Philippine Asian News Today Vol 20 No 23 | Page 10

IMMIGRATION & Mortgage 10 The Notary Corner PHILIPPINE ASIAN NEWS TODAY December 1 - 15, 2018 What is a study permit? By Editha Corrales Nelson your stay. • If you can’t finish your The study permit is a courses before the date on your document we issue that allows permit, you must apply to extend foreign nationals to study at your stay as a student. • If you finish your studies designated learning institutions (DLI) in Canada. Most foreign early, your permit will stop being nationals need a study permit to valid 90 days after you complete study in Canada. Make sure you your studies (no matter what day have all the documents you need is printed on the study permit). You have completed your before you apply. You should apply studies either before you travel to Canada. o on the date you get the first Note: Your study permit is not notification from your school (such a visa. It alone doesn’t allow you to enter Canada. You may also as an email, letter, transcript, etc.) need a temporary resident visa or or o when you get your degree, an electronic travel authorization diploma or certificate. (eTA). If so, we will issue it as part You must prove provide proof of your study permit application. of the date you got one of these. How long can you stay in Note: If you can’t prove the Canada with a study permit? date you were first notified by your A study permit is usually valid for the length of your study school, we will use the earliest program, plus an extra 90 days. issue date on the document. We This extra time lets you prepare to may need to confirm this date with leave Canada or apply to extend your school. If your school asked you to Immigration Consultant, Notary Public, Mediation / Arbitrator Real Estate MYLENE LIM Licensed Mortgage Specialist The BC real estate market has slowed down a bit, a lot of Canadians are asking themselves whether it’s better to rent or buy a home. Is it worth paying the ever- increasing monthly rental with no security on how long you could continue living in your rented home? Isn’t it better to use the money on a monthly mortgage payment on a property that is yours? Is there a market bubble in real estate that may affect your property’s future value? Ultimately, this will be a personal decision depending on what you’re most comfortable with. To help you determine this, here are some pros and cons of home ownership vs. renting HOMEOWNERSHIP Advantages: Owning a home is considered a long-term sound investment. As long as the market is stable or in an upswing, the mortgage payment that you do every month helps in increasing the equity of your property. Some property owners look at the mortgage payments as “forced savings” with the end result of getting more value on your investment than had you used this money for something else. During the early years of your mortgage payments, a bigger portion of your monthly payment take some courses before they will accept you into the main program (conditional acceptance), we will only issue your study permit for the length of these courses. When you get accepted into the main program, you can apply to extend your stay as student from within Canada. Can you go back home while studying? If you plan to leave Canada during a scheduled break (such as the summer, or winter holidays and spring break), you may need to show proof you are enrolled in your school when you return to Canada. If you came here on: • a visa, you also need to make sure it is still valid. • an electronic travel authorization (eTA), and you leave and return to Canada by air, you will need to make sure it is still valid ** Strictly taken from cic. gc.ca A Regulated Canadian Immigration Consultant, Certified Senior Advisor and a Notary Public in the City of Burnaby, Editha Corrales Nelson’s preferred areas of practice are Powers of Attorney, Wills Preparation, International Legal Documents, Name Changes, Affidavits, Letters of Invitation, Statutory Declarations, Drafting of Business Contracts and other notarial services. For an appointment, please call: 604- 777-2757. The following should not be construed as providing legal advice and information in this column is intended only as a general guide and should not be applied to specific circumstances without further consultation. For more information on the subject, contact Editha Corrales Nelson at 604-777-2757. Buying vs. Renting? may go towards the interest of your loan but as your principal loan becomes smaller, the interest portion of your payment will proportionately decrease. Most mortgage lenders also give you an option to pay a lump sum amount every year (normally up to a maximum of 15% or 20% of your principal loan) or double up on your monthly payment. This would drastically shorten your amortization period and thereby you will get to fully own your home faster. Another advantage of owning your home as your principal residence is that should you decide to sell the property, you are except from paying capital gains on the equity of your property. There are a lot of homeowners who may not have access to a big down payment start with a smaller property and build up on the equity of that property. After a few years, they sell or refinance the property and use the equity they have gained to use as a down payment for a bigger property or re-invest on a second property. Waiting for the time when you will have saved enough down payment money for your dream home may not come. Property values have gone up faster than increases in income. Most probably, you would not be able to afford the property you could have bought a year ago with your income. You will also have a sense of pride of being a homeowner as oppose to being a renter. You will be able to decorate your own property based on your personal style, within strata guidelines if applicable. Disadvantages: Home ownership is generally the biggest investment you can own in your lifetime. With it come big responsibilities. If you have a mortgage on your home just like majority of homeowners, you are obligated to a monthly mortgage payment without fail. There is no getting around this. You will have to take this obligation into account when you review your financial situation and plan around this. Aside from monthly mortgage payment, you will have to consider the annual property tax, monthly strata payment if applicable, repair and maintenance, water and heating bills, etc. You will also need to take into account that you will be less flexible in relocating to another area if better opportunities arise. RENTING Advantage: The main advantage of renting is you are not indebted to a monthly mortgage payment. You have the flexibility to adjust your housing cost based on what you can afford at any time. You will also have the WWW.PHILIPPINEASIANNEWSTODAY.COM ability to relocate to another area if you prefer. Disadvantage: Your rental payment is an expense. You will not be able to see that rental money back. As a renter, you won’t have the security of being able to stay in your rented property forever. You may find yourself looking for another rental property once the landlord gives you the required two months’ notice to vacate. And in this heated real estate market, there are renters who have had to transfer a few times in the last few years. Another negative factor in renting is that the rental properties are getting more expensive. Sometimes more expensive than paying for mortgage. Borrowers should discuss with a licensed mortgage broker the different options available for their particular situation so they could make educated decisions based on their unique needs. In most cases, it doesn’t cost borrowers anything to discuss, review and arrange their mortgage with a licensed mortgage broker so take advantage of this opportunity. For more information, please feel free to contact me: Cel: 604 783 9097/ Email: [email protected]/ Web: www.MyleneLim.ca/ FB: Mylene Lim