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.  

Port Elgin, Ontario’s Marlene Donaldson recently completed the T1 Professional Tax Preparation course with Knowledge Bureau in order to better understand tax changes for the current income tax year as well as to update her skills to better prepare for the upcoming season.

We have all heard people say they would rather be at work than take a holiday. 

Secure your spot at the Knowledge Bureau’s Comprehensive Day Long Tax Update!  

Join Knowledge Bureau in congratulating Sharon Timson in achieving her DFA – Tax Services Specialist™ Designation.

With a target date of April 2016, CRA is moving closer to the elimination of cheques and manual payments and towards full electronic banking for businesses.