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.  

Grow your business with the DFA - Bookkeeping Services Specialist™ Designation.

This Week:  It’s a Tax Quiz:  Win A $100 Gift Certificate

Fall is the perfect time to focus on professional development. Take advantage of a number of upcoming live events and earn valuable CE credits with Knowledge Bureau.

This week CRA announced the indexation factor for 2015 (1.7%) and the resulting federal brackets and rates for 2015.  Tax rates, of course, remain unchanged.

How many times have you prepared a return for a client who has made an RRSP contribution (either to their own or their spouse’s RRSP) but really should not have?

The British Columbia Supreme Court (BCSC) recently made a ruling that was not only favourable to the taxpayer, but also set a welcome precedent for future taxpayers that enter into transactions with unintended tax consequences.