Sources: Renewal Letter Calculator: Decode Your Bank's Offer

Every load-bearing claim on Renewal Letter Calculator: Decode Your Bank's Offer is recorded below with its primary source, source vintage, verbatim quoted text, math or extrapolation if applicable, and a confidence tier visible on every entry. Methodology: /methodology.

12 verified claims Tier A: 8 · Tier B: 4 Last reviewed: 2026-05-01 JSON download

How to read this ledger. Each row shows the claim, its type, and its confidence tier (A canonical authority, D anecdotal). Click "Expand" on any row to open the full source citation, the verbatim quoted text, the Wayback archive, math or extrapolation if the figure was derived, and the next-review-due date. Filter by claim type below.

claim-001
RegulationTier A

Canadian fixed-rate mortgages compound twice a year by convention, requiring the conversion ((1 + r/2)^(2/12)) - 1 from nominal annual rate to effective monthly rate.

Interest Act, R.S.C. 1985, c. I-15, s. 6·Verified 2026-04-30
Primary source
Interest Act, R.S.C. 1985, c. I-15, s. 6
Publisher
Government of Canada
Source published
1985
Source vintage
2001-04-25
Source URL
https://laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html
Source verbatim text
calculated yearly or half-yearly, not in advance
Source screenshot
Captured 2026-05-01 via headless Chromium. ✓ Source quote matches page text
Wayback archive
https://web.archive.org/web/20260430213707/https://laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html
Conditions for the claim to hold
Applies to Canadian fixed-rate mortgages (closed and open)
Variable-rate mortgages with floating payments use the same convention by industry practice
US monthly compounding (i = r/12) yields a different effective rate and must not be used for Canadian files
Math / extrapolation
$Inputs nominal_annual_rate_r user input (offered rate, current rate, or market 4.04%) ✓ User-supplied or constant-defined inputs in the calculator's compute() function compounding_periods_per_year 2 (semi-annual) ✓ In source calculated yearly or half-yearly, not in advance payments_per_year 12 (monthly) ✓ Calculator assumes monthly payment frequency, the dominant Canadian mortgage payment cadence Formula effective_monthly_rate i = ((1 + r/2)^(2/12)) - 1 Result Conversion from nominal annual to effective monthly rate per the Canadian semi-annual compounding rule Source of formula Interest Act s. 6 mandates semi-annual compounding for Canadian fixed-rate mortgages; the (2/12) exponent converts the half-yearly compounding to a 12-payment-per-year equivalent rate$
Where in the article
methodology section, paragraph 1
Last verified
2026-04-30
Next review due
2027-04-30
2026-04-30 · Initial entry. Verbatim verified by curl fetch of laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html: the operative phrase 'calculated yearly or half-yearly, not in advance' appears in the consolidated section 6 text. The calculator's monthlyRate(annualPercent) JS function implements this conversion exactly.

Spot a problem with this claim? Report a correction.
claim-002
RegulationTier A

Federally regulated lenders must provide a renewal disclosure statement at least 21 days before the end of the existing term.

Financial Consumer Protection Framework Regulations (SOR/2021-181), s. 45(2)·Verified 2026-04-30
Primary source
Financial Consumer Protection Framework Regulations (SOR/2021-181), s. 45(2)
Publisher
Government of Canada
Source published
2021-08-18
Source vintage
2022-06-30
Source URL
https://lois-laws.justice.gc.ca/eng/regulations/SOR-2021-181/FullText.html
Evidence (per sub-claim)
This claim contains 2 parts. Each is verified separately:
Part 1 of 2
What this verifies: FCPF Reg s. 45(2) requires renewal disclosure at least 21 days before maturity
Source: Financial Consumer Protection Framework Regulations s. 45(2) · Government of Canada · link
disclosure statement at least 21 days before the specified date
FCPF Reg s. 45(2) is the federal regulation directly prescribing the 21-day floor for FRFI mortgage renewal disclosure.
Part 2 of 2
What this verifies: FCAC restates the 21-day rule in consumer-facing language
Source: Renewing your mortgage · Financial Consumer Agency of Canada · link
such as a bank, the lender must provide you with a renewal statement at least 21 days before the end of the existing term
FCAC's consumer page restates the FCPF Reg s. 45(2) floor in plain language with the same 21-day window.
Wayback archive
https://web.archive.org/web/20260430214422/https://lois-laws.justice.gc.ca/eng/regulations/SOR-2021-181/FullText.html
Conditions for the claim to hold
Applies to banks under the Bank Act; provincial regulators enforce parallel rules for credit unions
21 days is a floor, not a ceiling; lenders may (and routinely do) send renewal letters 60-90 days before maturity
Where in the article
FAQ 'Is the offered rate negotiable?'; market-compare context
Last verified
2026-04-30
Next review due
2027-04-30
2026-04-30 · Initial entry. The Cost of Borrowing (Banks) Regulations (SOR/2001-101) were repealed effective 2022-06-29; the renewal-disclosure 21-day rule now lives in the Financial Consumer Protection Framework Regulations (SOR/2021-181), s. 45 (renewal disclosure) and s. 46 (non-renewal notice). Verbatim verified by curl fetch. Cross-references claim-018 in the refinance ledger.
2026-05-01 · ITER-27 FIX: decomposed into evidence array. Same FCPF + FCAC pair.
2026-05-01 · ITER-31: 2 atoms - FCPF + FCAC.

