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| Canada Consults On Business Mortgage Legislation |
by Mike Godfrey, Tax-News.com, Washingtnon
Monday, August 23, 2010
Canadian Ministry for Finance, Jim Flaherty on August 17 released a consultation
paper that proposes to give businesses more flexibility in negotiating mortgage
terms with lenders.
Under the Interest Act, only corporations and join stock companies can negotiate
with lenders the penalty for paying off a long-term mortgage sooner than agreed.
All other mortgage holders must pay a mandatory penalty of three months of interest
when they pre-pay the full amount of the mortgage.
“Some lenders are reluctant to provide financing to businesses not structured
as corporations, such as partnerships or trusts, since the pre-payment penalty
is limited to three months of interest. The government is proposing to modernize the Interest Act by broadening
the list of business entities that can negotiate their own penalty. This will
give all businesses an equal opportunity to get long-term financing,” Flaherty said.
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