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You’re just a few steps away from getting one of the lowest rates in Canada.
By providing your email and phone number, you authorize Citadel Mortgages Brokerage #12993). to contact you about your inquiry. The interest rate shown is for estimation purposes only and may change upon consultation with a mortgage professional.
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You’re just a few steps away from getting one of the lowest rates in Canada.
By providing your email and phone number, you authorize Citadel Mortgages Brokerage #12993). to contact you about your inquiry. The interest rate shown is for estimation purposes only and may change upon consultation with a mortgage professional.
You’re just a few steps away from getting one of the lowest rates in Canada.
By providing your email and phone number, you authorize Citadel Mortgages Brokerage #12993). to contact you about your inquiry. The interest rate shown is for estimation purposes only and may change upon consultation with a mortgage professional.
You’re just a few steps away from getting one of the lowest rates in Canada.
By providing your email and phone number, you authorize Citadel Mortgages Brokerage #12993). to contact you about your inquiry. The interest rate shown is for estimation purposes only and may change upon consultation with a mortgage professional.
You’re just a few steps away from getting one of the lowest rates in Canada.
By providing your email and phone number, you authorize Citadel Mortgages Brokerage #12993). to contact you about your inquiry. The interest rate shown is for estimation purposes only and may change upon consultation with a mortgage professional.
You’re just a few steps away from getting one of the lowest rates in Canada.
By providing your email and phone number, you authorize Citadel Mortgages Brokerage #12993). to contact you about your inquiry. The interest rate shown is for estimation purposes only and may change upon consultation with a mortgage professional.
You’re just a few steps away from getting one of the lowest rates in Canada.
By providing your email and phone number, you authorize Citadel Mortgages Brokerage #12993). to contact you about your inquiry. The interest rate shown is for estimation purposes only and may change upon consultation with a mortgage professional.
You’re just a few steps away from getting one of the lowest rates in Canada.
By providing your email and phone number, you authorize Citadel Mortgages Brokerage #12993). to contact you about your inquiry. The interest rate shown is for estimation purposes only and may change upon consultation with a mortgage professional.
You’re just a few steps away from getting one of the lowest rates in Canada.
By providing your email and phone number, you authorize Citadel Mortgages Brokerage #12993). to contact you about your inquiry. The interest rate shown is for estimation purposes only and may change upon consultation with a mortgage professional.
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Most home buyers will obtain a mortgage from an A-lender, usually a major bank or credit union. However, many self-employed home buyers experience difficulty passing their federally regulated stress tests. Your affordability may be significantly reduced if you apply for a mortgage at an A-lender institution.
Read More…
Due to these difficulties, B-lenders have become an increasingly popular option among self-employed home buyers. While B-lender interest rates are higher than those of A-lenders, you’re likely to be approved for a much larger mortgage than at a traditional bank or credit union.One key point here is how they account for your income compared to how the banks account for it. To learn more about B-lenders and determine what option is right for you, we suggest booking a free consultation with our professional mortgage broker.
Starting September 2, 2019, the Government of Canada is launching a shared-equity incentive for first-time buyers. The incentive essentially allows the government to pay for 5% or 10% of your home, reducing the amount you need to mortgage. You will need to repay this equity in a lump-sum up to 25 years after purchase. See our first-time buyer calculator for more details.
According to the values you have entered, you are eligible for the incentive if your annual household income is between $112,500 and $120,000. If you choose to take the incentive, your incentive amount and new mortgage amount (including the CMHC insurance premium) are shown below.
There are three main incentive programs for first-time home buyers. Each program has different requirements to qualify as a first-time buyer. See the FAQ below for details.
| Land Transfer Tax Rebate | $ | 250.00 | |
|---|---|---|---|
| + | Government Shared-Equity Incentive Starts September 2, 2019. For purchases closed after November 1, 2019 only. |
$ | 2,500.00 |
| = | Total Incentive | $ | 2,750.00 |
The government of Canada offers a First-Time Home Buyer Incentive program starting September 2, 2019. Under the program, you can apply for a 5% or 10% shared-equity mortgage with the Government of Canada, reducing your mortgage payments. Essentially, the government will help you purchase 5% or 10% of your home, to be paid back at a later date.
You are eligible to apply for 5% of your purchase price in shared equity. Given your selections, you are eligible for a maximum of $2,500 in government incentives.
