There are really only two things to note if you wish to buy here as a foreigner: In Canada you must pay 25% of your rental income to Revenue Canada and when you sell you need to pay 25% of any capital gain. Whoa - “Ouch” you say. Not to worry - it is 25 per cent of the NET rent and the NET capital gain - as long as you file the appropriate forms and have a Canadian agent, otherwise taxes will be collected on the gross rent and/or the sale price.

To do:

1. Once you buy the property, immediately file a form called the NR6 in advance of the first day of rental income. Attach a pro forma rental statement, for example: “I expect $2,000 a month, my expenses are $1,900. My net rental income is expected to be only $100.” Then you only need to pay $25 per month to the (less) happy taxman. You have to file that form every December.
2. You need a tax agent in Canada who represents you - could be a realtor, property manager or tax accountant. Your agent must file form NR4 with Revenue Canada before March 31 to state how much rent actually was collected.
3. He or she must file a tax return on your behalf every year by June 30.
4. When you sell with a profit you file form T2062 (say you paid $800,000 and sold for a million - of the $200,000 profit the taxman will grab happily $50,000).
5. If you made your euros growing the “wacky tobaccy” and you wish to pay cash, your rental agent, by law is required to report your cash down payment ($10,000 plus).

That’s it. But please note: Just because it is easy, legal and safe to own property in canada, it does not mean that all property is a good investment - just as in the place you come from. There are good and bad deals, good and bad agents and it is up to you to do some research, find an experienced agent, and if what you are buying sounds too good to be true - it is.

Need help? Contact me at 604-273-2002 or www.NotaPennyDown.com

Mark Fidgett | 604-273-2002

“Your Personal Mortgage Consultant….For Life!”

PS - Please Don’t Keep Me a Secret
A REFERRAL is when you INTRODUCE someone you care about to someone you TRUST!

T 604.273.2002 | F 604.522.2072
W http://www.notapennydown.com

An independent Mortgage Specialist associated with the Verico Mortgage Network.

What most DON’T know about High Ratio Insurance

Vancouver Mortgage Broker Mark Fidgett explains High Ratio Mortgages

Banks and financial institutions are not allowed to lend against real estate mortgages unless the down payment is at least 20% of the value of the property.  In order to achieve a higher level of financing, lenders need to obtain mortgage default insurance from one of three institutions in Canada - the Canadian Mortgage and Housing Corporation (CMHC),  Genworth Financial (formerly GE Mortgage) and AIG United Guaranty.   In the event the borrower is unable to pay the mortgage, the lender will be paid by these institutions.

AIG is not widely used due to the financial difficulties experienced by their parent company in the US.

It is the lender’s choice as to which mortgage insurance company to use.   Many lenders have a preference as to which mortgage insurance company to use.

There may be cases where one mortgage insurance company is more suited to the transaction.  For example, Genworth has a more flexible policies for rental suites. Genworth will accept non-conforming basement suites while CMHC will not.

The insurance premiums is computed based on the level of financing, as shown below

Note: premiums are for fixed rate or capped variable single advance mortgages.  Please contact www.notapennydown.com for other types of mortgages..

The cost of mortgage default insurance is paid by the borrower and can be added on to the mortgage amount.    Note that with high-ratio mortgages, CMHC,  Genworth or AIG will do the appraisal so there is no appraisal fees in a high-ratio transaction.

Mark Fidgett | 604-273-2002

“Your Personal Mortgage Consultant….For Life!”

PS - Please Don’t Keep Me a Secret
A REFERRAL is when you INTRODUCE someone you care about to someone you TRUST!

T 604.273.2002 | F 604.522.2072
W http://www.notapennydown.com

An independent Mortgage Specialist associated with the Verico Mortgage Network.

Vancouver 2010 Olympics Party Guide

If there’s one thing the Olympics are known for, it’s the partying atmosphere. Vancouver will basically transform into a North American Little Europe over the extent of the Games. We present to you, a complete guide of the hottest parties during the Vancouver 2010 Olympics:

Every Night

LiveCity Yaletown (FREE)

LiveCity Downtown (FREE)

Holland Heineken House

Molson Canadian Hockey House

Club Crawl (4 clubs)

Light Show Dinner Boat Cruise

Feb 11 (Thurs)

Gossip - Paul Van Dyk (GER)

Fabric - Top Canadian DJ’s

Cellar - Anti-Valentine’s Day

Aubar - International Student Night

Feb 12 (Fri)

Gossip - MSTRKRFT (CAN)

Caprice Nightclub

Bar None

Boss Nightclub

Feb 13 (Sat)

Gossip - Benny Benassi (ITA)

Red Room - Hed Kandi with Greg Myers

Fabric

Feb 14 (Sun)

