The trouble began when Dave, a self-employed resident of Victoria BC, took some bad accounting advice. Forcing him to shut shop, Dave found himself owing the Canada Revenue Agency money and it wasn’t long before they garnished his accounts to collect his past due tax money. Alas, Dave had to find work elsewhere.
At the same time Dave’s wife, Darleen, operates a home-based daycare. In need of home renovations and a suite to generate additional income, the couple approached their bank looking for a $100,000 mortgage for their $350,000 home. [Read more…]