CFP Professionals Available to Discuss Financial Planning Implications of New CMHC Rule

Toronto, ON - February 24, 2004 A change in the rules for prospective homebuyers has just made headlines this week. Reports say Canada Mortgage and Housing Corp (CMHC) has announced a new rule allowing prospective buyers to source the minimum required five per cent down payment from non-traditional avenues including lenders, credit cards, cash-back incentives and other means. Previously, Canadians were required to source the minimum five per cent down payment from their own resources.

Financial Planners Standards Council (FPSC) encourages Canadians to seek financial planning advice before jumping in.

What should Canadians consider in the context of this opportunity and their own personal financial situation? What are the financial risks of borrowing to make the down payment? What are the advantages?

Care to talk to a CFP® (Certified Financial Planner®) professional for some perspective on yesterday's announcement and what it means for Canadians considering this new opportunity? We'll put you in touch with one. Or have a look at our online database of expert resources in the media hub of www.cfp-ca.org. This website is also a great place for your audience to learn more about financial planning, find a planner or e-mail questions to one of our panel of experts. Tell your audience about Find a Planner and Ask an Expert also at www.cfp-ca.org.

Financial Planners Standards Council (FPSC), established in 1995, is a not-for-profit organization dedicated to benefiting Canadians and the financial planning profession by establishing and enforcing education, examination, experience and ethics requirements for individuals who choose to earn the CFP designation. Currently, there are almost 16,000 planners licensed to use the CFP marks in Canada and approximately 80,000 CFP professionals in 17 countries around the world. See www.cfp-ca.org for further information.

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CONTACT: Eileen Chadnick/Chadnick Communications at (416) 631-7437 or eileen@chadnick.com; Reed Hilton at (416) 593-8587 ext 235 or rhilton@cfp-ca.org.