When it comes to completing your tax return, there are many things you must factor, especially if you ever intend to renew or refinance your mortgage and in case you plan to buy another property in the future.
Below are five types of people who need to pay close attention:
1) Anybody with a mortgage renewing before July 2024 – Your 2021 – 2023 taxes are going to be requested by a bank to assess if you are still mortgage worthy for the best rates and products available
2) Anybody considering selling their home and buying a new home – Will you qualify for the same mortgage you have now on a home in a new location?
3) Anybody considering renovating their home – It’s often more tax effective to borrow the money than spend your own money, especially if you are self employed
4) Anybody who is a landlord – Are you claiming your rental income on your tax return? The bank is going to want you to confirm this when applying for new money or renewing an existing mortgage
5) Anybody who is self-employed – Are you claiming enough income to qualify for a mortgage with the best rate?
An in-depth conversation about any of the above-mentioned pointers is required to ensure you can access the funds you need, to realize your personal and financial goals. Your mortgage broker is you best first step in this conversation.