For a rental property, if you switch from fixed to variable and have to pay the 3 month interest penalty, is that interest penalty tax deductible if you pay it from your primary residence HELOC?
Mar 13th, 2024 9:14 pm
... matching each month, by year end, I would be about $5K over. I think I am allowed to have $2K over right? so that leaves $3K over. How does the penalty work? Is it worth it or better to forfeit $1.5K from employer and not overdo it?
Feb 27th, 2024 2:35 pm
Im in year 2.5…
Aug 15th, 2023 11:26 am
anyone been able to negotiate with the CRA for a lower penalty? I already filed an appeal but was denied. I was told that I could re-file. I'm thinking that it may be the same story but wanted to know if a lower penalty is possible. Sorry if the topic has already been covered.
Jun 27th, 2023 3:09 pm
... fine + interest, for 2021 tax year after filing my last 3 years recently. I had an accountant file for me but he failed to mention there was a penalty for late filing of T1135 & ticked off the box stating I hold more than $100,000 in foreign property for 2021. I likely could have gone the ...
May 26th, 2023 8:46 pm
So today my father received a letter from the city of Toronto for a parking violation on my mother's car (car is registered in my father's name) which he never committed on May 2nd. We live in Vaughan and barely even go down to Toronto. We have not gotten any sort of ticket at all from the city of T...
May 24th, 2023 8:42 pm
... on market conditions for each year of the 10‑year term. - Flexible and guaranteed by the Québec government. - Redeemable any time without penalty. - Simple or compound interest. If simple interest, annual payment on the issue anniversary date. If compound interest, annual compounding on ...
May 1st, 2023 6:35 am
My mortgage is with TD . I m allowed to put in 15% of my original mortgage amount without any penalty in a calendar year. Anything more, penalty will be 3 months interest. Suppose my 15% is $100. March 1st 2023, I prepay $130. I get hit with the 3 months interest. June ...
Feb 22nd, 2023 12:36 pm
... go back up to $8, especially after if its app is allowed to be downloaded again. I googled TFSA unqualified investment, turns out there is a huge penalty, but could be waived. So, I plan to appeal when they give me the penalty. but I want to keep it at the account until I can sell it at $8. but ...
Dec 5th, 2022 2:49 pm
... by the date, and only said they can so that I order from them instead of a different supplier, we verbally agreed over the phone to have a penalty for delays. In the payment terms, I added a clause stating that there will be a 10k penalty per week of delay, which was agreed to. However ...
Nov 24th, 2022 2:57 pm
Any difference for primary residence vs rental properties on mortgage prepayment penalty?Not tax deductible at all?
Sep 20th, 2022 12:59 pm
$244000 remaining 2.94% Maturity Jun 1 2024 Term 60 Months Fixed Closed I'm with EQ Bank. Anyone know if there's a way to approximate how much penalty I'll be paying if I sell the house? I guess I'll call on Monday when they open to find out but I figure someone has an idea. I am unsure if my ...
Jul 9th, 2022 1:42 pm
Hello all, looking for some advice on what to do with CRA. I incorporated last year and in setting up payroll and paying taxes to CRA my payments seemed to have been allocated incorrectly and as such, incurred late penalties. I had submitted payroll for Nov 2021 before Dec 15, 2021, and I submitted ...
Jun 20th, 2022 11:20 pm
... to figure this out as i want to get out now. Its from Envision. We owe Owe 387,000 4 year into a 5 fixed. They said “it would just highlight the penalty would be either 3 months interest or the interest differential whichever is greater. The actual penalty amount is quoted on the current date ...
Jan 5th, 2022 9:41 am
Hello! Not sure if asked already but is there any penalty if one is able to pay off before 5 year fixed term? (Regular 5 year fixed with one of big banks) while just leveraging 20/20 options to help expedite payment? Since they allow you up to 20% ...
Jan 1st, 2022 11:23 am
Hello, a friend broke his closed fixed 5 year mortgage with Scotiabank, which triggered a penalty. OK. However, my friend feels that Scotiabank overcharged him on the penalty, by a lot. I instructed him not to tell me the amount he was actually charged, so that I can ...
Dec 27th, 2021 3:26 pm
Even though CRA clearly mentioned that there will be no late filing penalty, they still went ahead and charged me penalty plus interest amount. When I protested, the CRA rep told me to pay first and ask questions later ....... So, does anyone here have any ...
Oct 9th, 2021 7:07 pm
I am in a position to pay of a mortgage I just blended and extended June 4. I am going to call them tomorrow to see what the penalty will be but was wondering if anyone here would have an idea... 572000.00 left owning at 2.83. 5 years fixed with 4 years 9 months on the term. I am thinking ...
Sep 27th, 2021 12:35 am
... with them. Rate with Desjardins are 5 years fixed: 1.24% 5 years protected variable: 1.7% (cannot go beyond 2,74%). 5 yrs variable: 1,45% So the penalty - the savings with 5 yrs fixed = -1 064$. Additionnal informations: Initial house price: 580 k$ in mid-June 2018 (hard to say but my guess for ...
Sep 23rd, 2021 9:44 pm
I’m about to finish my 5 year fixed rate at CIBC and I’m going to shop around…I asked my financial advisor over there and asked what would be the penalty if I went with 5 year flex variable and he said it’s either 3 month interest penalty or ird(interest rate differential)… I always thought variable ...
Aug 21st, 2021 5:07 am