More Property Tax Deferment Programs

Property Tax Deferment – 55 & older, surviving spouse, Person with a Disability

In the last couple of years taxes, gas, groceries and everything else has taken a huge jump and there is less money at the end of the month.

If you find that you are unable to come up with the money to pay your property taxes then one avenue you can follow is to defer them until you can make payments or until you sell your house. As always interest is added to the amount you owe. Below is more information:

http://www.sbr.gov.bc.ca/individuals/property_taxes/property_tax_deferment/about.htm

Property Tax Deferment – 55 & older, surviving spouse, Person with a Disability

The British Columbia Property Tax Deferment Program is a loan program that allows you to defer your annual property taxes on your home if you meet certain criteria.

To qualify, you must meet certain criteria as outlined below:


You are a Canadian citizen or permanent resident who has lived in British Columbia for at least one year immediately prior to applying for tax deferment benefits and be:
55 years or older during that calendar year (only one spouse must be 55 or older),
a surviving spouse, or
a person with a disability as defined by regulation:
To be considered for eligibility as a person with disabilities you are required to provide either:


a copy of either a recent letter confirming your Persons with Disability designation or your Release of Information Form from the Ministry of Social Development confirming you have the designation OR
a Physician Certification Form, completed and signed by your physician. The form explains the disability eligibility criteria for the Property Tax Deferment Program. The definition of "spouse" includes:


a marriage partner
a person who has lived with the owner as common-law husband or wife, including same-sex partners, for a continuous period of not less than two yearsYou must have, and maintain, a minimum equity of 25% of the current BC Assessment value (other appraised values are NOT accepted), after deducting the UPPER limit of all outstanding mortgages, lines of credit and other charges on your home.

There is a one-time administration fee of $60 for a new approved agreement and a $10 annual renewal fee for approved renewals. You do not need to send payment with your application - these fees are added to the deferment account.

Thank you

Angela Kroemer, AMP

Mortgage Professional

1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com

TMG The Mortgage Group Canada Inc.

Income to Qualify for a Mortgage

What type of income qualifies for a mortgage is varied and depending on how long you have been receiving a type of income depends whether it qualifies or not.  Below is the different types of income and the documents needed to qualify for a mortgage. Most Lenders require at least 2 years of history of income.
If you have income and are not sure if it qualifies, contact me and we can go through an application and see what the Lenders think.

Salaried Employees
 Usually, 100% of the client’s salary is used as income with the following documents available to support this income:
Employment letter - must be current on company letter head (including full address, contact information phone, fax, e-mail) and be signed and dated confirming salary, employment, and position, and when applicable, overtime, bonuses, pending increases or car allowances should be documented in the letter.
Pay stub – must be current and indicate the rate of pay, pay period, net and gross income, taxes and benefit deductions
Also for salaried employment the following may be  used :
Overtime- Overtime may be used to qualify the borrower provided there is a proven track record and the opportunity for continued overtime exists for the future. At least a 2 year track record .
Car Allowance - A car allowance may be considered as income if it is a “perk” of the job and a car is not needed to perform the job.
Bonuses - same documents needed as overtime

Hourly Employees:
 2 recent pay stubs, job letter and 2 year's notice of assessments are the preferred documents to confirm your client’s income.
The job letter must contain weekly average hours worked, hourly rate,year-to-date-earnings, how long employed,position.
The employment letter must be on company letterhead and signed by an authorized person of the company.

Tips:
Can only be used if you claim them on your income tax returns.  2 years notice of assessment showing income from tips is used.

Seasonal Employees:
Will need a 2 year average with documents supporting that you return each year for employment.
Being a seasonal employee employment insurance payments are also used.

Part Time, Second Job or Work for a Relative :
This income can be used as long as it is backed up with pay stubs, notice of assessment and employment letter and you will be continuing with these  jobs in the future.

Maternity Leave:
100% can be used with a letter confirming that you will be returning to the same pay and position.

Child Tax Credit:
Can be used as long as the children are under 12 years of age.  If you have a child older than 12 and a second child younger than 12 then you can use half of the benefit that your receive. The child tax benefit notice and a bank statement showing it is going into your bank account is required.

-- Universal child tax credit is paid until a child turns 6. If you have a 5 year mortgage term then it may only be used if the child is 1 or less in age. The benefit notice and a bank statement showing it goes into your bank account is required.

Workers Compensation:
Can be used if you have documentation on how long you will be away from work and confirmation you are returning back to work with the same pay and position.

Long Term Disability:
These payments can be used as well.  Documentation needed is 2 years notice of assessment, a doctors note outlining your illness and that it is either progressing or not getting any better , the Lenders may want to see the bank statement to verify that payments are going into your bank account.

Short Term Disability:
Will need a letter from your employer that you will be returning to work at the same position and same pay when your short term disability payments are finished.  Documents to verify that you are receiving short term disability.

Pensions:
Any pensions can be used as income.  Again prove that you are receiving the pensions. So notice of assessment from the last 2 years, copy of bank account, the form that they send you at the beginning of the year stating what your pension will be in monthly payments for the year.

Self employed:
Ideally the lenders would like to see the last 2 years of notice of assessments. But, if you had been employed in a field and then left that employment to start your own business in the same field of work, they would look at your earnings and what you made while self employed. Then decide if you need more documentation for a longer time period.

Rental Income:
More and more Lenders are allowing the rental income.  You will need a signed lease.  The Lenders will look at each case and decide.

Thank you

Angela Kroemer AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.