Beware capital gains tax on non-principal residences With real estate prices going through the roof across the country, you may seriously be considering selling the family cottage to capitalize on the investment your great grandparents made 50 years ago – or that...
Beware the fees and penalties! Sometimes it makes sense to refinance a mortgage – and it’s tempting if your rate is higher than prevailing rates – but mostly it doesn’t. It would make sense only if you have a longer-term mortgage at an interest rate considerably...
Learn the basics of financing before plunging in – no math degree required Young couples shopping for their first home are faced with the bewildering new language of the real estate market – mortgages alone often seem to require a degree in higher mathematics. It’s...
Title insurance can protect you while you’re away If you typically spend the winter months in the sunny south somewhere, your Canadian home is likely to be unoccupied. That could leave you open to mortgage fraud (even though you might not have had a mortgage on the...
First-time home buyers can use RRSP funds to top up their down payment Now that the Bank of Canada has cut its benchmark interest rate to 0.5%, it looks like mortgage rates will also fall. But the government may try to head off a real estate market bubble by...
How cottage improvements can save you a bundle in taxes Thinking of selling your cottage? If your cottage or recreational property is not your principal residence – and for most people, it’s not – when you sell it, you’ll pay capital gains tax on any appreciation...
A mortgage rate hike could put you in a cash crunch If you currently have a fairly large variable-rate mortgage on your home, it’s probably set at a very low rate, which makes your monthly payments affordable. But with interest rates apparently ready to rise, is...
It’s not all piney woods and gorgeous sunsets The cabin in the woods or cottage by the lake can make a great retreat from the big smoke. But with vacation properties in prime areas pushing a million bucks or more, buying one has become a major financial planning...
High cost, tight restrictions make it poor value for the money You’ve bought a new house, and you’re sitting with the bank’s loans officer ready to sign for that mortgage. Then she casually asks, “Would you like mortgage insurance with that?” Almost like your...
Take on life’s biggest debt…and win! Even though much of Canada is still covered with a thick layer of snow and ice, the so-called spring real estate market is gathering momentum. And banks, finance companies, and lawyers are all gearing up to take their cut,...
If you’re carrying a mortgage on your home, you’re probably acutely aware of prevailing interest rates, how much you’re paying, and the dent it leaves in your bank account every month. With advertised rates so low now, it might even seem like you’re paying too...