Canadian mortgages typically combine a fixed contract term (often 5 years) with a longer amortization (commonly 25 years). Payments reflect the full amortization period while your rate is locked only for the term.

Down payments below 20% trigger default mortgage insurance. Premiums from CMHC and private insurers are usually added to the loan balance — our calculators include this when applicable.

CRA self-employment (T2125)

Self-employment income is reported on Form T2125 within your T1 return. Net profit is subject to federal and provincial tax plus Canada Pension Plan contributions.

CRA may require quarterly instalments when your balance due exceeds thresholds. Our calculator defaults to federal plus Ontario rates — adjust expectations if you reside in another province.