March 18, 2018


New To Canada Mortgage Rules

Feb 5, 2018

I have had a number of enquires recently on whether the New To Canada Program requirements have changed.  Individuals that have immigrated or relocated to Canada within the last 5 years can purchase a property with as little as 5% down payment.  Here is the criteria in order to qualify for a mortgage: Purchase price must be less than $1,000,000 Under $500,000 you can purchase with 5% down payment If the property is between $500,000 and under $1,000,000, you can purchase with 5% on the first $500,000 and 10% on the portion over $500,000 Maximum 2 units with 1 unit…

Paying Down Debt vs RRSP Investment?

Jan 30, 2018

It has always been a dilemma of whether you should use any excess cash to contribute to your RRSP or pay down your mortgage.  The current economic equation has recently tilted in favour of paying down debts vs. building up assets but only for those people with a low tolerance for any investment risk.  The current interest earned from GICs, term deposits and government bonds remains pathetically low.  At current deposit rates of around 1%, it takes 72 years to double your retirement nest egg if you only earn 1% per annum. Here is how to think about the trade off between paying…

Sometimes Debts Are Strictly Due To Family Illness

Jan 18, 2018

Last week I outlined an example of a client I am working with that can no longer meet his financial obligations.  This happens to many of us for various reasons.  Below are 2 testimonials from clients I have worked with where debts spiralled due to illness in the family. “When my husband became ill, we fell behind in all our payments, we didn’t know what we were going to do. Colleen was recommended to us and she arranged a private mortgage for us and not only paid out all our debts but actually reduced our monthly payments. We thank the day…