The program is only available for CMHC-insured mortgages. Therefore, you are automatically ineligible if
To qualify for a government shared-equity incentive,
Even if you satisfy these criteria, there are limits on how much you can borrow depending on your annual household income. See ‘What is the borrowing limit, and how does it work?’ below. Other criteria may apply in special situations.
You qualify as a first-time home-buyer if
You only need to satisfy at least one of the above criteria to qualify. Only one spouse/common-law partner needs to meet the above requirements to qualify.
The program launches September 2, 2019, and is available for any purchase closed after November 1, 2019.
The program will end either:
whichever occurs sooner. Many experts expect the funding to go quickly, so it may be prudent to act as soon as possible.
Borrowing limits may apply in both of these cases. See ‘What is the borrowing limit, and how does it work?’ below.
Your borrowing limit is four times your annual household income. Your total borrowing amount (mortgage principal + shared-equity incentive) cannot exceed this limit. The CMHC mortgage insurance premium does not count towards the limit.
No partial incentives are given. The only options are 5% and 10% shared-equity.
The amount you owe depends on the future fair-market value of your property at the time of repayment. You will need pay 5% or 10% of the future property value, depending on which incentive program you applied for. No interest is charged in either case.
You must pay back the incentive within 25 years or if the property is sold, whichever occurs first. You must pay the amount in full.
There are no prepayment fees or penalties for an early payment. If you believe your property value will rise in the future, paying early may lower your payment amount.
Yes. However, you can only apply for the 5% shared-equity incentive option, even if the home is new.
John and his wife want to buy a newly constructed home for $400,000. They would qualify for 10% of the purchase price, or $40,000, under the shared-equity incentive program.
At a 3% interest rate, this would lower their monthly payment from $1,870 to $1,673, saving them nearly $200 per month, or $60,000, over the lifetime of the mortgage.*
Assuming they make the minimum 5% ($20,000) down payment, John and his wife would need to make between $95,000 and $120,000 in total to qualify.
*Assuming a 5-year fixed term with 25-year amortization and 5% down payment.
Marissa makes $80,000 a year, and has $60,000 saved up for a down payment.. To qualify for the shared-equity incentive, she can purchase a home worth up to $380,000.
She buys a resale condo for $360,000. Marissa is eligible for $18,000 from the Government of Canada First-Time Home Buyer Incentive, allowing her to take out a mortgage of only $282,000 plus insurance.
When you acquire a property (and the land it rests on), you must pay a land transfer tax to the government after the transaction closes. As a first-time home buyer, you are eligible for land transfer tax rebates, often worth thousands. A detailed breakdown of your land transfer tax costs and savings is below.
| Provincial | $ | 250.00 | |
|---|---|---|---|
| + | Municipal | $ | 0.00 |
| − | Rebate | $ | 250.00 |
| = | Total Tax | $ | 0.00 |
Ontario levies a land transfer tax by applying a tax-bracket system to your property’s purchase price. The full breakdown of your provincial land transfer tax is shown below.
| Tax Bracket | Marginal Tax Rate | Marginal Purchase Price | Marginal Tax | ||||
|---|---|---|---|---|---|---|---|
| First $55,00055k | 0.5% | × | $ | 50,00050k | = | $ | 250250 |
| $55,00055k to $250,000250k | 1.0% | × | $ | 00 | = | $ | 00 |
| $250,000250k to $400,000400k | 1.5% | × | $ | 00 | = | $ | 00 |
| $400,000400k to $2,000,0002.00m | 2.0% | × | $ | 00 | = | $ | 00 |
| Over $2,000,0002.00m | 2.5% | × | $ | 00 | = | $ | 00 |
| Total Tax | $ | 250250 | |||||
Starting January 1, 2017, Ontario offers a land transfer tax refund of up to $4,000 for first-time home buyers. Since your provincial tax exceeds the rebate limit, your provincial rebate is capped at $4,000.
Toronto is the only city in Ontario that levies a municipal land transfer tax. According to your selections, municipal land transfer tax does not apply to you.
To qualify as a first-time home buyer, you must meet all of the following criteria:
You may obtain an immediate refund at the time of registration.
Yes, if you act quickly. You may claim your rebate at any point within 18 months of purchase.
Yes, in certain cases. After the purchase of a property, you have an 18-month window following registration to obtain a rebate. If you gain citizenship or permanent residency during this period, you can claim the full rebate amount.
The Non-Resident Speculation Tax (NRST), also known as land speculation tax, is a 15% tax on residential property in areas near Toronto.