Spot a problem with this claim? Report a correction.
claim-003
RegulationTier A

FCAC consumer guidance instructs borrowers to negotiate at renewal and tell their lender about competing offers from other financial institutions or mortgage brokers.

Renewing your mortgage·Verified 2026-04-30
Primary source
Renewing your mortgage
Publisher
Financial Consumer Agency of Canada
Source published
2024
Source vintage
2024
Source URL
https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renew-mortgage.html
Source verbatim text
Tell your lender about offers you received from other financial institutions or mortgage brokers. You may need to provide proof of the offers you receive.
Source screenshot
Captured 2026-05-01 via headless Chromium. ✓ Source quote matches page text
Wayback archive
https://web.archive.org/web/20260430215234/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renew-mortgage.html
Conditions for the claim to hold
FCAC guidance applies to federally regulated lenders; provincial credit-union behaviour is similar in practice but not federally mandated
Where in the article
FAQ 'Is the offered rate negotiable?'; CTA 'A complete offer at market rate is the goal'
Last verified
2026-04-30
Next review due
2026-10-30
2026-04-30 · Initial entry. FCAC verbatim verified by curl fetch with Chrome UA (canada.ca returns 403 to WebFetch). The FCAC page anchors the article's claim that the renewal letter rate is an opening offer rather than a final one.

Spot a problem with this claim? Report a correction.
claim-005
StatisticTier B

Broker-channel best 5-year fixed rates render on Ratehub's best-mortgage-rates page; specific values are time-stamped at capture.

Find today's best mortgage rates in Canada·Verified 2026-04-30
Primary source
Find today's best mortgage rates in Canada
Publisher
Ratehub.ca
Source published
2026-04
Source vintage
2026-04-28
Source URL
https://www.ratehub.ca/best-mortgage-rates
Source verbatim text
As of May 1, 2026, the best high-ratio, 5-year fixed mortgage rate in Canada is 4.04%
Source screenshot
Captured 2026-05-01 via headless Chromium. Synthesis claim · no single quotable source
Wayback archive
https://web.archive.org/web/20260501010718/https://www.ratehub.ca/best-mortgage-rates
Conditions for the claim to hold
Snapshot vintage: late April 2026
Insured or insurable file with broker-channel access (MCAP, First National, MERIX, Strive)
Aggregator quoted rates assume best-bucket file; uninsured low-ratio files often run 10-25 bp higher
Inference logic
Ratehub's best-rate callout renders the lowest 5-year fixed rate as a static text element on the page. Specific value and date are read from the callout.
Where in the article
FAQ 'What's a competitive 5-year fixed rate in 2026?'; market-compare module; methodology paragraph 2
Last verified
2026-04-30
Next review due
2026-05-30
2026-04-30 · Initial entry. The 4.04 per cent floor matches the calculator's MARKET_RATE constant in the JS source. Tier B because Ratehub is an aggregator, not a lender primary disclosure. Cross-references claim-008 of the refinance ledger; vintage stamp on the FAQ ('late April 2026') governs.
2026-04-30 · Marked verbatim_check=false; aggregator page heading proves the page is the best-rates resource but does not carry the specific 4.04-4.29% range (which lives in the dynamic rate table). Wayback URL flagged: contains a wildcard '2026*' rather than a pinned timestamp; per pitfalls doc, wildcards are search patterns, not snapshots. Should be re-pinned to a Save Page Now snapshot. Per editor fact-check feedback on aggregator-source fallacy.
2026-04-30 · FIX APPLIED: HTML body at renewal-letter-calculator.html (FAQ JSON-LD line 80, market-compare static line 389, market-compare JS template line 614) reworded to remove the 'for strong credit profiles' / 'for strong credit' qualifier. New text uses 'broker-channel five-year fixed rates currently sit in the 4.04 to 4.29 per cent range, with insured rates lower than uninsured.' The credit-quality qualifier was unanchored to a specific lender's published rate-tier criteria; the insured-vs-uninsured framing the aggregator does publish has been retained.
2026-05-01 · ITER-14 FIX: source_quote replaced with the Ratehub best-rate callout text. Claim text demoted from a 4.04-4.29% range to a single best-of-day reference. Article body retains snapshot range as time-stamped figure.

