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.  

It truly takes a village of financial support to help keep students out of a lifetime of debt. The RESP is a good savings vehicle for parents to consider, because it comes with a government “sweetener.”

Did you know that Canada suffers about 8,000 wildfires every year that ravage 2.5 million hectares of land1? This has been a particularly difficult year in BC and the northern prairies. CRA wants taxpayers affected by natural disasters to know that Taxpayer Relief Provisions are available to waive penalties and interest on taxes owing if tax filing is late as a result. But a tax return must still be filed.

Getting a university degree and then working in the public sector will make you richer in retirement, especially if you settle down and live as a couple. Highly educated people working in public administration, education, health care and social assistance will have higher incomes, more generous defined benefit plans, and more money to buy other wealth-enhancing assets, too.

Knowledge Bureau and Manulife are pleased to announce that Keeley Doherty of Rorabeck Wealth Advisory Group, BMO Nesbitt Burns, and Brandon Silbermann, a financial advisor at Stockman Financial Services Ltd. and Manulife Securities Investment Services Inc., both located in Toronto, have been selected as the two inaugural winners of THE DAC YOUNG ADVISORS AWARD.

FOR IMMEDIATE RELEASE – Lisa McKee, owner of McKee Accounting, reveals the secret of success for her firm: Putting the client at the centre of everything to provide high-quality customer service.

Trusts are used on an ever-increasing basis to plan for wealth and succession objectives for medium- and high-worth clients. The advisor who can assist with that process enjoys the oppor-tunity to establish a long-term, potentially intergenerational connection with a client and their family. However, there have been recent changes advisors need to know about.