Annual Mortgage Renewal
PLEASE NOTE: Failure to provide the required documents by the above-noted date may result in default of your Partner Family Agreement with Habitat for Humanity Mid-Vancouver Island. Once we have received your complete documentation package and we have completed your Annual Mortgage Review calculation, you will receive your Annual Mortgage Renewal Document.
Please see below for further explanation of the required documents.
2023 Canada Revenue Notice of Assessment
2023 NOAs are required from all adults aged 19-years and older living in the home. As per the terms of your mortgage agreement, you are required to disclose the names and gross income and/or benefits of all adults aged 19 and older (excluding students) in the home. This includes boarders and common-law spouses.
If your current income is significantly more or less (by 10% +-) than your earnings on the 2022 NOA, you must provide employment income pay stubs for a minimum of three months (March, April and May 2024).
2023 Property Tax Notice
Do not pay your property taxes – they are paid as part of your mortgage payment. However, please ensure you apply for the Homeowner’s Grant before sending your documents to us. Failure to apply for the Homeowner Grant will impact your new mortgage payment. In addition, do let us know if it is a basic grant, column B or additional grant, column C.
If you are applying in person for the Homeowner’s Grant, please make sure your notice is stamped to show you have applied. And, if applying online, please be sure to print off the verification. We will need to see proof that your Homeowner Grant has been claimed.
Speculation Tax (if applicable)
Please ensure you have applied for your speculation tax indemnity. Failure to complete this declaration could lead to an unnecessary tax bill.
Home Insurance
Proof of home insurance is a requirement every year. Please provide a copy of your current home insurance policy which must list Habitat for Humanity Mid-Vancouver Island as 1st loss payee.
Strata Insurance (if applicable)
Proof of Strata insurance is a requirement each year. Please provide a copy of your current Strata insurance policy which must list Habitat for Humanity Mid-Vancouver Island as 1st loss payee.
Children in household
Please let us know if there have been any changes to the number of children in your household and provide us with the names and birthdates of any new additions, or the names of any who may have ‘left the nest’.
If applicable, please ensure you proved documentation that clear shows:
- Spousal Support, Pension Income, Disability and/or Social Assistance Payments
- Investment Income and/or Self-Employment Income
- Provincial Program Benefits: BC Climate Action Tax Credit, BC Child Opportunity Benefit, BC Early Childhood Tax Benefit
- 2023 Canada Child Tax payments and schedule, 2023 Child support payment schedule
- GST Tax Credit
Please note that calculations are based on total gross income prior to any deductions. For example, Pension deductions and RRSP contributions will not be deducted off your gross income.
If you have any questions regarding the Annual Mortgage Review process, please contact Alison Wassermann at: operationscoordinator@habitatmvi.org or 250.758.8078 ex. 102 and I’d be happy to help!