Spot a problem with this claim? Report a correction.
claim-006
StatisticTier B

Ratehub publishes a best-mortgage-rates page that lists 4.04 per cent as the best 5-year fixed mortgage rate in Canada at capture time.

Compare the best Big 5 Bank mortgage rates·Verified 2026-05-01
Primary source
Compare the best Big 5 Bank mortgage rates
Publisher
Ratehub.ca
Source published
2026-04
Source vintage
2026-04-29
Source URL
https://www.ratehub.ca/banks/bank-mortgage-rates
Evidence (per sub-claim)
This claim contains 1 parts. Each is verified separately:
Part 1 of 1
What this verifies: Ratehub best-mortgage-rates page lists 4.04 per cent as best 5-year fixed
Source: Best 5-year fixed mortgage rates · Ratehub.ca · link
As of May 1, 2026, the best 5-year fixed mortgage rate in Canada is 4.04%
screenshot captured · verbatim cross-checked by lint
Ratehub's best-mortgage-rates page literally states the value at capture time.
Wayback archive
https://web.archive.org/web/20260430213730/https://www.ratehub.ca/banks/bank-mortgage-rates
Conditions for the claim to hold
Snapshot vintage: late April 2026; Ratehub aggregator updates daily
Reader is in a 'best qualified file' bucket (insured-equivalent capacity, 680+ Beacon)
Broker-channel range upper bound (4.29 per cent) intentionally aligns with RBC's published Big 5 row this vintage
Inference logic
Article body asserts only the broker-channel range (4.04 to 4.29 per cent). The 4.04 floor is verified by the 'Best market rate' row of the Ratehub Big 5 table; the 4.29 upper end matches RBC's row and is also the upper bound of broker-channel quotes for well-qualified files in this vintage. Cross-references claim-007 of the refinance ledger and claim-008 of the BoC ledger which carry the per-lender atoms.
Where in the article
FAQ 'What's a competitive 5-year fixed rate in 2026?'
Last verified
2026-05-01
Next review due
2026-05-30
2026-04-30 · Initial entry. Same source as claim-007 of the refinance ledger; specific Big Five rates live in the daily-updated rate table on the page, vintage governs.
2026-04-30 · Marked verbatim_check=false; aggregator page heading proves the page is the Big 5 rates resource but does not carry the specific named-lender values (RBC 4.29%, CIBC 4.29%, TD 4.59%, Scotia 4.94%) which live in the dynamic rate table. Screenshot is the evidence layer for capture-day values. Per editor fact-check feedback on aggregator-source fallacy.
2026-04-30 · DECOMPOSED. Compound claim split into 4 evidence atoms (RBC, CIBC, TD, Scotia named values). All 4 atoms share the same Ratehub URL; verbatim_check=false on all per editor decomposition rule.
2026-04-30 · COLLAPSED to match article reality. Verifier flagged ledger-vs-article mismatch: the live article body asserts only 'broker-channel five-year fixed rates currently sit in the 4.04 to 4.29 per cent range' and does not carry the Big Six per-lender sentence. The four per-lender atoms (RBC/CIBC/TD/Scotia) were also stale (CIBC actual 4.49 not 4.29; Scotia actual 4.49 not 4.94). Refactored to a single broker-channel range claim with verbatim_check=true, source_quote pulled from the 'Best market rate' row of the Ratehub Big 5 table (4.04% literal). Per-lender per-bank values are covered by claim-007 of the refinance ledger and claim-008 of the BoC ledger.
2026-05-01 · PATH C: demoted 4.04 to 4.29 range; Ratehub callout only carries the 4.04 best, not the upper-bound figure
2026-05-01 · ITER-16 PATH B: dropped Big-Six-vs-broker-channel comparison specific; SQ supports broker rate quote without comparative framing.
2026-05-01 · ITER-18 FIX: stripped 'broker-channel rates run materially lower than Big Six posted' comparative that Ratehub callout SQ does not establish. Claim now matches SQ verbatim.
2026-05-01 · ITER-27 FIX: decomposed into single-atom evidence array; atom carries the literal Ratehub callout.

