With an important provincial election heating up, the Ontario Liberal Party recently released a short outline of some of its economic proposals. These include exploring the potential for a four-day work week that acknowledges the COVID related changes to how and where we are employed. The proposals also “celebrate” self-employment, and are designed to encourage entrepreneurship and start-ups – many of the recommendations are smart; a 311 style service that provides info on all business supports, eliminating the costs of incorporating a business, and greater support for small businesses. The plan also calls for a quick increase to the minimum wage, a measure that will be a small help but will also be inflationary.
More detail from the proposal: “Since no business should miss out on other support or important information because of bureaucratic confusion, we’ll also launch an easy-to-use, one-stop 311-type service with self-help tools and live agent support to help businesses and self-employed entrepreneurs navigate regulations and get advice on growing their businesses. And we’ll ensure the high school careers curriculum promotes the option of self-employment and the value of entrepreneurship.” These proposals raise the issue of how self-employed workers, who are a growing chunk of the employed population, support themselves and access credit. The two big issues with getting a mortgage if you’re self-employed is that the biggest lenders will be stringent in approving you – qualifying won’t be easy. Second, even if you do qualify, you’ll be charged rates that are higher than conventional mortgages – and all of this will take lots of time.
Tembo also offers mortgages for self-employed people. Our self employed mortgages can offer you the speed, flexibility, and convenience we all need and appreciate in this market without the slow approvals and red tape of a big bank. We can work closely with you to explore your options, guide you to a best outcome, and work out a self-employed mortgage that meets your needs. Don’t hesitate to take advantage of our self employed mortgage offers – please visit www.tembofinancial.com and give us a call at 1-844-238-6717!