
Property tax
What is it?
For borrowers that choose to pay their own property taxes, we work in collaboration with the tax department to show proof of timely and accurate payment.
Can I pay my own Property Taxes?
Borrowers can pay their own property taxes on an exception basis only. Typically First National requires that borrowers be registered with the municipal Tax Installment Payment Plan (TIPP). For more information, email commercial.tax@firstnational.ca.
Did you receive my tax bill?
For most municipalities, First National receives batch reporting, which lists all properties that require taxes to be paid in that jurisdiction. We typically do not receive individual tax bills. In order to confirm that your property tax has been included in the reporting or to have First National request a copy of your tax bill, email commercial.tax@firstnational.ca.
Did you pay my bill?
First National only pays your tax installments on your behalf if that agreement has been outlined in your Commitment Letter. If you require evidence of taxes paid, email commercial.tax@firstnational.ca.
Can I request funds from my Tax Balance account?
The tax account is re-calculated annually based on your property’s historic tax installment amounts and projected future annual amounts. With these annual re-calculations and the payment of tax installments, the balance in your tax account is as close to $0 as possible. If you would like more information on your tax calculations or did not receive your annual Tax Re-calculation Letter, email commercial.tax@firstnational.ca.
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Undertaking
Insurance requirements
Payments, pre-payments and banking changes
Mortgage information

Your commitment letter
The commitment is a contract between First National and the Borrower. First National uses this commitment as the source for all decision making throughout the duration of the mortgage amortization period. The commitment covers everything from payment type (fixed, floating, amortizing, interest only), pre-payment parameters, insurance requirements, type of annual review documents to be collected, undertaking requirements, etc.
Why is it important?
It is important to note that the commitment is attached to the mortgage (rather than the borrower) for the entire amortization period.
- If the loan is assumed the current Borrower is replaced by the Purchaser of the property.
- If the loan is renewed the terms and conditions of the commitment are extended for a new term in accordance with the renewal agreement.
- If the loan is refinanced the terms of the existing commitment is discharged and new terms are registered with the mortgage.