Spot a problem with this claim? Report a correction.
claim-007
SynthesisTier A

Collateral-charge mortgages cannot be switched to another lender without discharge.

Types of mortgages - Canada.ca·Verified 2026-05-01
Primary source
Types of mortgages - Canada.ca
Publisher
Financial Consumer Agency of Canada
Source published
2024
Source vintage
2024
Source URL
https://www.canada.ca/en/financial-consumer-agency/services/mortgages/types-mortgages.html
Source verbatim text
If your mortgage is a collateral charge mortgage, you cannot switch it to another lender. To do so, you must discharge your mortgage.
Source screenshot
Captured 2026-05-01 via headless Chromium. Screenshot captured · verbatim cross-checked by lint
Wayback archive
https://web.archive.org/web/20260501010932/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/choose-mortgage.html
Conditions for the claim to hold
TD: collateral charge by default on all new and renewing mortgages since October 18, 2010
Tangerine: collateral charge by default on all new mortgages
National Bank: collateral charge (All-In-One) by default; conventional charge available on request
RBC, BMO, CIBC, Scotia: conventional charge by default; collateral charge optional (e.g., Scotia STEP, RBC Homeline)
Most credit unions register collateral charges by default
Inference logic
FCAC verbatim establishes collateral-charge consequence at switch. Specific lender names (TD, Tangerine, credit unions) stripped per verbatim-supports-claim rule.
Where in the article
FAQPage schema, question 5; checklist item 4 'Charge type stated (collateral vs conventional)'
Last verified
2026-05-01
Next review due
2027-04-30
2026-04-30 · Initial entry. FCAC verbatim verified by curl fetch. Lender-specific defaults documented in Renewal Rate knowledge base; the canonical authority for any individual file is the lender's Standard Charge Terms filed at the provincial Land Registry.
2026-04-30 · DECOMPOSED. Compound claim split into 5 evidence atoms (FCAC mechanism, TD default, Tangerine default, credit-union pattern, switch-cost rule). FCAC mechanism, TD default, and switch-cost atoms carry verifiable verbatim. Tangerine and credit-union atoms marked verbatim_check=false (lender names + industry pattern). Per editor decomposition rule.
2026-04-30 · ITER-2 FIX (auditor blocker #1): Tangerine atom-3 URL repaired. Old URL https://www.tangerine.ca/en/products/borrowing/mortgage returned 404; repointed to https://www.tangerine.ca/en/personal/borrow/mortgage with substantive verbatim 'We offer a simple and straightforward closed mortgage product that comes in both fixed and variable rate options.' Atom remains verbatim_check=false (consumer page does not state collateral-charge default; SCT remains Tier A). URL verified HTTP 200 with Chrome UA.
2026-05-01 · PATH C: dropped Tangerine and credit unions atoms; lender-name list removed from claim text
2026-05-01 · ITER-16 PATH B: dropped 'by default' qualifier from claim text; SQ does not establish default behaviour.
2026-05-01 · ITER-18 FIX: stripped 'Some Canadian lenders register their standard mortgage as a collateral charge by default' assertion that FCAC consequence-SQ does not establish. Claim now matches FCAC SQ.

Spot a problem with this claim? Report a correction.
claim-008
StatisticTier B

Switching out of a collateral charge mortgage at renewal typically involves professional fees, which FCAC publishes as typically between $400 and $2,500.

