New 30-Year Amortizations for Insured Mortgages

Effective August 1, 2024, the government will allow 30-year mortgage amortizations for first-time homeowners who purchase newly built homes.  For existing mortgage holders who meet specific criteria, “permanent amortization relief” will be available to extend repayment periods for as long as they need to get to the number they can afford to pay monthly. It’s an extension from the 25-year mortgage amortizations previously allowed. However, this isn’t for everyone… there is a significant risk to lifetime wealth creation and must be managed with an eye to interest rates and payment terms to reduce the non-deductible interest costs.  

Applications for the 2016 DAC Young Advisors Award are now being accepted for the Distinguished Advisor Conference Young Advisors Award.  The award is open to young advisors actively engaged in the financial services industry for at least five years and under the age of 35.

This heartwarming piece from Knowledge Bureau Master Instructor, Walter Harder, DFA-Tax Services Specialist™, comes with a challenge to advisors.

Canadians who reach age 65 are more likely than ever to live into their nineties, largely due to advances in preventing heart disease, and to Baby Boomers leading healthier lifestyles. This trend towards increased longevity means that retirement income planning must cover a much longer period, in which a focus on continued accumulation and investing is as important as tax-efficient withdrawal of funds.

Now that tax season is in full swing, Knowledge Bureau would like to remind you of some key dates to mark in your calendar: Regional DAW Workshops - May 24 to 31, Summer Studies Begin June 15, DAC  Nov 6 -9.

Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort. Franklin D. Roosevelt

The rules for claiming automobile expenses are similar for both employed and self-employed people, and they are also among the most frequently audited. Taxpayers will want to keep proper documentation and make the claims correctly.