If you plan to buy a property and will require a mortgage, here is one thing that can trip you up: not having your income tax filings up-to-date.
Mortgage lenders will generally not approve financing anymore without current confirmation that income taxes are paid and returns have been filed.
This is a particularly challenging issue for people who are self-employed as the lender will undoubtedly ask for a notice of assessment from the past year.
So the message here is, please DO YOUR TAXES if you want to qualify for a mortgage.
(And while we are talking about taxes, consider making an RRSP contribution if you can so maybe you can get a nice return with some extra money for a downpayment. But that’s another story…)
Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg