Page 44 - Sports Energy News, Cornwall, Issue No 112

44 Issue #112 May 2022 www.sportsenergynews.com

Neighbourly Advice From Our Local Professionals
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rigid and allow for more creative financing not only mortgage financing but also refinancing.
By Brian Johnston They may be looking to take advantage of an
Mortgage Specialist scenarios. There are many financing cases that
simply cannot be categorized according to a increase in home equity to develop an addition
predefined set of standards that don’t allow for to their detached house. This is another scenario
Brian J. – May 2022 any compromise. These parameters are seldom that may fall outside the lending guidelines of
Why Borrowers Choose a Private Mortgage many traditional lenders.
More Canadians have started to turn to private updated and, given the size of the large banking Common private lending scenarios:
lenders in search of mortgage financing. With institutions, it makes sense how it would be A traditional bank requires extensive
mortgage regulations continually becoming difficult for them to pivot to adapt to changing documentation supporting your ability to
stricter and tightening the lending gap, many consumer demands. Smaller and more nimble repay the loan. Their criteria will rule out
financiers can make exceptions and adapt a
would-be homeowners are being squeezed out many borrowers. For instance, self-employed
of their dreams. product box around a consumer’s needs as
opposed to trying to jam a consumer within a applicants will not always have T-4 forms and
Private mortgages abide by a similar set of parameters as the ones box. consistent pay stubs that a lender typically
commonly imposed by many banks. However, these parameters are less
Canadians are seeking out private lenders for Continued on page 45

inspectors have suffered as many offers are For those of you that did buy a home without
By Michael VanderMeer cash and even if the offer was conditional, an inspection, you may want to consider having
Real Estate Agent buyers usually left out the home inspector to one done after closing. Although too late to
better compete in a multiple offer situation. renegotiate, a home inspector’s report could
SUPPORT YOUR LOCAL HOME Home inspections are not only for buyers - save you thousands of dollars by catching items
INSPECTOR sellers sometimes have home inspections done that can be corrected now before they become
any small businesses have been affected to better compete in tougher markets such as a major problem if left undetected. A home
Mby the pandemic and that group includes a buyer’s market; but with homes selling so inspection also works as an education tool to
home inspectors. Although real estate was fast lately, sellers are not using this service, so help you better understand a home and what
it further affects your local home inspector’s maintenance is needed to keep it operating
initially affected, it made a strong comeback; but your local home
business. properly.

come filing season, there is not much you the year you withdraw money (usually in
Max Ming P.Eng. CFP ®
Financial Planner can do to change your previous years tax retirement when your tax rate is considerably
situation. The good news? You have the year lower). We understand it can be tough to
How to Lower Your Income Taxes Next ahead to set yourself up for a more favourable come up with a large cash contribution at the
Year income tax situation in 2022. end of the year to deposit into your RRSP.
ncome tax season is now behind us (aside Consider contributing to a registered Consider setting up automatic contributions
Ifrom a few stragglers!), and gone is the retirement savings plan as contributions are of a smaller amount on a regular basis.
time of year where your mailboxes have filled tax deductible at your highest tax rate. This Tax Free Savings Accounts will also help to
up with tax slips and receipts in preparation can add up to huge tax savings throughout lower your taxes, so consider contributions to
of filing those returns. Every year, we hear your working career. On top of that, all a TFSA. They are made with after-tax dollars,
the angst in client’s voices when they ask our advisors, “So, do I owe
growth from investments inside an RRSP so there is no immediate tax savings to you;
money?”
are sheltered from taxes each year, and however, all investments inside a TFSA grow
No one wants to pay more tax than they should, but unfortunately
withdrawals are then taxed as income in Continued on page 47

With our 2021 “Just Homes Listing Program”, Homeowners will never pay more than

3 3/4%+ HST commission which includes full weekly local newspaper

Owned and Operated by M. Jean Cameron Real Estate Limited advertising until sold, internet promotion and even an open house program when needed.
Serving the Community since 1959
613-933-3283 The savings may not stop here. When we sell your home directly to a buyer
check us out on the web at: without another real estate brokerage involved in the sale, we further reduce our
www.soldsmart.ca
sandy@homesnet.ca commission to only 2% + HST
“Not intented to solicit properties already listed for sale”