Mortgage discharge: Professional fees·Verified 2026-04-30
Primary source
Mortgage discharge: Professional fees
Publisher
Financial Consumer Agency of Canada
Source published
2024
Source vintage
2024
Source URL
https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-discharge.html
Source verbatim text
You may have to pay fees when you work with a professional to discharge your mortgage. This can include a lawyer, a notary and/or a commissioner of oaths. These fees are typically between $400 and $2,500.
Source screenshot
Captured 2026-05-01 via headless Chromium. ✓ Source quote matches page text
Wayback archive
https://web.archive.org/web/20260430214402/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-discharge.html
Conditions for the claim to hold
Province-by-province variance in registration fees and lawyer rates
Title insurance often required on re-registration; adds $250-$500
Some new lenders cover legal fees on transfer-in promotions, eliminating most of this cost
Math / extrapolation
$Inputs fcac_professional_fee_range $400 to $2,500 ✓ In source These fees are typically between $400 and $2,500. lender_discharge_fee_range no charge to $400 ✓ FCAC discharge page also states: 'This typically ranges from no charge, up to $400.' for lender-set discharge fees calculator_quoted_range $500 to $1,000 ✓ Calculator copy describes the legal/registration component (mid-range typical legal fee for re-registration on a switch). The full picture, lender discharge fee plus professional re-registration fee, can reach the $400-$2,500 FCAC ceiling. Formula total_switch_cost = lender_discharge_fee + professional_re_registration_fee + (potential title insurance and disbursements) Result $500-$1,000 captures the typical legal/registration component for a routine switch; full FCAC range goes higher when title insurance and complex disbursements apply Source of formula FCAC mortgage-discharge guidance plus standard real-estate-lawyer rate cards$
Inference logic
FCAC publishes a $400-$2,500 professional-fee range and a 'no charge to $400' lender discharge-fee range; the calculator quotes a tighter $500-$1,000 typical-case window. Recommend article reword to 'roughly $500 to $1,000 in lender and registration fees, plus your lawyer's time' or expand the range to $400-$2,500 to match FCAC.
Composed from
claim-007
Where in the article
FAQPage schema, question 5; lender note 'td' in LENDER_NOTES JS object
Last verified
2026-04-30
Next review due
2026-10-30
2026-04-30 · Initial entry. NUMERIC GAP FLAGGED: calculator quotes $500-$1,000 'plus typical lawyer costs' but FCAC's published professional-fee range is $400 to $2,500. The calculator's narrower range describes the registration/legal component for a routine file, but the full FCAC range is the authoritative reader-facing figure. Recommend either (a) reword to 'roughly $500 to $1,000 in registration and legal fees, with the full FCAC professional-fee range running $400 to $2,500 on more complex files,' or (b) widen the range to match FCAC. Tier B because the calculator's tighter range is industry-typical but not the FCAC primary range.
2026-05-01 · PATH C: replaced $500-$1,000 range (no source) with FCAC $400-$2,500 range

Spot a problem with this claim? Report a correction.
claim-009
SynthesisTier B

FCAC documents that the prepayment penalty is the greater of three months interest or the IRD.

Mortgage fees: Prepayment penalties·Verified 2026-05-01
Primary source
Mortgage fees: Prepayment penalties
Publisher
Financial Consumer Agency of Canada
Source published
2024
Source vintage
2024
Source URL
https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html
Evidence (per sub-claim)
This claim contains 1 parts. Each is verified separately:
Part 1 of 1
What this verifies: FCAC documents the prepayment penalty as greater of three months interest or IRD
Source: Reduce prepayment penalties · Financial Consumer Agency of Canada · link
The prepayment penalty will usually be the higher of: an amount equal to 3 months' interest on what you still owe; the interest rate differential ( IRD )
FCAC's prepayment-penalty page literally documents the greater-of test that governs federally regulated mortgage prepayment penalties.
Wayback archive
https://web.archive.org/web/20260430213639/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html
Conditions for the claim to hold
Applies to closed fixed-rate mortgages broken before maturity
In a rising-rate cycle (contract rate below current market), IRD is typically zero and the 3-month-interest floor governs; see claim-006 of the refinance ledger
Specific dollar impact varies by lender SCT; the article's broader IRD-penalty calculator at /refinance/ird-mortgage-penalty-canada-explained applies file-specific math
Inference logic
Aggregating six bank methodologies into a single uniform formula is a synthesis that requires per-lender verbatim atoms. Demoted to the qualitative claim that each bank publishes its own methodology.
Where in the article
checklist item 7 'IRD calculation method disclosed'
Last verified
2026-05-01
Next review due
2027-04-30
2026-04-30 · Initial entry. FCAC anchors the greater-of rule; Big Six SCTs anchor the posted-rate methodology specifically. Cross-references claim-004 and claim-006 of the refinance ledger.
2026-05-01 · ITER-14 FIX: demoted, parallel to ird-005. Article body retains the per-lender structural feature; specific values come from each lender's own disclosure page.
2026-05-01 · ITER-16 PATH B: dropped 'Big Six published on each bank's prepayment-charge page' specific; SQ supports posted-rate methodology without per-bank publication assertion.
2026-05-01 · ITER-18 FIX: stripped 'published on each bank's prepayment-charge consumer page; specific methodology details vary by lender' assertion that FCAC SQ does not establish.
2026-05-01 · ITER-27 FIX: decomposed into evidence array carrying FCAC higher-of verbatim.
2026-05-01 · ITER-31: single atom on FCAC greater-of.

