About 1 in 6 working Canadians are self-employed and, in recent years, the self-employed mortgage qualifying rule book has changed considerably. These evolving rules have created significant challenges for those seeking mortgage financing, and the property you can qualify for might not be what you expected....
I received a call from a prospective client the other day trying to figure out how to purchase and mortgage finance a property in Tulum, Mexico. He and his wife's goal was to purchase a property just south of Cancun for their ultimate retirement in 15 years. Meanwhile, they would rent it out and the question was, can the mortgage interest be tax deductible on a foreign investment property?
In this article, we talk about the importance of being current with your Income Tax, as it determines whether qualifying for a mortgage in Canada, especially a self-employed mortgage, will be easy or hard for you.
What the heck is Super-Priority and why should I care? If you want to get a mortgage and income tax isn't you favourite topic, time to learn.
About this blog
Our Richards Mortgage Group blog is a wealth of information for anyone looking to apply for a mortgage to purchase or refinance a property. Browse through the articles and find the topics that are most useful to you in your home mortgage information search. Find out if You Can Get a Mortgage here.
