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Mortgage Renewal Shock 2026: What Canadian Homeowners Need to Know

  The Reality: Over 60% of Canadian mortgages are renewing in 2025 and 2026—many at rates significantly higher than their original terms. While some homeowners will see relief, others face payment increases of 15–40%. This guide will help you understand what's happening, run the numbers, and explore your options before your renewal date arrives. The Big Picture: What's Happening in 2026 Canada is experiencing a historic wave of mortgage renewals. A large cohort of mortgages originated during the pandemic's historic low-rate period—when rates hovered around 2% or lower in 2020–2021—are now maturing and resetting at today's rates. The Bank of Canada staff estimate that roughly 60% of outstanding mortgages will renew in 2025 and 2026, making this the most significant renewal cycle in decades. In 2026, the average mortgage renewal increase is projected to moderate to around 6%, though individual experiences vary dramatically depending on mortgage type and renewal timing. W...
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How Deloitte's audit work was backdated and why CPA Ontario fined them $1.59-million

 


Deloitte is one of the Big Four accounting firms that provide audit, tax, consulting and financial advisory services to clients worldwide. As a professional service provider, Deloitte is expected to adhere to high standards of quality, ethics and integrity in its work. However, in a recent disciplinary case, Deloitte admitted that it had violated several rules and regulations of the Chartered Professional Accountants of Ontario (CPA Ontario), the regulatory body that oversees the accounting profession in the province.

According to CPA Ontario, Deloitte and some of its partners and staff engaged in improper conduct in relation to the audits of two public companies, identified as Company A and Company B, for the fiscal years 2014 to 2016. The improper conduct included backdating audit workpapers, altering or deleting audit evidence, failing to obtain sufficient and appropriate audit evidence, failing to exercise professional skepticism and due care, and failing to comply with the Canadian Auditing Standards.

CPA Ontario also found that Deloitte failed to report the improper conduct to the regulator, as required by the bylaws, and failed to cooperate fully with the regulator's investigation. Deloitte also failed to implement adequate quality control policies and procedures to prevent or detect such improper conduct.

As a result of these findings, CPA Ontario imposed a total of $1.59-million in penalties on Deloitte and its partners and staff involved in the case. The penalties included fines, costs, reprimands, suspensions and restrictions on practice. Deloitte agreed to pay the penalties and admitted to the facts and liability in a settlement agreement with CPA Ontario.

The disciplinary case is a serious blow to Deloitte's reputation and credibility as an auditor. It also raises questions about the quality and reliability of the audits performed by Deloitte for other clients. The case also highlights the importance of having effective oversight and enforcement mechanisms for the accounting profession, to protect the public interest and maintain trust in the financial reporting system.


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