It should not matter. You just need to call the lender to renew and they can most of the time do it by phone.

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I bought a second house and i'm currently renting it out to a couple. what i've been doing for the past year is collecting rent from them to cover the land tax and monthly payments for the house. i was planning on doing this until the house was paid off. i have enough money to just pay off the entire mortgage of the house right now. should i do that or try to use that money to invest instead? i live in canada, ontario, if it makes any difference.

Best to ask your accountant that does your taxes and consult a financial adviser. Determining what best for you depends on your specific situation and not one that can be answered online without knowing the facts. Trust me

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So i have been looking at this condo but instead of purchasing it is listed as an assumption of the mortgage. i've been trying to do some research but it's all a little too technical and i'm not one hundred percent sure exactly how this is going to work. but from what i understand we will have to pay the difference of what is left owing and the full owing amount. so in a effect we would then be holding the entire mortgage balance. will we have to pay any equity that has procured over the time the homeowner has had the mortgage? is this a good choice for us in this market? and what sort of things should we be finding out from the owner? as a note this is ontario, canada

Here's how it works. The way it stands now, Joe (the seller) owns a house. Joe has a $200,000 mortgage. Per the terms of the mortgage, Joe must pay $1500 per month. When you "assume:" You own the house. You have the $200,000 mortgage. Per the terms of the mortgage, You must pay $1500 per month. You'll see that if the home is only worth $150,000, assuming the mortgage is a bad deal. "Assuming" is exactly that. You are "assuming" the obligations & duties of the seller.

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Hey everyone, about 3 years ago i purchased a rental home in toronto. the problem at the time was i wasn't making enough money to get approved for the mortgage.to bypass this my parents put everything under their names. 3 years later my income is enough to now take over all financial obligations. the home was purchased for $390,000 and now was appraised at $485,000. my question is will my parents have to incur a capital gain? i mean they will not be making any money on this deal and the last thing i want to do is pay a capital gains tax to take over a mortgage. a friend of mine told me there was a loop hole called "love and affection" where my parents could give me the home and only when i sold it would i have to pay the entire capital gains tax from day one? i am really confused and would really appreciate some input thank you

I believe they have to gift you the home. I found this question and answer, this might help you: Dear Tax Talk, My father wants to gift my wife and I a house. He wants to do it as a one-time gift -- not in increments. The home is appraised at $530,000 and the basis is $12,000. There is currently one mortgage of $115,000. Using the unified gift credit of $1 million, would he have to pay any tax at all or just on the difference between the $12,000 basis and the original loan amount of $140,000, which was a cash-out refi many years ago. Thank you for helping with this matter. -- Derek Dear Derek -- You certainly don't want to look a gift house in the mouth, but before you saddle up, you need to consider some pitfalls. First, since your dad's cost in the property is less than his debt, he'll have a capital gain on the transfer by gift to you. The gain is the difference between the current debt (the $115,000, not the $140,000) and his cost basis. The remainder will be gift-tax free based on the unified credit. The next issue is your cost in the property. Transfers by gift receive a carry-over basis (the donor's cost), plus any gain recognized by your dad. This means your cost basis on a later sale will be the amount of the mortgage you assume, which includes your dad's cost. (It's an algebraic equation wherein Dad's gain = mortgage less cost, or $115,000 - $12,000. So son's cost basis = Dad's gain plus cost, or $103,000 + $12,000. Therefore the son's cost basis is the mortgage amount, or $115,000.) If you hang on to the house for a few years, your gain at that time might then exceed the maximum exclusion of $500,000 from the sale of a primary residence. Since the numbers are rather large, I suggest you consult with a CPA on how best to structure this transfer.

