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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Clear status labels prevent an announcement or proposal from being mistaken for a rule already in force.
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219 published items match this view. We prioritize the effective date, then the announcement or last-update date.
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…
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…
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.
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,…
It depends on when your spouse owned the home and whether you occupied it together while married or common-law. Being off title does not automatically preserve the refund.
Ontario land transfer tax is calculated using graduated rates on the value of consideration. Your lawyer normally collects it at closing, and it is generally cash required in addition to the down payment.
Yes, potentially. CRA generally describes a substantial renovation as removing or replacing 90% or more of the interior that existed immediately before renovation, subject to detailed measurement and exclusion rules.
A typical used owner-occupied home sold by an individual is usually exempt from GST/HST, but the result can change for builders, business transactions, substantial renovations, short-term rentals or mixed-use property.
Toronto’s eligible first-time-purchase rebate is up to $4,475 for qualifying new or resale residential property. It is separate from Ontario’s maximum $4,000 refund.
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.
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.
Generally, at least 12 months must pass after the tenancy begins or the last lawful increase, and the landlord must give at least 90 days’ written notice using the proper form.
A rent deposit is generally limited to the lesser of one month’s rent and one rental period. It must be used for the last rental period, and the landlord generally owes annual interest at…
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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