- Joined
- Jul 12, 2017
- Messages
- 9
Hey everyone,
I am in the process of securing financing for my first residential investment property in Alberta, and had planned on incorporating because I believed the benefit of limited liability outweighed the more difficult financing I would likely face.
Recently however, a friend of mine mentioned that in Alberta incorporation helps little in terms of limited liability because most mortgages require a personal guarantee anyways, and in addition, liability for personally held non-insured mortgages in Alberta is restricted to the property, and not the owner him/herself. This seemed strange to me and I wanted to touch base with any other Alberta investors out there regarding their thoughts on incorporation, and more specifically whether they were aware of this property specific liability, as I have not been able to verify this despite my searching.
Thanks very much for the help!
I am in the process of securing financing for my first residential investment property in Alberta, and had planned on incorporating because I believed the benefit of limited liability outweighed the more difficult financing I would likely face.
Recently however, a friend of mine mentioned that in Alberta incorporation helps little in terms of limited liability because most mortgages require a personal guarantee anyways, and in addition, liability for personally held non-insured mortgages in Alberta is restricted to the property, and not the owner him/herself. This seemed strange to me and I wanted to touch base with any other Alberta investors out there regarding their thoughts on incorporation, and more specifically whether they were aware of this property specific liability, as I have not been able to verify this despite my searching.
Thanks very much for the help!