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  3. Mortgage Eligibility and Requirements

Mortgage Eligibility and Requirements

Eligible investments
  • New purchases and refinances
  • Applicable for first, second, and third mortgages
Lending requirements
  • Up to 90% loan-to-value
  • The lender sets the interest rate, which must be between 2% and 30% (subject to CRA guidelines)
  • Borrower must be unrelated and at “arm’s length” as per Section 251/252 of the Income Tax Act
Eligible plan types
  • Funds must be lent from a CWB Trust Services self-directed account holding a RRSP, RIF, TFSA, LIRA, or LIF
Appraisal requirements
  • A current (within one year) AACI or CRA real estate appraisal, or
  • A property tax assessment from the current year
Property requirements
  • Mortgages permitted on real property only
  • Can be used to purchase residential property (owner occupied, vacation home, or rentals), commercial property, and raw land
  • Property must be located in Canada (excluding Quebec)
  • Leased land and property is ineligible

CWB Trust Services is a member of the Canada Deposit Insurance Corporation (CDIC). Deposits held in CWB Trust Services registered accounts (i.e. RRSPs, RIFs, RESPs, RDSPs, TFSAs, LIRAs and LIFs) are eligible for CDIC insurance coverage of up to $100K CAD equivalent. See full list of eligible products here

    Additional information on restrictions and maximum coverage limitations are outlined in the CDIC page Protecting Your Deposits. For more information, please contact 1.800.461.CDIC (1.800.461.2342).