The government is introducing two new, separate and enhanced tax credits in 2010 — the

Ontario Sales Tax Credit and the Ontario Property Tax Credit — to replace the existing combined property and sales tax credits.

The Ontario Sales Tax Credit will be paid quarterly beginning in August 2010. The tax credit will provide about 2.9 million low- to middle-income families and individuals with annual assistance of up to $260 for each adult and each child.

1. I understand I have to get a loan to buy a house. But why is it called a "mortgage"?

Nowadays, a mortgage involves an agreement between a lender and a borrower where the lender decides to loan the borrower money to purchase property under the condition that the borrower promises to repay the loan and provides that land as security for their payment of the loan; when the loan is repaid in full, the lender will release the property to the borrower. If the borrower defaults on that loan, the lender may take its security (the property) in order to satisfy the debt owing to it. In the event of a default on that loan, the liability may not be fully satisfied by the sale of the property and the borrower may therefore be responsible for the payment of the shortfall. Mortgages are the primary means by which people finance the purchase or their homes.