Trusted Tips and Resources

Trusted Tips & Resources

Trusted Regina Real Estate Lawyer Robert MacKay asks: Do you know what kind of mortgage you have?

What an exciting time – the old house is sold, the new one is ready, and all that’s left is the move…..oh wait – not quite yet! There’s all that legal “stuff” to deal with now….signatures….titles to be given…and pages and pages of documents that need to be signed before the key is in your hand!!! And to top it all off – who really knows a good real estate lawyer?

The Trusted Regina team is proud to bring you a partner that can help! Welcome Robert MacKay, Regina’s #1 Home Lawyer to Regina’s directory of excellence!


Hardly anyone pays attention to what type of mortgage they have. 


Sure, they know whether they have a fixed rate, a variable rate or an adjustable rate but few are aware that their mortgage will have a particular legal standing or why it is important.

When a market goes up, it's all roses and sunshine, at least if you already own your own home. Trying to buy in such a market can be a scary proposition. When the market goes down, well, that's scary too but for different reasons. 

Buying a house to find out it might be worth less in a year's time is not a fun proposition. However, we all still need a place to live and the markets will do what it will do.

In the event the downturn is significant or if the you know what hits the proverbial fan, all of a sudden that legal distinction can be very important. 

Purchase Money Mortgage

For if you have what is known colloquially as a "purchase money mortgage", moneys borrowed to buy the property, then the bank's recourse is limited to the seizure and sale of the property.

So, if it sold for $1.00 but you still owed $1,000,000, well, the bank will be hoping its mortgage was insured, as they not unable to chase you for any deficiencies under the mortgage.

This is an important consideration in a lot of foreclosures, as a lot of people have refinanced their property to consolidate debt or finance renovations. Luckily, the portion of the mortgage that related to the property's purchase is still protected.


Once you have committed to either buying or selling your property, simply tell your realtor and lender, as applicable, that Robert MacKay will be representing you and to forward the appropriate instructions to MacKay & McLean, attention "Robert MacKay". 

Robert MacKay is your Trusted Regina Real Estate Lawyer   

Recently sold your home? Robert MacKay your Trusted Regina Real Estate Lawyer expert explains how CRA may penalize you if you fail to report it.

It’s an exciting time – the old house is sold, the new one is ready, and all that’s left is the move…..oh wait – not quite yet! There’s all that legal “stuff” to deal with now….signatures….titles to be given…and pages and pages of documents that need to be signed before the key is in your hand!!! And to top it all off – who really knows a good real estate lawyer?

The Trusted Regina team is proud to bring you a partner that can help! Welcome Robert MacKay, Regina’s #1 Home Lawyer to Regina’s directory of excellence!

In this article Robert explains why you have to report the sale of you principle residence to CRA. 

Reporting the sale of a principal residence was unnecessary before 2016, the year the federal government announced a series of steps designed to slow the housing market down and close housing-related tax loopholes. Some people used the previous lack of scrutiny of gains from the sale of a home to their advantage, including investors flipping homes, and others who owned both a cottage and a house and weren’t conscientious about declaring which was a principal residence.

CRA says that if you forget to report the sale of a principal residence, you’ll need to amend your tax return for that year as soon as possible. Late reporting may be accepted in some cases, but it’s possible you’ll have to pay a penalty equal to the lesser of $8,000 or $100 for each complete month you’re late in reporting.

In most cases, you won't pay tax on the money you make from selling your home if it was your principal residence every year since you bought it.

If you sold property in 2017 or after that was, at any time, your principal residence, you must report the sale on Schedule 3, Capital Gains (or Losses) corresponding with the tax year and Form T2091(IND), Designation of a Property as a Principal Residence by an Individual (Other Than a Personal Trust). 

According to CRA here is why you must report the sale.

For the sale of a principal residence in 2016 and subsequent years, we will only allow the principal residence exemption if you report the disposition and designation of your principal residence on your income tax return. If you forget to make this designation in the year of the disposition, it is very important to ask us to amend your income tax return for that year. Under proposed changes, we will be able to accept a late designation in certain circumstances, but a penalty may apply.


For more information check out this article from Tim Cestnick with the Globe and Mail

Once you have committed to either buying or selling your property, simply tell your realtor and lender, as applicable, that Robert MacKay will be representing you and to forward the appropriate instructions to MacKay & McLean, attention "Robert MacKay". 

Robert MacKay is your Trusted Regina Real Estate Lawyer   


Trusted Regina Mortgage Brokers Skott Enns and Ryan Boughen share a tip on renewing your mortgage.


Mortgage Renewal Time?

If you have a mortgage, at some point it will come up for renewal (unless of course, you are really close to paying it off, and in that case – congratulations!!!). When this happens, it is important for you to know your options, so that you are not leaving money on the table or putting yourself in a situation which could cost you money down the road.

