Home equity refers to the difference that exists between your home’s value and the balance that is unpaid in your current mortgage. In simpler words, consider that you have a house that is worth $400,000 and the mortgage that you owe on the house is around $300,000. Therefore, the home equity that you enjoy would…
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Refinancing your home might be the best choice you take when it comes to tackling certain upgrades or renovations that require immediate investment, lest you want your house to crumble down. You have the option of borrowing as much as 80% from the appraised value you have for your home, while deducting that amount that…
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A TFSA account is also known as a Tax-Free Savings Account and is a brilliant program created by the Canadian government to allow its citizens to save money on the side that is not required to be paid tax over. Some of the most important things that you need to be aware of before opening…
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A second mortgage, as the name indicates, is an additional loan that you take on your house with the help of a different lender, a house that already has an existing mortgage to begin with. While you start making payments on your second mortgage, you must remember that you are required to keep continuing making…
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Canada has created many different schemes and loans that allow you to take complete control over your retirement and not be dependent on your bank or fund manager for the same. The many options that asset-backed investing, or private mortgages to be exact provide to you in this regard can be quite lucrative. Some of…
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Second mortgages can often prove to be risky for lenders. Owing to this, most lenders have certain qualifying criteria that you need to satisfy, to make you eligible for a second mortgage. Some of the most important aspects that lenders scrutinize include: Income- Your income is the most important indicator that will give a lender…
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A reverse mortgage is a type of home equity loan that is most effective for Canadian citizens who are aged 55 or more. The reverse mortgage is very much similar to a second mortgage, and basically is a loan that you have secured against your home’s value. Reverse mortgages provide homeowners with the ability to…
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Before beginning this article, it is important to note that unused RRSP contributions are in no way similar to RRSP contribution room. The most reliable and efficient way to check unused RRSP contributions that you have is by logging in or registering an online account belonging to Canadian Revenue Agency. Checking the latest Notice of…
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The Tax Free Savings Account (TSFA) is a savings account available in Canada, which promotes tax savings. Dividends and capital gains are usually what the Tax Free Savings Account is utilised for. The TFSA usually has income that is left over from savings. This income is non-taxable, even if it is withdrawn for personal purposes. …
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A TFSA and RRSP accounts are two different types of savings account that the Canadian government offers to its citizens, to allow them to save for various needs and requirements throughout their lifetime. However, these two accounts vary from each other in terms of limit, tax deductibility and withdrawals. While the RRSP is an old…
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