Hello Anon, in Canada we do have a nice percentage of homeowners that are mortgage free but the numbers did decline more recently. The statstics from Stats Canada have been updated last in 2006 so the following data is a little old. Here is what we know so far. "For owner households with a primary maintainer aged 24 and under, the share with mortgages rose from 80.7% in 2001 to 82.0% in 2006. For owner households with a primary maintainer aged 25 to 34, the share rose from 89.8% to 91.2%. For primary household maintainer age groups 55 and over, mortgage-free home ownership was the most common tenure. Of all households with a primary maintainer aged 55 to 64, about 43.6% were mortgage-free owners, 34.0% were owners with mortgages and 22.3% were renters. The proportion of mortgage-free owners rose to 57.6% for households with a primary maintainer aged 65 to 74, and was slightly higher for those with a primary maintainer aged 75 and over." I hope this info helps, I wish we had more updated info but I guess we will have to wait for the next Canadian Census to find out more. If you or any other reader has any questions please do not hesitate to contact me at any time. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 Banks/lenders and can do mortgages across Canada except Quebec.

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You bought a condominium 2 years ago for $210,000, with a down payment of 30 percent. you took out a 7.20 percent, 5-year canadian mortgage amortized over 25 years. here is what i did: i(weekly)=0.0680% pv=147,000 fv=0 n=1300 (25x52) .:pmt=170.36 am i supposed to use pmt now and try to find a new 'n'? maybe 'n' is not even required in the first calculation. i am not sure. it seems easy but i can't seem to figure out how to do it. some help will be appreciated.

You could shave a few years off. However, most lenders won't let you make weekly payments. They want the full amount each month. You could achieve a similar result by adding about 8% to each monthly payment.

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My husband left in january 2010, he helped pay the mortgage, child support etc. until april. in april, i foolishly told him to just pay me child support as he was getting his own apartment after living with his parents for 3 months and paying them nothing. the house is still in both names. we had 70,000 debit. i refinanced the house in july 2010 and took in 50,000 of the debt into the mortgage. there was still an outstanding 20,000 loan that i said he could pay which he has been. so i have been paying the mortgage, bills, etc. he pays loan and child support. i told him i wanted his stuff out of the house by the end of november, he balked and said "it's still my house, i'll get it when i want". i politely reminded him that he no longer pays any of the mortgage even though his name is still on the mortgage and that i want his stuff out. he told me to f** off. we can't afford lawyers etc right now but i am so angry, how dare he talk to me like that when i have been going along letting him keep his stuff here basically in storage. people tell me i should just pack it up and throw it outside but i don't think i should have to do that - it's his stuff. what should i do?

Pack his stuff in trash bags and take it to his mother's house. There is no advantage in fighting about it.

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Well.....i decided to build a house. once the lot was bought and basement was being dug i hooked up with this guy and we got an apartment together. we lived together for 4 months and then my house was done. he lived in the house for 2 months before i got rid of him so he moved out before i ever made my first mortgage payment. hes been gone since last june and i got a letter from his lawyer on thur. saying hes taking me for half my equity. ok so my question is...... i work for a lumber yard and my boss finances contractors. i paid $220 for my house and it appraised at $360 due to deals and favors from contractors plus my employee discount on all the lumber, plumbing and finishing. so i have alot of money on the line more than i can cough up to get rid of him. my biggest problem is that the lawyer i used (friend of the family) put his name on my land title??????? so i hired a new lawyer who wants to sue the old lawyer..is that even going to help? his names still going to be on the title.

In almost all provinces in Canada there is minimum residency of 3 years together before a union can be considered Common-Law (2 years in Alberta and Nova Scotia). He should have a case. Also at least in Ontario, division of property is excluded from the Family Law Act in regards to Common Law Marriages.

