OSFI leaves mortgage stress test in place, reaffirms LTI limits for lenders + MORE Jan 29th

Interested in learning more about property mortgages in Canada? Look no further!

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Scotiabank to buy small Dallas bank in mortgage-finance play + MORE May 30th

Scotiabank agreed to acquire Maple Financial Holdings Inc., which owns a small U.S. commercial bank, as the Canadian firm looks to expand its structured-finance business in the American mortgage industry. .... More »

You bought a home—should life insurance be next? + MORE May 9th

Buying a home is one of the biggest financial milestones for young Canadians, and one of the riskiest. For many households, a mortgage becomes the single largest expense they’ll ever take on, often requiring two incomes to keep it manageable. That reality is driving more homeowners to buy life .... More »

Haventree Bank launches direct-to-consumer digital bank + MORE Jul 8th

The Schedule 1 bank is rolling out a new consumer deposit platform, marking a major move beyond broker-distributed mortgages and brokered deposits after more than three decades in the alternative lending space..... More »

Sub-6% U.S. mortgage rates vanish as Iran war sparks inflation fears Mar 7th

U.S. homebuyers had to act fast last week to nab the first sub-6% mortgage rates in more than three years. Now they’re up, and the new conflict in the Middle East threatens to nudge them higher..... More »

An inside look at how your loans — and spending — affect your credit score Apr 6th

Having a variety of loans could help strengthen your credit score — or harm it, depending on your spending and payment history. But a credit card, car loan and mortgage work differently, making it hard to know how to improve your number..... More »

How does rent from a family member or common-law partner get taxed?

– moneysense.ca

A client of mine told me (Ontario) that his girlfriend moved in and is paying $1,000 per month towards household costs. They won’t be common-law for 3 years in Ontario. Would this count as tax free?—Hans

There are a few considerations here for your client, Hans. I will break them down.

Rental income

When you earn rental income, you report it on your personal tax return on Form T776 Statement of Real Estate Rentals. You can claim rental expenses to reduce your taxable rental income. Common expenses include:

Advertising

Insurance

Mortgage interest

Legal and accounting fees

Management fees

Condo fees

Repairs and maintenance

Property taxes

Utilities

This list is not exhaustive, and repairs and maintenance can be complicated because some expenses that are more lasting in nature—like a renovation—may be capital expenses that must be depreciated over time.

Rental losses

If you have more expenses than income, you can have a rental loss…

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Will OSFI signal changes to the mortgage stress test this week?

– canadianmortgagetrends.com

OSFI releases its quarterly update Thursday, with some analysts expecting at least some direction on the future of the stress test.

Continue Reading On canadianmortgagetrends.com »

U.S. mortgage rates increase for first time in four weeks

– canadianmortgagetrends.com

U.S. mortgage rates climbed for the first time in four weeks, halting an early-year upswing in home purchase and refinancing activity.

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OSFI leaves mortgage stress test in place, reaffirms LTI limits for lenders

– canadianmortgagetrends.com

OSFI offered no new direction on the qualifying rate, but reiterated that loan-to-income caps for uninsured mortgages remain in place and opened a new six-month consultation tied to its broader guidance review.