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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.CRA Announces Interest Rates for First Calendar Quarter
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Tax Trivia: Do You Know Your Tax Danger Zones?
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Now Available: Evelyn Jacks’ Family Tax Essentials
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Fiduciary Duty: A Renewed Focus in High-Value Practices
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