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Hi there! i hope that you can help me :) i am a canadian living in the uk and married to an eu citizen therefore i have an eu spouse permit that lasts for 5 years and remains active as long as my spouse is employed and allowed to work in the uk. we do our taxes here in the uk but what i need to know is if i still need to file any type of tax return back home in canada? even if i have no income ( myself) here or there and file my taxes here? do i just declare no income but still submit some kind of tax form in canada? if in the future i do work a few months, do i need to delcare it in canada while i do the taxes here in the uk? the reason why this is no confusing stems from my confusion about residency status.....i still have many, many ties with canada such as property, active bank accounts, credit cards, loans,family, mortgage, furniture, ohip and come home now and again for brief periods. am i a non-resident or still a resident? what should i do? a family member lives in my house and pays the mortgage, etc but i make no profit...just enough to cover the debt. so i really have nothing to declare as in profit. could someone help me because the more i look on the government websites, the more contradicting and confusing it becomes :) sorry for the long message :) many thanks anouk!

From what you say, you are still a Canadian Resident in the eyes of CRA. In addition to the ties you mention (OHIP is the kicker--you are definitely considered an Ontario resident), CRA says that you do not become a Non-Resident at least until the day you become a legal PERMANENT resident of another country. A "spouse permit" that expires or is contingent on the other things you describe makes you a TEMPORARY resident of the UK. You can always ask CRA for their opinion on this: http://www.cra-arc.gc.ca/E/pbg/tf/nr73/README.html As a Resident, you are taxed by Canada on worldwide income. However, if you have NO income whatsoever worldwide, the filing requirements say that you do NOT have to file a return unless these conditions apply: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/flng-blgtns/menu-eng.html

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Public service announcement: the elves have gone on strike due to no dental benefits, discrimination based on abnormal body parts (long ears, height, etc.), poor working conditions, long hours and the fact that they're always booked christmas eve. thus we are behind on present production. peta complained to santa that the reindeer were being overworked, underfed and working long shifts. they also complained that their retirement was nowhere in sight and that they have not received any promotions since 1267. they are in custoday of peta until february, when santa will go to court to gain back custody. also, non-christian neighbors have complained about noise disturbances at night as well as partially broken chimneys after christmas eve. some citizens have launched lawsuits against santa and have thus reduced his funds to produce enough toys for children.  like many americans these days, santa was not able to pay back the mortgage on his factory. he sunk in debt and hid factory has since been foreclosed, while santa is attempting to work out a lease agreement with the inuits of the canadian arctic. this will take anywhere from 3-8 weeks. lastly, many parents have spoken out against santa about he promotes childhood obesity like it's a good thing and how he always leaves cookie crumbs on the floor. some have even gone so far as to say that they are forced to turn out the fire in their chimneys when it is their only source of warmth for the night.  due to all of this stress, santa has started drinking heavily and was recently arrested for dui. his license has been suspended and his hearing date is set for april 2011. signed, north pole public relations 10 snowy avenue postal code: h0h 0h0 1-800-commercialize-the-holidays please star if you find this amusing it took me a long time to write =)

Yes, I'm glad it was canceled. I'm the Grinch- Who do you think caused all this havoc?

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I am a u.s. citizen who lives here and i went up to canada to purchase a condo a few years ago, well time was coming around and i needed to get a mortgage for this property so i found someone and signed some documents stating that his brokerage fee was $3,417 canadian. instead of directly purchasing this condo i was able to "assign" my contract to another person so i no longer needed the mortgage--all obligations went to the new buyer. so i never got the mortgage, and didn't need it anymore and i went back to the loan officer and told him, and he insisted that i pay him. i told him that i didn't feel as though i owed him since it never closed, and this is the way commissioned jobs work. well i just got another email from him 3 months later and he has told me to pay him as he is "planning closure" on my case in the courts. can this guy really sue (and win) and go after me here in the states? thanks for the help.

If you defaulted on a legal contract, (written or verbal) he can certainly sue you in the Canadian court system for the amount owed and reasonable damages. Now unless you go to Canada, it will be hard for him to collect from you through the Canadian court system. Unfortunately if you don't go represent yourself, he will likely win the case, and you will have an outstanding judgement against you that may prevent your from conducting any business in Canada or even visiting in the future. Additionally the Canadian courts can potentially petition the American courts to seek financial reimbursement from you directly through wage garnishments or liens on your property. If you know you are in the right based on your contract, the best course of action would likely be to let them present their suit, hire a Canadian lawyer to represent you, and prove your case in court (and counter sue for expenses). If you are contractually in the wrong, your best course of action will be to pay them the money you owe before they compound it with legal fees and damages. I hope this helps.