There are two primary reasons that you may want to leave your existing lender: rate being the primary one, and sometimes you may simply be unhappy with the service (or lack of) that your existing lender is providing to you.

Approximately 65% of clients will simply sign the first mortgage renewal form offered to them by their existing lender when. No questions asked. That is a mistake, and often a costly one. Don’t get me wrong, the easiest thing for you to do is to sign that form. No re qualification, no additional questions, things just keep humming right along… but here is the thing: the banks are also aware of the fact that two-thirds of clients will ‘just sign’, and guess what… the higher the interest rate they can get you to pay, the more money they make.


How often do you think they will have your best interests at heart when renewing your mortgage?


Negotiating a Better Offer Upon Your Mortgage Renewal



The reality is that at the end of that term, you are indeed a free agent! Get out there and play the field. Here is how I would recommend doing that.

Ask Your Existing Lender To Come To The Table With Their Best Rate

Again, there is no doubt that the easiest thing to do IS to stick with your existing lender, and if they are offering a competitive rate, then my advice will always be to stay there. However until you know what they are willing to do for you, it is difficult to determine what the best course of action is.

Call A Mortgage Broker

As a Mortgage Broker, we work with an array of lenders: big banks, credit unions, mortgage finance companies, private lenders etc. Once you have a rate from your existing lender, your Mortgage Broker will be able to run through the mortgage products that the various lenders are offering, and figure out whether or not you would save money by switching lenders. Once we are within 120 days of your mortgage coming up for renewal, if there is a better rate out there for you, we can lock it in.One other reason to avoid signing blindly is that life happens, and situations change… if you just got out of a 5 year fixed term, but have a growing family and recognize that you will likely be upgrading your home in less than two years, perhaps it makes more sense for you to consider a shorter fixed term or a variable term (where the penalty for breaking that term is only a 3-month interest penalty). A Mortgage Broker will help you to work through all of these scenarios.

 

A Quick Re qualification

In the event that you can save money by switching lenders, it is important to realize that you will need to requalify. However, in most cases, assuming your financial situation is similar or better than what it was when you first obtained the last mortgage, this shouldn’t be a big deal. Typically, you will require the following documentation:

  • A letter of employment confirming position, salary, and full-time/part-time status
  • A recent paystub
  • A copy of a recent mortgage/renewal statement from your existing lender
  • A copy of your house insurance policy
  • A copy of your property tax bill ensuring payments are up to date
  • A void cheque or PAD form for the bank account where you would like your new mortgage to come out of

Other Points to Consider When Renewing Your Mortgage

Please recognize that every mortgage is different, and if you are self-employed, a part-time employee, own rental properties or something a little outside the norm, additional documentation may be requested, but the above list will cover the majority of the paperwork. Clearly, it may take a little bit of time to gather these documents. It is up to you whether or not you believe it is worth it.

If I can save you $5,300 (recent real-life example) over the next 5 years through lower payments and interest savings, is it worth spending 2-3 hours collecting a little information? In my eyes, you are making $1,766 per hour if it takes you three hours…. Now there are a LOT of things that I would do if I was paid $1,766/hr to do them, even if they are not my favourite! I would teach myself to snowboard. I would eat plates of raw oysters. I would shop at WalMart. And I would definitely collect void cheques and paystubs if it meant I could save that kind of cash.

When switching lenders, there may or may not be fees involved. Discharge fees, appraisal fees, ‘legal’ fees can all be part of the switching process, HOWEVER, in many cases, these fees can be covered by the new lender. Again, best to discuss these options with your Mortgage Broker, and see what they can do to save you money.


One final point about moving lenders… 

Since October 2016 there has been a substantial rule change that has come into effect which does make it more difficult to qualify for purchasing a home today. That is the truth and there is no getting around it. However, if you are simply renewing your mortgage with a different lender, although you DO have to re qualify, you are grandfathered in under the pre-October 2016 guidelines… which is great news, and ensures that you have a much better chance of being able to move lenders if it makes sense to do so.

If you are looking for honest, unbiased advice from a mortgage broker in Regina they would love to talk with you!

Skott Phone 306-201-6500  Ryan Phone 306-570-3379 

No Time to set up an appointment! No Problem! You can also click here to apply now  with Ryan or apply now with Skott and get the ball rolling.

TMG The Mortgage Group Skott Enns & Ryan Boughen are Trusted Regina Mortgage Brokers

Our Trusted Regina Partner En Vogue Day Spa & Gift Studio are Celebrating 20 Years in business!! Here is a message from the owner Pat.

WHERE HAS THE TIME GONE??

This year is our 20th year in business! Twenty years ago my daughter Traci and I decided over lunch that we would open a spa. Traci had the spa background and my background was in business and commercial property management.

Here is a bit of our story...


It didn't take us long to buy the original house and we were on our way. Traci and three others on our Team began a journey that was both rewarding and at times challenging. Within a few years, more staff and thankfully our growing client list necessitated our expansion to the house next door. A Pedway between the houses, major renovations and our expansion was ready to open.