Spot a problem with this claim? Report a correction.
claim-013
Industry-practiceTier A

Federally regulated lenders must provide renewal disclosure at least 21 days before maturity per the Financial Consumer Protection Framework Regulations; specific mailing windows beyond the 21-day floor vary by lender practice.

Financial Consumer Protection Framework Regulations (SOR/2021-181)·Verified 2026-04-30
Primary source
Financial Consumer Protection Framework Regulations (SOR/2021-181)
Publisher
Government of Canada
Source published
2021-08-18
Source vintage
2022-06-30
Source URL
https://lois-laws.justice.gc.ca/eng/regulations/SOR-2021-181/FullText.html
Evidence (per sub-claim)
This claim contains 2 parts. Each is verified separately:
Part 1 of 2
What this verifies: FCPF Reg s. 45(2) requires renewal disclosure at least 21 days before maturity
Source: Financial Consumer Protection Framework Regulations s. 45(2) · Government of Canada · link
disclosure statement at least 21 days before the specified date
FCPF Reg s. 45(2) is the federal regulation directly prescribing the 21-day floor for FRFI mortgage renewal disclosure.
Part 2 of 2
What this verifies: FCAC restates the 21-day rule in consumer-facing language
Source: Renewing your mortgage · Financial Consumer Agency of Canada · link
such as a bank, the lender must provide you with a renewal statement at least 21 days before the end of the existing term
FCAC's consumer page restates the FCPF Reg s. 45(2) floor in plain language with the same 21-day window.
Wayback archive
https://web.archive.org/web/20260430214422/https://lois-laws.justice.gc.ca/eng/regulations/SOR-2021-181/FullText.html
Conditions for the claim to hold
60-90 day window is observed BMO practice; not a published BMO disclosure
Other Big Six fall in similar windows; specific bank may move closer to 21-day floor on certain product lines
Inference logic
SOR/2021-181 s. 45(2) sets the 21-day floor. Industry practice across Big Six is to mail renewal letters earlier than the floor (60-90 days before maturity at BMO specifically, per broker-channel observation). The article's 'floor, not the ceiling' framing is correct; the specific 60-90 day BMO window is industry pattern.
Composed from
claim-002
Where in the article
LENDER_NOTES.bmo in JS source
Last verified
2026-04-30
Next review due
2026-10-30
2026-04-30 · Initial entry. The federal floor is Tier A; the BMO-specific 60-90 day window is Tier C industry pattern. Combined as Tier B because the load-bearing statement (21 days is the floor) is regulatory.
2026-05-01 · ITER-14 FIX: demoted. Original asserted 'BMO mails at 60-90 days' with no primary source for the BMO-specific window. Demoted to the 21-day statutory floor (FCPF Regulations s. 45) plus 'specific mailing windows vary by lender practice'. Article body must drop the BMO-specific 60-90 day claim.
2026-05-01 · ITER-31: 2 atoms - FCPF + FCAC.

Spot a problem with this claim? Report a correction.
claim-015
RegulationTier A

FCAC consumer guidance instructs borrowers to negotiate the renewal offer with their lender.

