Charles A. and his wife live in Ottawa. He runs a business that grosses around $1 million annually, with the land and building, worth approximately $3 million. Last year, he borrowed $100,000 on a private loan to do an addition on his commercial property where he runs his business.  The plan was to refinance his house and pay back the loan when the addition was done.  When the application was sent to a big bank after the mortgage rules changed, they would no longer accept his income as it is considered declared.  As a result, Charles has to continue to pay the high interest on his loan. Prior to the changes, he could have easily been able to refinance and have the bulk insured and a low-risk mortgage.