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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.Ways And Means Motion: Lots of Tax Changes, Budget Shortfall
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Taxpayer’s Spouse Successful in Challenging CRA’s Third Party Re-assessment
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Last Chance to File or Change 2005 T1 Returns
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New Cross-Border Tracking Rules Have Tax Implications
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Ground-Breaking Survey: How Loyal Are Your Clients?
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