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.
Be careful. RRSP contributions made in the 89-day period before an HBP withdrawal may not be deductible when the post-withdrawal RRSP value is insufficient to support the contribution.
A federally regulated financial institution must provide its mortgage renewal statement at least 21 days before the end of the existing term—but waiting for that letter can leave too little time to compare properly.
No. OSFI does not impose one universal borrower-qualification formula requiring every lender to use exactly 50% of rent. Federally regulated lenders must underwrite rental income prudently, but their policies and calculations can differ.
Yes. The co-signed mortgage can appear as your debt and may be included when another lender measures your obligations. Some lenders may consider documented offsets, but no universal rule makes the debt disappear from…
No. Title insurance addresses specified title-related risks; home insurance addresses specified property losses. Ontario does not require title insurance, and it does not replace an Ontario real-estate lawyer’s advice, title review or closing work.
Yes. If acceptable insurance is a lender funding condition, the mortgage may not advance until the lawyer can confirm coverage. The issue is often the property—not the borrower’s income or credit—and it can surface…
The lender is usually named as loss payee because the property secures its mortgage. After a significant covered loss, the insurer may pay you, the lender, or both. The lender may release repair money…
No. Home insurance covers specified damage or loss involving the property and belongings. Mortgage default insurance protects the mortgage lender if the borrower defaults and the sale proceeds do not fully repay the insured…
Ontario law does not generally force every homeowner to buy home insurance, but a mortgage lender will normally require acceptable property insurance as a condition of funding. The distinction matters: this is usually a…
Not safely as a general rule. Ontario does not automatically exempt a family transfer or a “$1 transfer.” If the child assumes any mortgage or other liability, land transfer tax can apply to that…
It depends on who owns and sells it. CRA says a sale by the estate after death is generally reported on the estate’s T3 return; a later sale by a beneficiary is reported on…
No. Mortgage balance does not determine income tax. CRA generally treats capital property as disposed of at fair market value immediately before death, although a principal-residence exemption or qualifying spouse rollover may reduce or…
Usually not until authority, ownership and the lender’s requirements are clear. A will names an executor, but an estate certificate may still be needed to prove authority to deal with land or obtain financing.
The tax is based on the value of the estate for which an estate certificate is requested. Ontario allows an encumbrance such as a mortgage or lien to be deducted from Ontario real-property value,…
No. Ownership registration and the promise to repay are separate. A title transfer does not automatically release a borrower from the mortgage; the lender must approve a covenant release, replacement financing or discharge.
Not automatically. Moving out does not by itself change registered title, release a borrower from the mortgage or settle the married spouses’ matrimonial-home rights. Written agreements, lender approval and registered documents may all be…
Generally, no—not simply because only one spouse is on title. Ontario’s Family Law Act restricts a spouse from disposing of or encumbering an interest in a matrimonial home unless the other spouse joins, consents,…
No. CRA’s rollover rules may defer a capital gain on certain transfers to a spouse or common-law partner, but they do not approve the mortgage, release a borrower or settle Ontario land transfer tax.
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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