How to get my notice of assessment online

It’s common for lenders to ask for Notices of Assessment (NOAs) when validating a mortgage application, especially if the borrower is self-employed or has bonus income, for example.

But applicants often misplace their NOAs, or can’t get them quickly enough from their accountant.

Inaccessible NOAs can sometimes limit your lending options, a problem that’s magnified if you have a tight closing or a financing conditions removal date.

The inability to produce an NOA can also cost mortgage brokers business on occasion. MrTaxes.ca owner Robert Stone says that happens when “the client goes away to find their NOA and does not return because their accountant may be working with another broker. Or, [the client] gets frustrated and goes to the bank, thinking the bank can help them.”

For reasons like these, Stone has built a standalone business of providing NOAs to folks who need them fast.

MrTaxes.ca’s NOA service costs $50. For that, the company guarantees a 24-business-hour turnaround time or it’s free. Stone estimates he meets that timeframe 90% of the time. “We, as other accountants do, use our RepID service with CRA to get NOAs instantly.”

Of course, you can always request your own NOA by calling the CRA (Canada Revenue Agency) at 1-800-959-8281 and answering their questions. You can also get NOA information online (but not the NOA itself) using CRA’s My Account. The problem is that, for security, CRA asks for information from your return that often isn’t available if the NOA is inaccessible.

Moreover, if your accountant has used a different address for service, you might not know which one he/she used (your service address is a mandatory question). In those cases, you have to resort to a written request, which can take up to 2-3 weeks or more, depending on the time of year. That’s a long delay when applying for a mortgage.

Thank you the Canadian Mortgage Trends for the information

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Welcome to the November issue of the Mortgage Financing Journal

Welcome to the November issue of the Mortgage Financing Journal, which is designed to help keep you in the know regarding Real Estate and Mortgage related matters! Fall is finally here and I hope you are enjoying the beautiful weather! This month's edition takes a look at what to expect for your family finances under a new Liberal government and who to call when getting a mortgage! Please let me know if you have any questions or feedback regarding anything outlined below. Thanks again for your continued support and referrals! Call Your Local Professional We have seen no shortage this year of headlines from ‘credentialed’ observers of the Canadian Real Estate market from around the world loaded with dire forecasts. Another year another story of the IMF, a foreign banks analyst, or some other entity making predictions about a market that does not exist. There is no National Real Estate market, and forecasts about Canadian Real Estate are as useful as forecasts about Canadian weather Here are a few things about the home that you own which most of these analysts seem not to consider: You live there and you have to live somewhere. You are not leaving very easily. Canadian mortgages are ‘Full Recourse’ mortgages. You cannot throw your keys on the banker’s desk and walk away, the banker will follow you wherever you go and they will get the very last pennies owed to them. Canadian mortgage qualification standards are among the most stringent in the world. Despite this many CDN’s borrow significantly less than they qualify for. We CDN’s are a prudent bunch. Unlike the stock market, where a position can be liquidated with the click of a button, liquidating Real Estate is slow, cumbersome, and often tedious. Taking weeks, if not months. On this final point, many a Real Estate investor can attest to wishing that at 4am, when roused from a deep slumber, and racing to a tenant’s property to stop a leaking pipe flowing into the unit below - that if there were a ‘sell’ button it would get pressed at that moment. Just as many a homeowner, watching tall trees swaying near their home in a windstorm (or worse) would also press that button ‘just to be safe’. But Real Estate is neither bought nor sold in split seconds, often logic exits the equation as well. Instead nearly every purchase and sale decision around Real Estate is driven by emotion - emotions which are driven by life circumstances. Wonderful circumstances drive purchases and sales alike. Just as challenging circumstances can drive sales and possibly purchases as well. Understanding that you are emotional is the first step. The next is enlisting your best allies; A level-headed Realtor. A level-headed Mortgage Broker. The right team will protect you from selling too low, buying too high, moving too quickly, and even from moving too slowly. Seek professional guidance, a third party that will offer perspective that could be missing from an otherwise overheated experience. We are here for you. Nine Ways your Family Finances will Change under a Liberal Government Rob Carrick Contributed to The Globe and Mail http://bit.ly/1PxnYy0 Here are nine things you need to know about how your personal finances will change under the new Liberal government. These points are based on measures the party campaigned on prior to the electionMonday. 1. Middle class tax cuts: People with taxable income between $44,700 and $89,401 will save as much as $670 per year on their income taxes. 2. Tax increases for high earners: The Liberals willincrease income taxes on people making more than $200,000 a year. At $300,000, the extra tax would amount to $3,330; the top combined federal and provincial marginal tax rate will be above 50 per cent in Manitoba, Ontario, Quebec, New Brunswick and Nova Scotia. 3. Changes to the TFSA limit: The annual contribution limit would likely fall back to $5,500 from the current $10,000. 4. Goodbye, Family Tax Cut: This current income splitting measure allows the higher-earning spouse in a family with kids under 18 to transfer up to $50,000 of income to the lower-earning spouse so it can be taxed at a lower rate. The maximum tax break under this measure is $2,000. 5. A new Canada Child Benefit: This will replace the current Universal Child Care Benefit and provide an extra $2,500 a year or so for a typical family of four. Families with household income of $200,000 or more will not receive this benefit. 6. OAS at 65: The Liberals have said they would not go ahead with plans to gradually raise the age of eligibility for Old Age Security by 2023. 7. CPP Enhancement: The Liberals have talked about working with the provinces to bolster Canada Pension Plan benefits. This calls into question the future of the proposed Ontario Retirement Pension Plan. 8. Home buying: Relaxing the rules under which people can pull money out of a registered retirement savings plan for a house down payment. The Home Buyers’ Plan currently focuses on first-time buyers; people would additionally be able to use it multiple times when moving for work, after the death of a spouse, after a marital split or to take in an elderly relative. 9. Student loans: Grads would not have to repay student loans until they earned at least $25,000 a year, with interest paid by the federal government during that period; also, the maximum Canada Student Grant for low-income students would rise to $3,000 annually for people studying full time. 10 Ways to Save Money This Holiday Season... The Holiday season is right around the corner. Here are a few pointers on how to keep your finances in order while preparing for all the festivities!  Call Joel Sida at 778-999-6145

Pressure on Banks to Increase Rates in the Coming Days

Heads Up: Key Indicators in Capital Markets Suggest Pressure on Banks to Increase Rates in the Coming Days Although we have not been given any word at all regarding an increase, key indicators in capital markets would suggest pressure on banks to increase rates in the coming days/weeks. We have already seen at least a couple banks dramatically increase rates today, and other banks may be pressured to do the same. I think it's prudent to provide you with this heads up for your discussion with clients thinking about their options

visit Joel Sida at www.imortgagecanada.com