Having a company in Alberta assume a mortgage?

Can anybody help me out with what I need to do, or who I need to talk to, in order to find out more about starting a company in Alberta and then having "my" company assume a mortgage that I already have in my own name?

My husband and I currently own 2 homes in our name. One we live in, the other we have a family member living in. We are familiar with how mortgage assumptions in Alberta work, however what we want to do is start a company in our names and then have the company assume the investment property from us (to remove it from our debt service ratio). We would like to purchase additional properties and are not able to do that with the current 2 mortgages.
Not sure if starting a company and assuming the mortgage is the smartest thing to do? (re: capital gains, etc)
Any insight, or advice would be greatly appreciated!!

Generally, mortgages cannot be assumed without the permission of the lender, and unless the company you and your husband is starting has significant assets and credit, it's not likely to happen.

Neither property actually sounds like "investment" property to me, and lenders have live people that actually look at these things. They aren't likely to just take your word that the home you live in, and the home your family member is living in are both actually "investment property".

This kind of deal gets people into deep trouble with both financial institutions and the taxing authorities, and has been known to end with the properties being foreclosed upon and your credit ruined.

Every now and then someone comes out with a book, advertised on late night TV, about how to pull one of these stunts. "Dr. Snakeoil's Path to Immediate Riches" (send $499.95, cash or bank transfer to Dr. Snakeoil, PMB 48726, Rhippov, NV)

Best advice I can give is to actually talk to your lender and explain that you are looking to purchase additional investment properties.

These folks are in the business of lending money. They want to do it, as long as the business plan you're showing them makes sense.

When they say no, it's because their experience tells them that there is an unacceptable chance that the whole thing won't work, you'll lose your shirt and they'll be stuck having to foreclose on you and toss you out into the cold.

Yes, I know that you've heard that banks and other lenders are evil folks that want you to remain poor and downtrodden.

They aren't. As a rule, they'll be happy to see you succeed, because that will mean more business for them, too. So, if they're turning you down on financing, it's because they don't see your chances of success as being good enough to take the risk.

(Lenders, contrary to popular opinion, hate to foreclose on property. It's a major hassle, and usually ends with the lender losing money.)

And they're taking a lot less risk than you are. That should tell you something.