The tax only applies to individuals who are not citizens or permanent residents of Canada. The specific region involved is known as the Greater Golden Horseshoe region, shown below.
For more information, visit the official government website.
Since March 19, 2019 (as part of Budget 2019), the Home Buyers’ Plan will allow first-time home buyers to withdraw up to $35,000 tax-free from their registered retirement savings plan (RRSP) to buy or build a home. The amount must be repaid over a period of 15 years.
This is a recent increase over the current limit of $25,000, to take effect after the approval of Budget 2019.
You must meet the following criteria to qualify for the Home Buyers’ Plan:
If you have a disability, the last requirement is waived. Additional requirements may apply in special cases.
The withdrawal limit is per-person. Each spouse/common-law partner has their own, separate withdrawal limit. If you are married or in a common-law relationship, you can therefore withdraw a total of $70,000.
Note that only the person registered as the owner of an RRSP can withdraw from it under the program. Each spouse will need to have their own RRSP account to take advantage of the increased limit.
You must submit a Form T1036 to your financial institution for each withdrawal you wish to make.
You can make an unlimited number of withdrawals within one calendar year up to a total of $35,000. Withdrawals made during January of the following year are also tax-exempt.
You have up to 15 years to repay the amount withdrawn to your RRSP. Repayments start the calendar year after the withdrawal is made. Each year, the Canada Revenue Agency (CRA) will send you a Home Buyers’ Plan statement of account listing your remaining balance and minimum payment.
If you make more than your minimum payment, your later minimum payments will be reduced. You may repay the full loan amount at any time without penalty.
To make a repayment under the Home Buyers’ Plan (HBP), you need to make a contribution to your RRSP and designate a portion of the contribution as an HBP repayment. You may make this designation on line 246 of Schedule 7 when filing your next tax return.
Jessica and her husband want to buy a home in Toronto for $900,000, but only have $80,000 saved for a down payment. Assuming an interest rate of 3%, their monthly payment would normally be $4,036 per month.*
Jessica and her husband each withdraw $35,000 from their own RRSP account. In total, they make a down payment of $150,000, lowering their monthly mortgage payment to $3,649. That’s a savings of $387 per month, or $116,000 over the lifetime of their mortgage.
To repay the loan, they will need to make an annual payment of $4,667 for 15 years. No interest or tax is charged on the RRSP withdrawal.
*Assuming a 5-year fixed term with 25-year amortization.
Nathan purchased a home five years ago with the help of the RRSP Home Buyers’ Plan. He withdrew the maximum of $35,000, and has made the minimum $2,333 annual payment each year.
This year, however, Nathan can only afford to make a payment of $1,000. The missing $1,333 is filed as taxable income on his next return. Since his remaining balance is now larger than planned, his minimum payment increases to $2,481 starting next year. No other fees or penalties are charged.
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*Disclaimer: Please note that the calculation results are estimates based on our most up-to-date information sourced from lenders’ publicly stated methodology and first-hand accounts. This information is subject to change. The results do not include special offers, such as cash back incentives, or any discharge, registration, reinvestment or transfer fees you may also incur. For an exact penalty calculation, contact your lender directly .Use this as an estimate we can not be liable for any estimated numbers seen here.
ATB Financial: 1-800-332-8383
BMO: 1-877-225-5266
CIBC: 1-888-264-6843
First National: 1-888-488-0794
Home Trust: 1-877-903-2133
HSBC: 1-888-310-4722
Laurentian: 1-800-252-1846
MCAP: 1-800-265-2624
National Bank: 1-888-483-5628
RBC: 1-800-769-2511
RMG: 1-866-809-5800
Scotiabank: 1-888-990-9923
TD: 1-800-722-3098
1. Enter your mortgage information in the current mortgage grid below. 2. Enter the potential new interest rate into the new mortgage grid. Ask your mortgage lender or visit their online breaking penalty calculator for your estimated breaking penalty. You will see your total potential savings or the cost of refinancing your mortgage below. Still not sure whether or not to refinance your mortgage? Give us a call at 1-866-600-8762 or email support@citadelmortgages.ca Calculator is for informational purposes only. Learn more with a free consultation.
| Total Savings/Cost | |
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| Refinance (Yes/No) |
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| Current | asdsaddsad |
| New | asdsaddsad |
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| Scenario | Cash Back Rate | Mortgage Amount | Cash Back Amount | Rate (%) | Monthly P&I ($) | Payment Difference | Total Difference over 60 months | Cash Back Received Compared to Total Difference over 60 months |
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