Canada & Ontario mortgage rule watch
See verified rules, programs and important dates without confusing a regulator’s role with an individual lender’s approval policy.
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269 published items match this view. We prioritize the effective date, then the announcement or last-update date.
Mortgage-sector reporting entities have third-party determination duties for specified records and reports. They may need to understand whether the named client is acting for someone else or whether another person controls the transaction.
Because identifying the individuals who ultimately own or control an entity helps prevent anonymous companies, trusts or partnerships from hiding who is behind a mortgage transaction.
FINTRAC recordkeeping rules require mortgage-sector information records to include a person’s occupation or a sole proprietor’s principal business, and entity records must include the nature of the entity’s business.
Usually yes. The longer amortization can reduce the required payment, but CMHC applies a 20-basis-point insurance-premium surcharge to eligible 30-year insured mortgages, and slower principal repayment can increase total interest.
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.
Contact the lender before missing payments and ask for a documented assessment of relief measures. Available options depend on the lender, mortgage and hardship; no single measure is guaranteed.
The trigger rate is generally reached when the fixed payment no longer covers the required interest. The trigger point relates to the mortgage balance reaching the lender’s permitted loan-to-value or equity threshold.
Yes. The federal prohibition on purchases of residential property by non-Canadians was extended and is scheduled to remain in force until January 1, 2027, subject to the Act, regulations and exceptions.
For income earned after 2023, federal tax rules can deny expense and capital-cost-allowance deductions attributable to a non-compliant short-term rental for the period of non-compliance.
For a first HBP withdrawal made from 2022 through 2025, temporary relief generally delays the start of the 15-year repayment period until the fifth year after the withdrawal year.
The FCAC guideline sets expectations for federally regulated financial institutions supporting eligible consumers with principal-residence mortgages who are at risk because of exceptional circumstances. It is not a universal relief program for every mortgage.
Possibly, but not automatically. FCAC expects federally regulated institutions to consider waiving prepayment penalties when appropriate for qualifying consumers in severe financial difficulty.
A federally regulated lender may consider extending amortization as a relief measure, but FCAC expects the extension to be for the shortest period appropriate and accompanied by a plan to restore the amortization when…
FCAC expects federally regulated institutions not to charge interest on interest when a consumer receives qualifying mortgage relief under the exceptional-circumstances guideline.
FCAC expects federally regulated lenders to consider appropriate available measures, but it does not prescribe one solution or guarantee approval of a deferral, fee waiver, amortization extension or penalty waiver.
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.
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…
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.
How to read this centre
Sets laws, program requirements or prudential boundaries. FSRA regulates; it does not write every lender’s underwriting policy.
Applies only when the mortgage or client fits that insured product or program. It should not be generalized to every conventional deal.
Decides its own acceptable income, property, credit and exception policy inside the applicable rules.
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