Page 38 - Sports Energy News, Cornwall, Issue No 115

38 Issue #115 August 2022 www.sportsenergynews.com

Neighbourly Advice Fr om Our Local Pr ofessionals
Neighbourly Advice From Our Local Professionals

was 0.18%, down from 0.38% in 2012. Banks don’t want to be homeowners; they’ll often
By Brian Johnston
Still, for those who may be likely to miss an work with you to get current on your mortgage
Mortgage Specialist payments.
upcoming mortgage payment, or are already past
their due date, there are steps that can be taken to Once the due date for a mortgage payment has
Missed a mortgage payment? Here are next steps mitigate the situation. The first step involves being passed, lenders will often contact homeowners
you should take. proactive and transparent by letting mortgage via mail, phone, or through their online portal, to
Amid a series of interest rate hikes implemented lenders know about the possibility of missing an notify them of the missed payment. At that point,
by the Bank of Canada over the last few months, upcoming payment. homeowners should call their lenders right away to
some Canadian homeowners may be concerned The first thing you should do is call your lender. discuss next steps. Different lenders have different
about whether they’ll be able to keep up with their It’s easier to ask for permission than it is to ask for programs that may be able to help clients manage
mortgage payments. forgiveness in this case … reach out to your lender their mortgage payments.
Missed mortgage payments, otherwise known as and let them know there’s a problem. The next step is to determine whether the reason for
While homeowners may be expected to pay a penalty missing a mortgage payment stems from a short-
mortgage delinquency, isn’t common in Canada, according to data compiled by for missed mortgage payments, lenders will usually term issue, or one that will affect a person’s income
the CMHC. In the first quarter of 2022, the country’s mortgage delinquency rate try to cooperate with borrowers to find a solution. Continued on page 39

fridge and stove (if not affixed), and they are money for their home.
By Michael VanderMeer excluded from the sale unless otherwise stated in Sellers sometimes want to include some chattels
Real Estate Agent ‘Chattels Included’. in the home to try and get more money. I usually
In some cases, a fixture, such as a hot water tank, suggest they keep them out of the inclusions and
may be rented and this must also be disclosed in use them during negotiations to try to get a little
Chattels & Fixtures
People tend to get confused over these items in an the offer. more money when negotiating the offer.
offer. Fixtures are always included in an offer unless Sometimes a seller may want to exclude a fixture Buyers sometimes ask for unusual things such
otherwise stated, and they are items attached to the as it is unique, unreplaceable, or has sentimental as riding lawn mowers. I recommend this is
house such as light fixtures, built in appliances, hot value. When you are excluding fixtures in your something you try to negotiate after the offer is
home, the best thing to do is replace the fixture accepted so you really know what you are paying
water tank, furnace, central air, and other items that are affixed to the home. before hitting the market. I have cases where a for the item and have more negotiating power
Chattels are items not affixed to the home such as furniture, washer/dryer, deal fell apart over a fixture, or they received less during negotiations.

Max Ming P.Eng. CFP ® start to receive your benefits, you end up losing a significant withdrawal option, your CPP payment will be reduced by
portion back to the Government in income taxes. 0.6% per month (7.2% per year) for each year before 65.
Financial Planner It is likely that you have been contributing to CPP on every This could result in your CPP payments being reduced by
Canada Pension Plan and Old Age Security paycheck for as long as you can remember. Inevitably, up to 36% for the rest of your life. If you are relatively
One of the biggest income decisions you will have in life this has become an asset of substantial lifetime value. We healthy and being advised to ‘start CPP at 60 and just invest
comes in your ‘60’s. As 60 approaches, you will have a encourage you not to view this as a government ‘benefit,’ the benefit’, we urge you to seek a second opinion, as you
decision to make with your government benefits, namely but similar to another RRSP for you. For some, CPP’s ‘face will be very unlikely to come out ahead in this method.
Canada Pension Plan (CPP) and Old Age Security (OAS). value’ can be $300,000 or more… it is highly unlikely Late Withdrawal Option: You can elect to defer beginning
We always recommend that before anyone begins to collect you would make a random, uninformed, and permanent your CPP payments to a later date (up to age 70). Your CPP
their CPP and/or OAS pensions, they have a meeting with decision on your personal RRSP of $300,000 value… but payment will be increased by 0.7% per month (8.4% per
professionals, (like us), to fully understand and evaluate you would be surprised how many people do just that with year) after age 65. This could result in CPP payments being
how benefit fits into your retirement income. CPP. increased by up to 42% for the rest of your life.
Why? Many people take a hurried approach to deciding. Although CPP’s base value is calculated at age 65, the (There is no early withdrawal option for OAS before age
For some, CPP is something they want to access as soon as possible, since they have been government provides alternative options beginning at age 65, but you can defer OAS any month past age 65 up to
contributing their entire life and cannot wait to “get something back from the government” 60, or delaying up to age 70. See below for more details on 7.2% per year, or 36% at age 70.)
as soon as possible. Some just make a random decision to fill out the paperwork they were withdrawal options.
mailed and begin CPP payments. Early Withdrawal Option: You can elect to take your Disclaimer: Equity Associates Inc. is a registered mutual
CPP/OAS payments are fully taxable income, meaning if you are still working when you CPP any time after turning 60. If you elect for the early fund and exempt market dealer in select provinces.

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”