Quote:
Originally Posted by Husky
bonus each quarter...you somewhat of a sales person by chance? Either way my advice is if you need or rely on an arbitrary bonus each quarter to support affordability...your taking on too much debt risk.
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Arbitrary? How is a substantial part of someone's pay arbitrary? Maybe if it was rarely achieved or a one off, but plenty of people get paid that way because it's the structure they like or are given.
I almost took a job that had a starting $75k salary and bonus structure that over the last few years would have had it earning an additional 80-135% of the base salary. The whole job was pretty much based on that additional pay and if I had gone into the bank and wanted to qualify for a house needing $100k salary I would have been pretty damn pissed off if someone referred the major driver of my salary structure as being arbitrary.
The using RRSP withdrawals to make it look like income is higher seems stupid, but not bonuses.
Also get a little tired of the responsible borrowing rhetoric people throw around. People shouldn't do this, or that, etc. Why do people always worry about what everyone else is doing so much? Across Canada the arrears rate in mortgages as at April 2013 was 0.45%. Don't have time to find foreclosure statistics but that's 1 in every 222 people. Hardly an epidemic. In 2001 it was 0.63% and 0.65% in 1996.