banks are on the high end.
Does anyone have experience using a mortgage broker in Canada as a...
I don't particularly have a desire to own a home, as my rent is pretty cheap, but I want to keep that option open to myself. Does that mean that I should increase my bond allocation in my portfolio so that it's less volatile? Or does that mean that at the point of taking a large sum of money out of my portfolio, I should rebalance immediately with the bond portion being effectively replaced by the down payment? Or, something else?
Most of the owning vs renting debate evolves around its financial aspects.
I've come to develop a different perspective on it in my own life. But, first, let me share a few of my assumptions (which others may agree to or not):
I consider that renting is generally more expensive , in the long term, than owning. This is because the landlord has to charge a rent that covers his costs and still make a profit (taking into account the value of the...
Budget 2021 proposes to introduce a new national 1-per-cent tax on the value of non-resident, non-Canadian owned residential real estate considered to be vacant or underused. This tax would be levied annually beginning in 2022.
Beginning in 2023, all owners of residential property in Canada, other than Canadian citizens or permanent residents of Canada, would be required to file an annual declaration for the prior calendar year with the Canada...
I was having this thought for awhile, and Dlinka got on the board as well when we saw just recently 2 houses sold on our street in matter of days. We tried and enjoyed homeownership ( that American dream lol) but going forward doesn’t match our lifestyle and decided to go with rent route.
Why now? Is a bit of seller market here, in Edmonton. Next 5 years big expenses are coming: potential roof/furnace/fence replacement... + some money saved at...
My daughter lives in an apartment in Montreal (not far from Jean Talon Market and Jarry Parc). It is a quadruplex (i.e. a four apartment building) on a quiet street. Her monthly rent is something like 1200$. She just found out that the owner decided to sell the building. The asking price (unofficial) is 1.5 million.
Does it make sense to buy that building?
Let's assume that I pay 1.5 million. Using our TFSA (wife and me)...
Gathering some info from wiser people before meeting with a tax expert.
We have owned a cottage for 10 years and are thinking of selling it. Of these 10 years, we can claim only the last year as a principal residence (we sold our other house a year ago). Interestingly, the value of the cottage has increased significantly in the last 12 months (low interest rates, people fleeing cities, ...). It looks like about half the capital gains that we...
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