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Thursday, December 19th, 2019

IRD Penalties on FirstLine Vancouver Home Mortgages

IRD Penalties on FirstLine Vancouver Home Mortgages The following information may be helpful for individuals holding Vancouver home mortgages through FirstLine. FirstLine Mortgages is a subsidiary of CIBC which stopped accepting mortgage applications as of July 31, 2012. According to CIBC, parties who currently have mortgages with FirstLine will not be affected by this change. […]

Give me a break on my mortgage break fee!

By lesleyscorgieMetro Canada I recently sold my house and have decided to get a new mortgage through a mortgage broker rather than my bank. So, I met with my bank last week to discuss the transaction and learned that the cost to break my existing mortgage is nearly $5,000! Hogwash! For $5,000 I could take a […]

Skipping a mortgage payment: Pros and cons

When I logged on to check my bank balance the other day, I noticed a message from the bank saying that I have ‘earned’ a one month mortgage payment vacation. The reason for this  break is that I have been paying off my mortgage faster by making increased contributions each month. My goal is to […]

Goodbye to three irritating bank practices

Three annoying things that banks do to customers are about to become history. Following up on commitments made in the past two budgets, the federal government has announced measures that will stop banks from mailing unsolicited credit card convenience cheques to customers, and that will reduce the holding period on newly deposited cheques. The banks […]

Paying off your mortgage early can cost you

Paying off your mortgage early seems like great financial planning since you’re freeing up money that can be put towards savings. But discharging a mortgage early can mean a prepayment penalty because the bank loses money. If you had a two-year term and paid the mortgage in full after 16 months, the bank is out eight months […]

The Unlikely Retirement Savings Strategy

One of the best risk-adjusted investments you can make requires no commissions, no buying and selling and no management fees. According to a new studyfrom the Certified General Accountants Association of Canada (CGAAC), the boring old mortgage prepaymentperforms better than most common retirement savings vehicles, including RRSPs. “…Single individuals and couples with no dependents may be better […]

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