Legal & Tax

Oct 24, 2018
When Blood Becomes Thinner than Water
Rick Thibert

By Ray Basi, L.L.B., Staff, Education and Policy Review PROBLEMSometimes a client’s financial circumstances are insufficient to qualify for a mortgage needed to complete a desired real estate purchase. For example, the level of the client’s provable income, equity in the...

May 24, 2018
Education and Enforcement Reciprocity

The authority to regulate mortgage brokering within its borders lies with each province, not with the federal government. Many provinces have accordingly enacted unique regulatory structures, including legislation, regulations and regulators. Mortgage brokering, however, occurs across provincial borders. This raises a number of issues, including:n whether a province should recognize...

May 24, 2018
"When Time Is of the Essence"

Real estate transaction agreements often provide a deadline for something to be done, for example a time by which a property buyer must pay the purchase monies to the seller. They also often state that time is of the essence.When “time is of the essence,” it does not mean that...

May 24, 2018
A Dangerous Precedent

B.C.’s recently announced speculation tax should cause concern for all Canadians, including British Columbians. It is based on a vision of Canada where each province pursues solely its own interests, without any regard for the contributions of or impact on residents of other provinces. If other provinces follow suit, Canada...

May 24, 2018
A Hard Act to Follow

Regulatory change engulfing syndicated mortgages is clearly ramping up in Ontario. Changes slated to take effect on July 1 include splitting mortgage syndications into two classifications: complex syndications (which will be referred to as non-qualified SMIs) and simple syndications (which will be referred to as qualified SMIs). Qualified SMIs are...

May 24, 2018
Empty Homes Tax

The City of Vancouver recently announced how many Vancouver homes are considered “unoccupied” and subject to the new Empty Homes Tax.As it turns out, very few homes qualify – meaning city hall should consider other ways to address Vancouver’s housing shortage, namely by enabling the construction of more homes. Of...

May 24, 2018
Brokering a Second Mortgage for a Borrower

THE CLIENT'S REQUEST 1 A borrower asks you to arrange a second mortgage. This is a common request made of mortgage brokers. Each such request raises significant issues for the broker regarding how to best serve the client while remaining compliant with regulations and avoiding civil liability. We will alert you...

May 17, 2018
No Double Jeopardy, Triple Consequences

YOU ARE A MORTGAGE BROKER and have breached your regulatory statute. Your conduct in this instance is also contrary to criminal and civil law. Can you be sanctioned in all three regimes? The short answer is “Yes,” but the proper and longer answer (as follows) is more nuanced. UNDERSTANDING REGULATORY, CRIMINAL...

Copyright © Canadian Mortgage Broker Association. All Rights Reserved.
Use of this site constitutes acceptance of our Terms of Use & Privacy Policy