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.  

The 2015 Nova Scotia provincial budget was tabled on April 9, 2015, to significant controversy from the film industry in that province and with negative implications for retiring business owners. 

The April 21 Federal Budget adjusted the minimum RRIF withdrawal rates Canadians must apply to their taxable incomes in their retirement years.

Most people hate paying taxes but not far behind is their dislike of paying for tax and other professional financial services. However, value propositions for clients can be increased when they understand how professional fees are being claimed to their advantage on their tax returns.

Even at the end of tax season, some last minute tax tips can help clients and their families win extra dollars this year – or possibly next.  There are some eyebrow-raising write-offs under the category of medical expenses for example, that might make a knowledgeable tax expert the most interesting person around the water fountain.

The 2015 Federal Budget introduced significant changes to Canadians’ finances.  The challenge now for most tax and financial professionals is deciphering these changes and putting them into action in a meaningful way for clients.

Knowledge Bureau is pleased to introduce Murray Leiter, who has recently updated the new edition of the Elements of Real Wealth Management course.