In time, Traci wanted to spread her wings so she and her now husband, Darren opened a spa in the Hotel Saskatchewan. She loved En Vogue and wanted to include En Vogue as part of her spa name, which looking back was not the smartest thing to do. Our spas were never affiliated and always operated separately. Due to the confusion, Traci and Darren renamed their spa Essence Organic Spa.


As Traci left, luckily my youngest daughter Kim was at a point in her life that allowed her to bring her skills and spirit to 

En Vogue. I am sure you know Kim... she thinks of clients as family. She celebrates clients good times, cries with clients in their sad times and if you are a regular and suddenly not here she will call you to see if you are okay.


By now, our Team has grown to 22 people and our Leading Team have been with us for many years.


We are busy finding new treatments and always learning how to provide the best and safest services for our clients. En Vogue has been a member of The Leading Spas of Canada for many years, also ISPA (International Spa Association) and more recently Trusted Regina. I have always been concerned about the lack of regulations for spas so decided to apply for a director position on the Leading Spas of Canada, where I served a four year term helping develop Best Practices and Standards for Canadian spas.


En Vogue has always been involved in the community, because we believe in giving back and paying forward. I was a director of Sofia House for ten years and Kim also served for several years. I was awarded the President's Award from the United Way for community involvement, which is due to the help of both Traci & Kim, their partners, Darren and Chad, my son Kirk and anyone else I could get to help. I am a grateful and proud mom of two fantastic women and so fortunate to have friends and family support.


Traci and Darren are adventurists and decided the time was right for them to sell Essence. They sold to a person that had worked with them for years and who they thought could take their dream and make it theirs. Unfortunately within a few years, Essence claimed bankruptcy. Even though Traci and Darren were no longer involved and En Vogue was never involved in Essence we all took that hard.


So here we are, En Vogue continues to be a leading spa, offering some unique services that are not available anywhere else. We are committed to our clients safety and wellness. Our future will include researching products, treatments and equipment that we know will help our clients. We do not offer any treatments that are fads, or that do not deliver the outcome promised.


I have almost persuaded Traci to come back to En Vogue part-time when she is not out traipsing the world. I am hoping she can help Kim with En Vogue when I finally have to retire... LOL! I am fighting it, because I love to work and I love En Vogue.


So... Kim and I want to say "Thank You" Regina and surrounding areas! "Thank You" Fantastic En Vogue Team! We wouldn't be celebrating 20 Years without you!


Cheers! Pat



En Vogue Day Spa & Gift Studio have been in business since 1998, a member of the Leading Spas of Canada since 2001 and one of two spas in Saskatchewan that has passed stringent requirements to attain Leading Spas of Canada Quality Assurance Designation. A Designation that means they meet consistent safety, operational and hygiene standards. In 2012, Patricia, who is passionate about spa safety, was elected to the Board of the Leading Spas of Canada, the association that represents spas across the country.

En Vogue Day Spa and Gift Studio is a Trusted Regina Spa 

Our Trusted Regina printer Future Print answers questions about printing with colors.

Using a printer for the first time can lead to lots of questions Future Print Regina is here to help you with all of your printing needs.  it is important to understand the science behind color creation and printing techniques, so you can make educated decisions about how to produce the best images for every project.

Here are some frequently asked questions about professional printing with colors.  


Is white considered a printing color?
Not typically. Because white is the default color of paper, it is simply recognized as the absence of any ink. However, when using colored paper, white ink may be used if any text or graphic requires it.

Why do the printed colors look different from the colors on my screen?


In short, printers and monitors produce colors in different ways.

Monitors use the RGB (red, green, blue) color model, which usually supports a wider spectrum of colors. Printers use the CMYK (cyan, magenta, yellow, black) color model, which can reproduce most—but not all—of the colors in the RGB color model. Depending on the equipment used, CMYK generally matches 85–90% of the colors in the RGB model.

When a color is selected from the RGB model that is out of the range of the CMYK model, the application chooses what it thinks is the closest color that will match. Programs like Adobe Photoshop will allow you to choose which color will be replaced. Others may not.



How should I save my files to get the best color quality?
You should save all photos in CMYK mode, not RGB mode when possible. Images saved in RGB mode may not print properly. If you are unable to save your image in CYMK mode, please let us know.

What if I don't like the colors when they are printed?

Always ask for a proof.  A proof is a way of ensuring that we have set your type accurately and that everything is positioned according to your requirements. Typically, we will produce a proof which will be sent to you online, faxed or printed on paper which can be viewed in our store or delivered to you in person.

On multiple color jobs, we can produce a color proof on our color output device to show how the different colors will appear.

What is the Pantone Matching System?

The Pantone Matching System (PMS) is a color reproduction standard in which colors all across the spectrum are each identified by a unique, independent number. The use of PMS allows us to precisely match colors and maintain color consistency throughout the printing process.