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.  

FOR IMMEDIATE RELEASE – When capital moves from one generation to the next, there are both risks and opportunities.Tax and wealth management expert Tim Cestnick explores this in his session, Bridging Generations with Creative Planning.

On August 19, make sure you check out our Breaking News Issue of Knowledge Bureau Report.

Finance Canada has released the fine print that will both introduce and limit a new tax break, when arm’s length sales of real property situated in Canada or the shares of a private small business corporation are donated to charity by a resident taxpayer, effective the 2017 tax year. 

Is the federal government silencing human rights organizations and advocacy groups through restrictive provisions in the Income Tax Act?

Elections bring with them important opportunities to discuss Canada’s future social, economic and tax policies. So, it’s appropriate to go back to “tax school” to find out the tax consequences of making political contributions.

It’s too bad the messaging that came with the increased Universal Child Care Benefit (UCCB) was incomplete when the lump-sum bonuses were distributed on July 20.