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.How Does Indexing Work?
Recently CPP and OAS rate changes were announced for January 2015.
PIER Into The Future
With mixed feelings of elation and dread, accounting, bookkeeping and tax specialists across Canada begin the annual ritual of preparing for 26 million tax returns.
Taxable and Non Taxable Auto Allowances and Benefits
Reasonable motor vehicle allowances are not taxable if it is reasonable.
Employers’ Treatment of GST/HST on Employees Taxable Benefits
Some employee taxable benefits are subject to GST/HST, while others are not.
New Legislation: The Economic Action Plan 2014 Act, No. 2
New legislation from the Department of Finance, The Economic Action Plan 2014 Act, No. 2, received Royal Assent on December 17.
Windfall Court Victory for Taxpayer Reveals Hidden Merits of Informal Procedure
Legge v. The Queen (2014) TCC 360
