What happens when you own a property jointly with someone, and don’t want to share any more? Your kindergarten teacher probably wouldn’t be happy, but technically, you can sever a joint tenancy without any notice to the other parties. Basically, you do a transfer from yourself to yourself, with a statement that it is being… Continue reading Cutting ties
A Little Off the Top
There’s a fantastic article on CanadianMortgageTrends today (read: A Little Extra) that touches on how much could be saved if as little as $20 was added to a monthly mortgage payment. For fun, here are a couple of examples to show how far a little extra money could go (for all examples, assume a mortgage… Continue reading A Little Off the Top
When is a house a matrimonial home?
If you are married and living together with your spouse in a house that you own, you have just limited your ability to deal with the property at your own whim. A matrimonial home, even if it is just in one spouse’s name, is beneficially owned by both spouses, and the non-titled spouse will have… Continue reading When is a house a matrimonial home?
Mortgage Life Insurance
I came across a fantastic article on mortgage life insurance versus life insurance this week, and thought I’d share it with you. As a mortgage broker, I’m mandated to offer all my clients mortgage life insurance, and this article explains the pros and cons of mortgage life insurance versus life insurance. [box]Mortgage Life Insurance: Why… Continue reading Mortgage Life Insurance
HST rebates
Here’s a post for near tax time: HST rebates on a new home. If you are buying a brand-new home, you are entitled to a rebate, but only in specific circumstances: You must intend to live in it as your primary home. It can’t be a cottage or other seasonal residence. If you are not… Continue reading HST rebates