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I've lived in the us my entire adult life on a green card so i don't know anything about taxes, retirement, mortgages, insurance, investments, employment, voting, government, etc. for instance; i've never paid canadian taxes but i've paid tons of social security tax in the us. what happens to my social security contributions and what obligations do i have to equivalent canadian programs when i reestablish residency there? i'm mostly looking for a place to begin. cheers, -scott

I am including a couple of links for you to read. Good luck to you. Belle http://www.connect2canada.com/faq/ http://www.cbsa-asfc.gc.ca/cpr-crp-eng.html http://www.cbsa-asfc.gc.ca/travel-voyage/fr-ar-eng.html

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I'm in my early 20s, but i'd love to get a leg up. ideally i'd like to have some lucrative properties under my belt, be it a house, apartment or condo units, or if i'm lucky enough an entire building, by my mid-late 30s. i'd love to start with an apartment or condo unit. what would be the best route to take to get from there to where i want to be in 10 years. obviously i'm not swimming in money, but if i have enough to pay for my own mortgage, and can make the difference between what the renters are paying and what the mortgage payment on the other unit. just looking for advice/tips? i live in british columbia, canada. do you know any good place to buy in right now? etc...

Location, location, location. It doesn't matter how great a deal you get on a rental property, if no one wants to rent it. Start with a small place in a college town where students are always looking for a place to rent near campus. Keep adding from there. Once you get a small, profitable property, it will be easier to add from there since you can use it for collateral.

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We are currently 32 weeks pregnant with our first :) cant wait to meet our little boy in march !! we live in canada so here we are entitled to an entire year off of work with pay. however maternity pay only pays you 55% of what you regularly make. that being said i have been trying to come up with some ideas of ways i could work 'under the table' while on mat leave. (you can work on mat leave, but if its not under the table then they deduct dollar for dollar what you make from what they give you...which defeats the purpose of working all together) i was thinking of possibly doing some babysitting while im off for the year , as long as the family would not mind me having my own baby with me (unless my husband is off, then he could watch our baby at home) other ideas i had thought of is possibly seeking out an older couple that need to hire a house keeper once a week, or someone to go do their groceries etc for them. also to note - we will be fine financially even if i dont work - my husband is detective constable for our local police force, so in terms of our mortgage and bills etc he alone makes enough to cover our living expenses... however - it would just be nice if i had a little extra money too for things like buying new clothes for the baby or myself, or going out for dinners etc, buying gifts around christmas etc. i just am looking for some other ideas of ways i could make some extra money that is like i said under the table, so that im not having it deducted from my mat leave pay. also to note...i unfortunately cannot sew, so doing any sort of seamstress work from home is out of the question lol...though it would have been a great idea!

Oh gosh i am sooo super jealous and want to cross the border right now!!! Here in the US i only get 6wks maternity leave unpaid and must use all of my vacation hours before i have access to my maternity leave!!!!! Sooo jealous! lol i suppose you could babysit or something for under the table work.

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Nafta passed during bush sr.’s term was meant to only open free trading with canada and mexico. it was increased to include the entire world during clinton’s term. this lead to outsourcing american jobs because we cannot complete with the slave wages paid in other countries to produce goods. on news programs it is stated that stopping open trading will cause huge inflation in everything we buy and probably war with china because we have given them our entire economy (jobs, off shore savings for businesses to avoid income tax and then loan that money to us in mortgages and credit cards, manufacturing goods, our resources tax free, etc…) . doesn’t this kind of mean that we just reinvented slavery only out sourced to other countries? by having untaxed open trading with countries that do not have labor laws aren’t we creating huge gaps between their rich and poor that eventually will lead to america owing and looking for an international welfare system to pay for the poverty we created? if america is so anti-slavery, why are we not imposing sanctions on countries that do not have labor laws? ginger: currently children and women are sold for both sex and slavery internationally. have you considered reading up on this? it is as bad as ever and it is just as sad. actress: if unable to read and write, why choose questions out of your league? yo cut' jes peek odder toopicks? :) maybe i should have asked this a different way. is there a presidential candidate who will promise to stop legislation that promotes outsourcing our jobs, and stop dealing with countries that have no labor laws and/or do nothing to stop current slavery?

the NAFTA that I have always heard about was passed during Clinton's tenure.