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.Ontario Budget Tax Measures – February 25, 2016
The bad news? The Ontario budget is introducing $1.3 Billion in tax hikes over three years and the annual debt servicing costs on a total debt of $325.3 Billion will be $11 Billion. The good news?
Spousal Trust Change Is a Welcome Relief
The Department of Finance recently released proposals to amend certain sections of the Income Tax Act (the Act) that pertain to the tax treatment of certain trusts. The proposed changes restore fairness in matters relating to spousal trusts.
Save Receipts To Qualify For Home Accessibility Tax Credit
“I told you so. . . .” These four dreaded words are often on the tips of tongues at this time of the year, although polite tax practitioners try to resist uttering them when skimpy recordkeeping results in higher taxes – or reduced tax credits - for their clients.
House Calls: It’s All About Client Service
It was a lovely visit at Knowledge Bureau head office with designate Vongsa Phommarath, MFA – Business Service Specialist™.
Tax Expenditures Report Released
The Finance Department released its 37th report on federal tax expenditures last week; it has published estimates of tax expenditures for personal and corporate income taxes, as well as for the Goods and Services Tax, since 1944. It’s an interesting read, especially in advance of the March 22, 2016, federal budget, when the government is expected to announce new tax expenditures.
Pre-Budget Consultations: What Tax Preferences Will Be Cut?
As a way to simplify the tax system, an overwhelming majority of respondents, 87%, to Knowledge Bureau’s February poll agree that investment income under $1000 should not be taxed. Will their wish come true?
