Self-Employed in Ontario? Your CRA Tax Savings Could Be Cutting Your Mortgage Interest
Are you self-employed? Did you put money aside to pay the CRA this year? Because that bill is coming. This short video is about what that money is doing while it waits.
Parked money has a cost
Here’s what most people don’t realize: that money sitting in your account could be working harder for you. It could be saving you interest on your mortgage, every single day, while you still have full access to it when the tax bill arrives.
A lot of business owners in Barrie and Simcoe County are disciplined about setting tax money aside, which is smart. But that money often sits in a separate account earning very little, while the mortgage beside it keeps charging interest.
How an all-in-one account changes the way money moves
The option I talk about in the video is the Manulife One all-in-one account. It changes the way your money moves, so your savings can offset what you owe on your mortgage instead of sitting idle, and you can still get to it when you need it.
It isn’t the right fit for everyone, and how it works for you depends on your income, your habits and your goals. That’s exactly why it’s worth a walkthrough before you decide. All products are subject to lender approval.
Have you thought about what your parked money costs?
Have you ever thought about what your “parked” money is actually costing you? If you’re self-employed anywhere in Ontario, let me show you how it works with your real numbers. Self-employed income doesn’t fit the bank’s box? Let’s find another path.
Quick questions
Can my CRA tax savings help with my mortgage?
Possibly. In the video I explain how money set aside for the CRA could save you mortgage interest every day while you keep full access to it, using an all-in-one account.
Will I still be able to pay my tax bill?
That’s the point of the setup I describe: you keep full access to the money. We’d walk through how it works with your own numbers first.
Is an all-in-one account right for every self-employed person?
No. It depends on your income, habits and goals, and it’s subject to lender approval. Let’s look at whether it fits you.
Related
Related: Self-employed mortgages in Barrie, after the bank said no
Watch: Self-employed with T4A income? How to get a mortgage in Ontario
Let’s find another path
Bank said no? Let’s find another path. Run your own numbers first with my free Mortgage Toolbox (calculators and a pre-qualification you can do from your phone), then book a free 15-minute chat or call or text me at 705-881-2780 when you’re ready. No pressure.
General education, not financial advice. Every situation is different and all financing is subject to lender approval.
Lora Fenn · Mortgage Agent Level 1 (#M25003153) · DLC Yellow Brick Mortgages · Brokerage Licence #13854