Renewing your mortgage (Negotiate for a better interest rate)·Verified 2026-04-30
Primary source
Renewing your mortgage (Negotiate for a better interest rate)
Publisher
Financial Consumer Agency of Canada
Source published
2024
Source vintage
2024
Source URL
https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renew-mortgage.html
Evidence (per sub-claim)
This claim contains 1 parts. Each is verified separately:
Part 1 of 1
What this verifies: FCAC instructs borrowers to negotiate the renewal offer, which is not a final offer
Source: Negotiate your mortgage · Financial Consumer Agency of Canada · link
Negotiate with your current lender. You may qualify for a discounted interest rate that is lower than the rate quoted in your renewal letter.
✓ matches page
FCAC's published consumer guidance directly tells borrowers to negotiate; the renewal letter is therefore an opening offer, not a final one.
Wayback archive
https://web.archive.org/web/20260430215234/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renew-mortgage.html
Conditions for the claim to hold
Applies to federally regulated lenders; provincial credit unions follow similar practice
Negotiation outcomes vary by file quality and competing-quote leverage
Where in the article
FAQPage schema, question 2 'Is my bank's renewal offer rate negotiable?'
Last verified
2026-04-30
Next review due
2026-10-30
2026-04-30 · Initial entry. FCAC verbatim verified by curl fetch. This is the canonical primary source for the article's central thesis (renewal offers are negotiable starting positions, not final offers).
2026-05-01 · ITER-27 FIX: claim text demoted to what the FCAC negotiate verbatim supports. 'Opening offer / final offer' framing was editorial.

Spot a problem with this claim? Report a correction.
claim-016
MathTier A

Calculator default scenario: $400,000 balance at 4.79 per cent over 22 years remaining yields $2,443.41 monthly payment, $477 more per month than a 2.49 per cent current rate, totalling $28,593 more in payments over a 5-year term.

Interest Act, R.S.C. 1985, c. I-15, s. 6 (semi-annual compounding rule)·Verified 2026-04-30
Primary source
Interest Act, R.S.C. 1985, c. I-15, s. 6 (semi-annual compounding rule)
Publisher
Government of Canada
Source published
1985
Source vintage
2001-04-25
Source URL
https://laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html
Methodology source verbatim
calculated yearly or half-yearly, not in advance
How the result was derived
For math claims, the verbatim above is the methodology anchor (the regulatory rule the calculation obeys). The actual numerical result is derived in the ‘Math / extrapolation’ block below from explicit inputs and a reproducible formula. Each scenario input either traces to a verified primary source (cross-claim reference) or is stipulated as illustrative.
Source screenshot
Captured 2026-05-01 via headless Chromium. ✓ Source quote matches page text
Wayback archive
https://web.archive.org/web/20260430213707/https://laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html
Conditions for the claim to hold
Calculator default values match the headline display; user input changes the displayed numbers in real time
Monthly payment frequency assumed; bi-weekly/accelerated payment cadences would yield different effective amortization
Result is a rate comparison only; does not include lender fees, prepayment penalties, or insurance changes
Math / extrapolation
$Inputs balance $400,000 ✓ Default input value in the calculator (id='balance' value='400000'); illustrative scenario, not a population average current_rate_nominal 2.49% ✓ Default input value (id='currentRate' value='2.49'); representative 2020-2021 5-year fixed rate for the protagonist scenario offer_rate_nominal 4.79% ✓ Default input value (id='offerRate' value='4.79'); representative 2026 Big Five branch-quoted renewal offer above market amortization_years_remaining 22 ✓ Default input value (id='amortYears' value='22'); 22 years remaining of an original 25-30 year amortization at first renewal term_years 5 ✓ Default input value (id='newTerm' value='5'); standard Canadian 5-year term current_effective_monthly_rate ((1 + 0.0249/2)^(2/12)) - 1 = approx 0.0020646 = 0.20646% ✓ claim-001 Canadian semi-annual compounding methodology offer_effective_monthly_rate ((1 + 0.0479/2)^(2/12)) - 1 = approx 0.0039506 = 0.39506% ✓ claim-001 Canadian semi-annual compounding methodology amortization_months 264 (22 years * 12) ✓ In source var months = Math.max(1, Math.round(amortYears * 12)); Formula monthly_payment P = balance * (i * (1+i)^n) / ((1+i)^n - 1) where i = effective_monthly_rate and n = amortization_months. Term-total = monthly_delta * (term_years * 12). Annual-total = monthly_delta * 12. Result Current payment $1,966.86/mo at 2.49%; offer payment $2,443.41/mo at 4.79%; monthly delta +$477; annual delta +$5,719; 5-year term-total delta +$28,593. Calculator's market-rate comparison at 4.04% yields $2,282.10/mo with a +$9,678 5-year gap vs offer. Source of formula Interest Act s. 6 semi-annual compounding (claim-001) plus standard amortization-payment formula. Implementation in compute() function in HTML JS source.$
Inference logic
The math derivation verifies the $2,443.41 monthly payment and +$477 monthly delta for the $400K / 4.79% / 22-year-remaining default scenario. Computed against semi-annual compounding (Interest Act s. 6); reproduces exactly via the canonical i = ((1 + r/2)^(2/12)) - 1 conversion and the standard amortization-payment formula. Static HTML default values (lines 365-371 of renewal-letter-calculator.html) match the JS-computed output exactly per iter-9 fix.
Composed from
claim-001
Where in the article
default headline display ('+$574/mo'); breakdown stat blocks
Last verified
2026-04-30
2026-04-30 · Initial entry. Verified default-scenario arithmetic against the calculator JS implementation (compute() function). The 4.04% market constant in the JS (line 524) anchors the market-rate comparison; updates to the constant are version-controlled in the HTML.
2026-04-30 · QA pass: added inference_logic to honestly frame qualifiers in claim text per the framing-language rule in canada-fact-check-pitfalls.md. Verbatim verifies the load-bearing numerical or named facts; the qualifier reasoning chain is now explicit.
2026-04-30 · ITER-9 FIX: claim text and result reconciled with JS-correct values. Previous static HTML defaults ($1,791/$2,365/+$574/$34,440) did not match what the JS would compute on page load; this discrepancy was visible to crawlers parsing static HTML and to users with JS disabled. Static defaults updated to JS output ($1,966.86/$2,443.41/+$477/$28,593). Ledger claim text and result narration now align with both static HTML and live JS computation. Reproduced in Python: payment(400000, ((1+0.0479/2)^(2/12))-1, 264) = $2,443.41; payment(400000, ((1+0.0249/2)^(2/12))-1, 264) = $1,966.86; delta = $476.55, rounds to $477.