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Hi there, me and my girlfriend are stuck and can't see each other. i am a 20 year old canadian citizen, my girlfriend is 18, she lives in the united states. we have been dating for 2 years now, i have been going back and forth to the united states to visit her. i used to plane to go visit her each time. i went for last june, again in for christmas, march break and again this summer and every time i only stayed 9-10 days and returned. this summer we wanted to bring her to visit canada for the first time, she has her american passport. so i drove all the way from montreal to the ambassador bridge to cross and pick her up and bring her back. i was pulled over, questioned and denied entrance to the united states. they suspected that i was going to permanently move there because i had a lot of clothes packed. so then we decided that she should cross to come and see me instead. so i sent her money and she gets on a bus on her way to montreal from the states. and our bad luck, she gets denied and can't come to canada either. she was denied because her ticket was a one way ticket and she only had 20$ with her which was not enough for a ticket back? anyways, now we don't know what to do , we haven't seen each other for so long and we had a lot of plans. please help us. how serious is this? do i need to get a lawyer? what should i do ? should i go back and try again with the documents? am i being flagged? below is the letter they gave me when i was refused: ----------------------------------- ---… dear traveler / applicant for admission: at this point in time you do not appear to be clearly admissible to the united states as a temporary visitor for pleasure. in order to satisfy u.s. officials as to your status and intentions, please provide this office with the indicated items below: o proof of citizenship / evidence of immigration status o police clearance oevidence of employment (recent pay stubs, employee id, letter from employer, etc). oproof of foreign residence (recent rent receipts, copy of mortgage, utility bills, etc). oevidence of financial support (bank statements, savings and checking account statements, income tax report forms, etc). oevidence of financial assistance (receipts or government correspondence of unemployment insurance, mother's assistance, welfare, disability, etc). oevidence of educational ties (valid school identification, letter from school officials on school letterhead). autility bills (recent phone, gas, electric/hydro, bills, etc). oincome tax return forms (current and past year). oconfirmed return date (airline tickets, train/bus tickets, date specific). osufficient funds for intended trip (cash, traveler's checks, etc). ocontact name of family member, friend, or individual who you, the passengers, is/are travelling to see in the u.s. oaddress and/or telephone number where you can be reached in the u.s. oother items: ***this list is intended to be used as a guideline only to assist you in returning with the necessary materials to help you sufficiently meet the burden of proof which is incumbent upon you as an applicant for admission to the united states. this list should not be considered to be allinclusive. the final determination is always made by an officer after all items are considered.

You were denied entry for that trip, but not barred from entry for the next so many years. In fact, nothing is stopping you from going down to the border and trying again this weekend. What I would suggest is that you read that letter that they gave you. They are suggesting that you bring with you proof that you plan to return to Canada when the trip is over. Showing that you have a home (tax bill) in Canada, a job (pay stub), a bank account, your income tax return for last year, etc are usually enough to show you plan to go back. If refused, I believe that you also have the option to discuss the refusal with a supervisor. I would ask them to check your past history of border crossings, perhaps have them call your girlfriend in USA to confirm your trip and any facts you gave. Likewise, on her end when she comes into Canada, she can have a letter from you showing that you accept responsibilty for her while she will be in Canada, and that the reason she has no return ticket is because you plan to drive her back after the visit is over. Cross-border relationships are very difficult and can be very stressful. Things like this can come up, and you have to deal with it. All I can suggest is that you try again with the documents that they recommend, or contact Customs & Border Protection (US) or Canada Border Services Agency to discuss it with one of their representatives by phone. The worst that could happen is that you try to lie to them or sneak across....Then you can get fined, end up in jail, and at minimum be barred from crossing for five years.

