Protect Yourself in 2020
I just read a great legal tip worth sharing. Many people date documents in this way: Day/Month/Year. When you date a document this year, it would be prudent to use all four digits for the year. If you enter a date like 06/01/20, someone could easily modify this date to 06/01/2017 or any previous year […]
The B-20 Mortgage Stress Test One Year In
It’s almost a year since the B-20 lending regulations came into effect where borrowers for a conventional mortgage were required to pass a stress test (with a mortgage payment using an interest rate that is the greater of 5.34% or their actual mortgage rate plus 2%.) If a borrower wanted to switch lenders to get a better rate, then they must […]
Tax Time Advice
While the sale of your principal residence has not had any tax implications in the past, 2016’s changes to reporting should be taken seriously. If you don’t report the sale on your income tax return, you could be subject to a fine up to $8,000. While the CRA may reassess your tax returns going back […]