Gossip - LMFAO (US)

Pride of Vancouver Charters - Valentine’s Day

Tunnel Multi-Lounge - EmalKay

Fabric - Kaya Jones

Feb 15 (Mon)

Gossip - Gareth Emery (UK)

Bar None

Fabric - Vancity’s Finest

Feb 16 (Tues)

Gossip - Flying Lotus (US)

Fabric - DJ Muggs

Lotus, Honey and Milk - Sydney Blu (Spain Night)

Feb 17 (Wed)

Gossip - Steve Aoki (US)

Ginger62 - DJ Heather (US)

Fabric - MixMaster Mike

Space Lounge - electronic world music

Pride of Vancouver Charters - Light Show Dinner Boat Cruise

Feb 18 (Thurs)

Gossip - Benny Benassi (ITA)

Fortune Sound Club - Brazilian Carnival Mardi Gras

Fabric - Roxanne Dawn

Pop Opera - DJ Fashen

Feb 19 (Fri)

Gossip - Steve Angello (SWE)

Boss Nightclub - DJ Starting From Scratch

Fabric - koo Party

Club Bud (Budweiser) - Burton Party
Feb 20 (Sat)

Gossip - Armin Van Buuren (NED)

Red Room - Paul Oakenfold (UK)

Club Bud (Budweiser) - NHL Party

Fabric - Miss Marz

The Modern - The Good Life

Feb 22 (Mon)

Gossip - dubfire (US)

Love Lounge - white party

Fabric - Vancity’s Finest

Lotus, Honey and Milk - USA Night
Fortune Sound Club - Wale

Pop Opera - Jermaine Dupri

Feb 24 (Wed)

Gossip - Samantha Ronson (US)

Ginger62 - Mark Farina

Fabric - Kay Jay

Fortune Sound Club - Fckin Eh

Pop Opera - DJ Spider (US)

Gossip - Calvin Harris (SCO)

Shine - Dieselboy (US)

The Modern - DJ Spider (US)

Canvas Lounge - Ferrari Maserati: Italian Luxury Night

Club Bud (Budweiser) - Budweiser Party

Feb 26 (Fri)

Gossip - Wolfgang Gartner (US)

Boss Nightclub - DJ Jazzy Jeff

Fabric - koo Party

Club Bud (Budweiser) - Under Armour Party
Feb 27 (Sat)

Gossip - Crystal Castles (CAN)

Red Room - Markus Schulz (GER)

Club Bud (Budweiser) - Lululemon Athletica Party

Feb 28 (Sun)

Gossip - TBA

Shine - Danny Howells, Lee Burridge

Caprice

Fabric - DJ Pump

The Modern - DJ Eleven, The Good Life

Venue - DJ’s King and TheMayor

Labels: downtown Vancouver real estate, Nightlife during Vancouver Olympics, Vancouver 2010 Olympics party’s. Party’s vancouver Olympics

Vancouver 2010 Olympics Party Guide

Mark Fidgett | 604-273-2002

What most DON’T know about the First Time Home Buyer Program

Vancouver Mortgage Broker Mark Fidgett debunks the First Time Home Buyer Program

When I bought my first home, I was fortunate enough to have some cash saved for a down payment. Most young people, however, don’t have this luxury but they have some money in an RRSP. In this particular situation, using the RRSP First Time Home Buyers Plan (HBP) can be of great benefit.

What is the HBP?

The RRSP Home Buyers plan is a program that allows first time home buyers to withdraw up to $25,000 from their RRSP towards their first home TAX FREE.

How does it work?

As mentioned above, if you are a first time home buyer, you can withdraw up to $25,000 out of your RRSP tax free! If you are purchasing the home with a spouse, you can both withdraw $25k EACH from your accounts. In terms of repayment, you have up to 15 years to pay back your RRSP starting the second year after the year of withdrawal. At this time 1/15 of your borrowed amount must be paid back / year.

What’s the catch?

• In terms of penalties, if you don’t repay 1/15 of the borrowed amount / year, you’ll have to add the amount as income.
• You MUST be a first time home buyer and a resident of Canada at the time of withdrawal.
• You MUST purchase/build the home before Oct 1 after the year of withdrawal.
• RRSP contributions of up to 90 days before the withdrawal date can be used towards the HBP.

Why would I do this?

This is one of the only ways to withdraw from your RRSP tax free and a great way to get yourself into the real estate market. Some may argue that you’re missing out on growth in your RRSP while the money is borrowed. However, I think that if you get a good price for your first home, the appreciation of the home will hopefully make up for this.

Mark Fidgett | 604-273-2002

“Your Personal Mortgage Consultant….For Life!”

PS - Please Don’t Keep Me a Secret
A REFERRAL is when you INTRODUCE someone you care about to someone you TRUST!

