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.  

NOW AVAILABLE:  Learn about the Family Tax Cuts and more – FREE with the purchase of Jacks on Tax.

The Tax Court of Canada (Descarries Et Al. v. The Queen (2014) TCC 75) recently had occasion to consider an interesting tax planning scheme that ultimately fell foul of the General Anti-Avoidance Rule (GAAR).  

Meet Dean Cockell, MFA.

The 2015 Alberta budget was presented on March 26, 2015. 

There are three certainties in life:  death, taxes and change.  That’s why taxpayers and their advisors must take note when provinces like Alberta raise their taxes for the first time since 1987. 

The Quebec provincial budget was presented on March 26, 2015.