I had asked similar one sometimes back but lost that thread and hence re-posting here. Say, i have used $50k Heloc and invested in stocks mix of both Dividends and non-dividend stocks. All I know is, we can claim on interests we paid on 'X' amount specifically invested in Div ...
Mar 16th, 2024 9:27 am
... I make $200k/year regular salary. How long does money have to stay in my TFSA for it to count as a contribution? If I Transfer $100k from my HELOC into my TFSA, claim that on my tax, then put it back into my HELOC, will I receive a significant tax refund?
Feb 17th, 2024 8:34 pm
... you would set up an open mortgage, transfer equity when current home is sold. I believe with open mortgage rates high at this point, setting up a HELOC is one option where your new mortgage is part HELOC and you can pay that portion anytime and remainder would be a fixed mortgage. Any thoughts ...
Jan 12th, 2024 8:55 pm
Currently I have a second recreation property with a mortgage rate of prime +2%. My HELOC is prime +0.5%. I contacted my mortgage lender and they told me the prime +2% is a fantastic rate and wouldn't be able to do any better. I have more than enough room to cover ...
Jan 10th, 2024 12:37 pm
Want to do some investing and home renos and looking to take out a 100k heloc with an institution offering the best rates. Any advice i saw TD at 7.70 featured rate on ratehub. Should i speak with a broker or shop around myself with banks and credit bureaus?
Nov 19th, 2023 9:25 pm
sorry for my ignorance & a dumb question on Smith Maneuver ;) Say, if i am using some portion of my heloc in stock investing, do I need to show only that portion of heloc which i am using for Dividend paying stocks? I mean to let my tax person know x amount of heloc invested ...
Oct 30th, 2023 7:58 pm
Where is the best place to get a HELOC?Mortgage = $0 Part time employment $36,000 - $40,000 range.Bank, lending company, credit union etc? Looking for suggestions. Thanks
Sep 16th, 2023 2:06 pm
... highest income tax bracket here in Ontario. I bought a house in 2019 which I have used as my principal residence since then. I have set up a 200K HELOC (which I never used) a few months ago on top of my existing mortgage on my current property. I also have 200K in stock market invested which I ...
Aug 29th, 2023 1:41 am
Would appreciate any feedback around the fact that banks will be reducing Canadians LTV ratio for HELOC's from 80% down to 65% starting this fall (for most). If renewal is coming for the mortgage shortly after this falls start to claw back, I assume that the bank will remove ...
Aug 6th, 2023 5:12 pm
... the property located in? Montreal, QC -Is the property owner-occupied or a rental? Owner-Occupied -Who is your current lender? BMO -Do you have a HELOC tied to the mortgage? No -Is the mortgage CMHC insured? No -When did you buy the property? 2001 -What was the purchase price? 389 000 ? -When ...
Jul 26th, 2023 3:42 pm
My house is valued at close to 2 million. We owe 412,000. I have access to about 30,000. The only allowed us at 20,000 heloc when we renewed. We have always paid extra payments and currently make about $200 a month extra. I don’t see how I could do any investing with this petty amount. ...
Jul 13th, 2023 1:12 am
Just giving an update from last and seeking more great suggestions/convo on managing HELOC Current monthly scenario: Age: 48 & married with 2 kids in university Primary Home: - $158k mortgage renewed at 4.88% valued at $1.4M (4bed in Richmond Hill... conservative ...
Jul 4th, 2023 12:39 pm
Hi: Is it ever advisable to move a HELOC (which was used solely for the down payment of a rental) to a mortgage to reduce the monthly strain of ever-increasing interest payments? (difference is approx 2%) Any implications for the tax deductibility ...
Jun 9th, 2023 8:43 am
Hi, Looking for HELOC on my property. Mortgage with StreetCapital (RFA bank) Mortgage balance: $220K Propery value: ~780K (Condo in downtown Toronto) Banking with TD, but they don't work with RFA. I'm self-employed. RFA don't offer ...
May 23rd, 2023 12:05 pm
... added to: pension 1.5k/month, RRIF withdrawal 1.5k/month, dividend income $500/month. I'd also like to renovate my kitchen and bathroom. I know a HELOC allows you to leverage a higher % of your home and also has lower interest rates, but you have to pay (monthly?) interest on whatever you withdraw. ...
Apr 23rd, 2023 9:10 pm
First time considering applying for a HELOC and our mortgage is current with TD. Renewal date isn't until around mid-2025 so I think it doesn't make any sense to do a refinancing since interest rates are much higher now. We're open to credit ...
Apr 15th, 2023 9:13 am
Is anyone know what is current HELOC interest rates from reputed A category bank if Credit score is more than 730.
Apr 14th, 2023 5:13 pm
Just applied for heloc with simplii. They gave me prime+ 0 and waived the $150 fee.Anyone successful in getting less than prime without a mortgages with them?
Apr 7th, 2023 10:25 am
... mortgage with TD and am considering switching to a fixed rate to save interest. TD is suggesting that I take out a home equity line of credit (HELOC) and transfer my mortgage to it in order to lock in a term rate for 3 years. They claim that I could get a lower rate of around 4.9-5.1%, depending ...
Mar 11th, 2023 8:13 pm
Back in 2021 my parents did BMO Homeowner Readiline which is their readvanceable mortgage. They were advised by the bank advisor to take out the 80% value immediately as it was a fixed rate loan at 1.95%. As they were paying off the mortgage, the limit for the line of credit portion would increase a...
Mar 8th, 2023 2:22 pm