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Hey i am doing this article assignment at school, and i need help. my teacher wants me to state why & how the article is related to business. the problem is i can't seem to see the difference between how and why. if you could help me it would be great. here's the article http://www.thestar.com/printarticle /515349 this is what i have so far (you dont have to read it, as i understand that it is extremely long) how the article is related to business? this article relates to business in several ways. firstly, this editorial revolves around general canadian economics, illustrating that the increase in the quantity of loans and mortgages will benefit the economy immensely. in addition, the banks now have more money and are less leveraged. the canadian banks are now considered less of a risk and can borrow at a better rate, as a result of this plan. the increase in credits is correlated with the consumer purchase power, as consumers will have more money. will a higher loan and mortgage rate, people will be able to afford more things, which as an affect will bring more money into businesses. when more goods are sold, more taxes will be collected by the government, thus bettering our economy and decreasing the risk of an economic slump. in addition, an increase in the quantity of business will be seen, as individuals will have the ability to obtain money to start a business. with this happening more money will be brought into our economy which will affect it for the better. why the article is related to business. why this article relates to business, is that without the loans and mortgages a vast amount of people will not have enough money to purchase goods and services, which greatly affects the supply and demand curve. if consumers are able to obtain more money through the loans and mortgages they will want to buy more goods and services which impacts the demand by increasing it. this pattern is the same when it comes to supply. sellers and producers will provide more of good and service when consumers have more money, as then they will be able to afford more goods. this illustrates the dominion affect, as one thing can lead to another. for instance, if consumers are buying more houses as a result of obtaining more money, more furniture business will be supported thus helping our economy. when supply and demand goes up, business are able to make more money which demonstrates that with more loans and mortgages business will have a higher success rate. furthermore, banks can give a better rate to consumers, and big corporations who provide jobs for others, therefore benefiting the canadian economy. however, this increase in loans can lead to another economic crisis. banks may give loans to people that do not have the ability to afford it, and the interest rate accompanying it. when many consumers cannot pay the bank back, a negative impact will be seen on the economy; additionally, consumers will spend less in order to posses more money, which again takes a negative toll on the economy. thank you so much

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I would like to find out the following in canada (ontario if applicable): 1. how do i classify a property as investment or principal residence? 2. if i buy my first property as an investment(rental) property, 2a) will i still be eligible for the hbp (not this rental property, but the one later that i plan to buy as my principal residence)? 2b) what about the waiver of land transfer tax as a first time buyer, am i eligible for that this time, or later when i buy my first principal residence? or it's gone forever since my first property is an investment property? 3. is the interest charged by the mortgage on the rental property fully tax-deductible? 4. when i sell the investment property, within what periods of time i can defer the capital gain tax to purchase other investment? in other words, within how long am i allowed to use that gain as a tax-free amount to pay for my new investment? 5. what specifically can i claim for depreciation for a property? is it the same for investment or primary residential property? 6. what is the max. non-taxable capital profit for a primary residence property? 7. is rental income a capital gain? are the expenses from my investment deductible against my employment income too? or it's only deductible for investment income (capital gain)? i.e. if the expenses are > than my investment income, are those extra amount wasted?

That's a lot of questions. From the words and phrases used, it looks like you are in the US. The system works a little differently here. Fortunately for you, you can do a little research on the CRA website and find all the answers... here's a head start: 1. http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/127/rsdnc/menu-eng.html 2. You are confused on this one. Unless you have formed a corporation and incorporate, all real estate you buy is yours, whether the intended use is to occupy it yourself, rent it out, or resell it. The first property you buy is just that. After this you are no longer considered a first-time home buyer. Ever. 3. yes 4. there is no deferral. Any capital gains tax balance is due with your tax return. 5. There is no depreciation in Canada. It's called Capital Cost Adjustment. There is no CCA on your principal residence. http://www.cra-arc.gc.ca/tx/bsnss/tpcs/rntl/cca-dpa/menu-eng.html 6. There is never a capital gain on your principal residence, so long as the property has ALWAYS been used as such. 7. Rental income is rental income. Income, not capital gain. Rental losses (business losses) are deductible against other income, or carried forward or back. Read this. http://www.cra-arc.gc.ca/tx/bsnss/tpcs/rntl/bt/rprt/menu-eng.html