Property Tax

The 5 Cs of Credit — Credit Score, Capacity, Collateral, Capital, and Character — are the five essential factors Canadian lenders evaluate before approving a mortgage. Each element reflects a different dimension of your financial health, and together they determine not just whether you qualify, but what interest rate and terms you’ll receive. Lenders use…

An assignment sale in Canada is a real estate transaction where the original buyer transfers their purchase agreement rights to a new buyer before the property’s closing date. This process involves the assignor selling their contract obligations to an assignee, typically for pre-construction or newly built properties. Assignment sales have significant tax implications including HST…

The mortgage process in Canada involves pre-approval, choosing the right mortgage type, passing the stress test, submitting required documents, and final approval before closing. Understanding each step helps you avoid delays, improve approval chances, and secure better interest rates. Whether you are a first-time home buyer or upgrading your property, knowing how lenders assess income,…

The decision to rent or own a home is one of the most significant financial choices many Canadians face. Both options have distinct advantages and disadvantages, and the best choice often depends on individual circumstances, lifestyle preferences, and long-term goals. In this article, we’ll delve into the various aspects of renting and owning a house…

The new CRA rules on selling a home under 365 days came into effect on January 1, 2023. These rules are officially part of the Residential Property Flipping Rule under the Income Tax Act. The core idea is simple. If you buy a residential property and sell it within 12 months, the CRA will treat…

The Home Buyers’ Plan (HBP) allows first-time homebuyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) without immediate tax penalties to purchase their first home. This government program has helped thousands of Canadians access homeownership by providing a pathway to use retirement savings for down payments. The HBP requires participants to…