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.  

In a move towards eliminating paper cheques, businesses in Canada are now being asked to complete two functions through the Represent a Client portal. Businesses will now have the option of both pre-authorized debit and direct deposit for their dealings with CRA.

It’s Halloween week and Financial Literacy Month is just around the corner, right after the ghosts and goblins visit. Just in time too, because it turns out it’s not just your imagination: communications from CRA are somewhat ghoulish.

Is succession planning an emerging issue for you and your clients? Are heirs properly prepared to become responsible and confident Powers of Attorney and Executors?

Tax and financial advisors won’t want to miss the Distinguished Advisor Workshops November 3-6 in Winnipeg, Toronto, Calgary and Vancouver respectively, when year end planning and business owner-manager transition is discussed in depth. 

Four main goals in enhancing financial literacy for seniors were announced on a beautiful fall day in Winnipeg last week by Minister of State Kevin Soreinson and Financial Literacy leader, Jane Rooney. 

In Gibson v. The Queen 2014 TCC 236, appellant Joan Gibson was forced to go through lengthy litigation, despite her severe fatigue syndrome to fight the tax man, but she prevailed.