T 604.273.2002 | F 604.522.2072
W http://www.notapennydown.com

An independent Mortgage Specialist associated with the Verico Mortgage Network.

In this video I’ve included the inside secrets to your credit?

The 3 most important ways to increase your Beacon score.

Your credit score comprises of five factors and I’ve listed these below in order of importance, just as the lender will see it:

Payment History: 35% Impact.
Paying debt on time and in full has a positive impact however late payments, judgments and charge-offs have a negative impact. Missing a high payment has a more severe impact that missing a low payment.

Outstanding Credit Balances: 30% Impact.
The ratio marking the difference between your outstanding balance and your available credit is important here. IN A PERFECT WORLD, you should keep your balance below 30 percent of your available credit limit.

Credit History: 15% Impact.
This marks the length of time since a particular credit line was established. A seasoned borrower is stronger in this area.
Type of Credit: 10% Impact. A mix of auto loans, credit cards, ad mortgages is more positive than a concentration of debt from credit cards only.

Inquiries: 10% Impact.
This quantifies the number of inquiries that have been made on your credit history within a six month period. Each hard inquiry lowers your credit score.

Mark Fidgett | 604-273-2002

“Your Personal Mortgage Consultant….For Life!”

PS - Please Don’t Keep Me a Secret
A REFERRAL is when you INTRODUCE someone you care about to someone you TRUST!

T 604.273.2002 | F 604.522.2072
W http://www.notapennydown.com

An independent Mortgage Specialist associated with the Verico Mortgage Network.

Imagine your parents facing this scenario…

Mark Fidgett | 604-273-2002

“Your Personal Mortgage Consultant….For Life!”

PS - Please Don’t Keep Me a Secret
A REFERRAL is when you INTRODUCE someone you care about to someone you TRUST!

T 604.273.2002 | F 604.522.2072
W http://www.notapennydown.com

An independent Mortgage Specialist associated with the Verico Mortgage Network.

First time home buyers have a million questions, and luckily, Mark Fidgett has a million answers.

Mark Fidgett | 604-273-2002

“Your Personal Mortgage Consultant….For Life!”

PS - Please Don’t Keep Me a Secret
A REFERRAL is when you INTRODUCE someone you care about to someone you TRUST!

T 604.273.2002 | F 604.522.2072
W http://www.notapennydown.com

An independent Mortgage Specialist associated with the Verico Mortgage Network.

Here is a miracle exercise recommended by a doctor. You can do this standing or sitting down.

Do it in front of a mirror, or better still, with someone. Here’s how:

1. Raise the corners of your mouth an inch, take a deep breath and hold it for 10 seconds.
2. You are now smiling. If people are watching you, they’ll probably start smiling, too.
3. Now release your breath in short exhalations. You are now laughing. Unless those with you are curmudgeons, they’ll undoubtedly start laughing, too.

This simple muscular action of inhaling, raising the corners of the mouth, then exhaling in rhythmic, short bursts causes the diaphragm to bounce up and down, pats the liver on the back, and pleasantly vibrates the stomach. The heart, which rests above the diaphragm, begins to pump at a slightly faster rate, sending blood coursing throughout the body.

The effect is a general feeling of well-being. More important than this, however, is the effect on others who observe you going through this exercise. They feel better, too. This triggers happy emotions within you, and sets the stage for any number of pleasant personal and business relationships.

All this from one simple little exercise!

Let’s start the New Year by resolving to perform this exercise regularly!

HAPPY NEW YEAR = )

Mark Fidgett | 604-273-2002

“Your Personal Mortgage Consultant….For Life!”

PS - Please Don’t Keep Me a Secret
A REFERRAL is when you INTRODUCE someone you care about to someone you TRUST!

T 604.273.2002 | F 604.522.2072
W http://www.notapennydown.com

An independent Mortgage Specialist associated with the Verico Mortgage Network.

How To Create Your 2010 Business Plan

ENJOY : )

Mark Fidgett | 604-273-2002

“Your Personal Mortgage Consultant….For Life!”

PS - Please Don’t Keep Me a Secret
A REFERRAL is when you INTRODUCE someone you care about to someone you TRUST!

T 604.273.2002 | F 604.522.2072
W http://www.notapennydown.com

An independent Mortgage Specialist associated with the Verico Mortgage Network.

Season’s Greetings ENJOY…

Mark Fidgett | 604-273-2002

“Your Personal Mortgage Consultant….For Life!”

PS - Please Don’t Keep Me a Secret
A REFERRAL is when you INTRODUCE someone you care about to someone you TRUST!

T 604.273.2002 | F 604.522.2072
W http://www.notapennydown.com

An independent Mortgage Specialist associated with the Verico Mortgage Network.