Money saving tips
Do You Have to Pass the Stress Test to Switch Lenders at Renewal?
When your mortgage renews, you are free to switch to any lender you want. The key question is whether the new lender puts you through
How Mortgage Penalty Calculations Work at Renewal in Canada
The biggest myth about mortgage penalties: you pay one at renewal. You don’t. When your mortgage reaches maturity, you can walk away, stay with your
Does Breaking Your Mortgage to Buy a Rental Make the Interest Tax-Deductible?
When you borrow money to buy an income-producing asset such as a rental property, the interest on that borrowing is generally tax-deductible under CRA rules.
Is It Worth Breaking Your Mortgage to Get a Lower Rate?
Breaking your mortgage is worth it when the interest you save over the remaining term is greater than the penalty you pay to break. That
Should You Switch Lenders at Mortgage Renewal?
Switching lenders at renewal often saves you money, because your current lender rarely offers its best rate on the renewal letter. Moving your mortgage to
Do Mortgage Brokers Charge Fees in Canada?
For most residential mortgages in Canada, the borrower pays nothing to use a mortgage broker. The lender pays the broker a commission when the mortgage
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Can You Use a HELOC or Borrowed Money for Your Down Payment in Canada?
Yes, in specific circumstances. Some lenders and mortgage default insurers will accept a HELOC (home
Renting Out Your Home? How the 45(2) Election Can Defer the Tax Hit
Converting your principal residence into a rental triggers what the Income Tax Act calls a
Second Mortgage vs Refinance to Invest: Which One Actually Costs Less?
A second mortgage and a refinance both turn home equity into cash, but they are
Can You Use the FHSA and Home Buyers’ Plan Together for One Down Payment?
Yes. A first-time buyer can withdraw from both a First Home Savings Account (FHSA) and