Ontario Mortgage Decision Centre
Choose the concern closest to yours. The useful answer may depend on the documents, property, timing and lender policy—not simply whether one lender said yes or no.
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Income · credit · debt ratios · property · down paymentShow me where to start →02Show how the business earns before choosing a lender route.
A lending · bank statements · financials · T1 approachShow me where to start →03Understand the bureau, timing and cause—not only the score.
Equifax · TransUnion · utilization · collections · recoveryShow me where to start →04Compare the complete decision before signing early.
Rate · payment · penalty · switching cost · flexibilityShow me where to start →05Match the purpose, cost and exit plan to the right structure.
Debt consolidation · renovations · investment · CRA debtShow me where to start →06Test the rental calculation and portfolio effect by lender route.
Subject rent · existing rentals · cash flow · reservesShow me where to start →07Work backward from the deadline and available equity.
Appraisal · funds to close · job change · urgent alternativesShow me where to start →How the answer is built
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Property type, legal use, insurance, appraisal, taxes, condo information and closing dates can change the mortgage answer. Connect both sides before the transaction becomes difficult to reverse.
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Published mortgage guidance
Use the guided situations above or search every published answer, concept and strategy.
Rule
Often no. When opening an FHSA, living in a qualifying home owned or jointly owned by your spouse or common-law partner during the current year or previous four calendar years can prevent first-time-buyer status.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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The withdrawal must meet CRA’s qualifying-withdrawal conditions, including first-time-buyer status at the required time, a written agreement for a qualifying home, Canadian residency, acquisition timing and an intention to occupy the home as a principal residence.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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You can contribute, but the 89-day rule may restrict the deduction for RRSP contributions made shortly before an HBP withdrawal. A rushed deposit-and-withdrawal strategy can lose the expected tax benefit.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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No. The current HBP limit is $60,000 per eligible participant, but the money comes from the participant’s RRSP and generally must be repaid over a 15-year period.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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Yes. You may make a qualifying FHSA withdrawal and an eligible Home Buyers’ Plan withdrawal for the same home if you satisfy each program’s conditions at the time of each withdrawal.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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An excess FHSA amount can generally attract a 1% tax per month on the highest excess amount for that month until the excess is eliminated.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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The general FHSA limit is $8,000 of new participation room per year and $40,000 over a lifetime. Unused room can carry forward, but the carryforward is generally capped at $8,000.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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No. FHSA participation room starts only when you open your first FHSA. Waiting does not quietly accumulate room in the background the way many buyers expect.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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No. The home buyers’ amount is a non-refundable income-tax credit claimed on a tax return after an eligible purchase; it is not cash available for the deposit or closing day.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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No. A sale does not automatically end a tenancy. Vacant possession depends on the agreement, the tenancy, a valid legal ground and completion of the required process.
Reviewed by Rajiv Verma, Mortgage Broker · Sep 7, 2026
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