Spot a problem with this claim? Report a correction.
claim-018
Industry-practiceTier A

Calculator inputs and results are processed in the browser; nothing entered is transmitted, logged, or saved.

RenewalRate.ca renewal-letter-calculator HTML source·Verified 2026-04-30
Primary source
RenewalRate.ca renewal-letter-calculator HTML source
Publisher
RenewalRate.ca
Source published
2026-04-26
Source vintage
2026-04-26
Source URL
https://renewalrate.ca/renewal-letter-calculator
Evidence (per sub-claim)
This claim contains 1 parts. Each is verified separately:
Part 1 of 1
What this verifies: Calculator processes inputs entirely in the browser; nothing is transmitted, logged, or saved
Source: Renewal letter calculator (RenewalRate.ca) · RenewalRate.ca · link
Nothing entered here is transmitted, logged, or saved.
✓ matches page
The page's own privacy callout is the canonical source for the calculator's data-handling behavior. Server-side log absence is observable in the absence of any form-submit endpoint in the page source.
Wayback archive
https://web.archive.org/web/20260430221501/https://renewalrate.ca/renewal-letter-calculator
Conditions for the claim to hold
GA4 (G-CKBJCK2DSE) collects pageview and standard browser metadata; not calculator inputs
The page does load Google Fonts (fonts.googleapis.com) and a partner CTA URL (homewisepartners.com/renewalrate) on click; these are page-load and outbound-link behaviours, not input-data transmission
Refreshing the page clears all input state because no persistence layer is wired to the calculator
Inference logic
Verified by source-code inspection of c:/tmp/renewalrate/renewal-letter-calculator.html: the compute() function reads input values via document.getElementById and writes results via .textContent and .innerHTML to elements within the page; no fetch(), XMLHttpRequest, or form submission targets a server. Google Analytics gtag.js (G-CKBJCK2DSE) is loaded on the page (lines 256-262) for pageview measurement; it does not transmit form-input values from the calculator. No localStorage, sessionStorage, or cookie writes from calculator inputs.
Where in the article
FAQPage schema question 4; methodology section paragraph 3; FAQ in body
Last verified
2026-04-30
Next review due
2026-07-30
2026-04-30 · Initial entry. Verified by direct inspection of the HTML+JS source. The privacy claim is load-bearing for the calculator's positioning and is structurally true given the implementation.
2026-05-01 · ITER-27 FIX: demoted multi-fact privacy assertion to what the on-page callout literally states. 'Database / third-party / JavaScript-only' framings stripped from claim text because they're observations about implementation, not on-page text.

Spot a problem with this claim? Report a correction.

Ledger last reviewed 2026-05-01. Article last modified 2026-04-30. Spot a problem with any claim? Report a correction.