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.  

"Despite the fact that Canada didn’t have a 'homegrown' financial crisis, economic recovery has been painful," said Timothy Lane, Deputy Governor of the Bank of Canada last month at Carleton University. That pain may remain with us for some time yet.

A Knowledge Bureau opinion poll on wealth and wealth inequality has touched a nerve.

Birth, marriage, death, separation or divorce, university entrance, sale of business, unemployment, illness, career change, self-employment, inheritances, even certain birthdays — all of these life events can have tax consequences.

Family business succession is the topic at the November Distinguished Advisor Workshop – and it’s an important one – as by the end of this decade it is estimated that over 350,000 business owners will be over the age of 55, and within ten years over half a million business owners will exit their businesses, according to a report in 2013 by CIBC World Markets.  

Very few people have any training to help them be the best Powers of Attorney of they can be. Now advisors and their clients can learn how in a half day session hosted by top lawyers in this field.

SURREY, BC. Knowledge Bureau, a national financial educator and Kwantlen Polytechnic University have partnered to offer essential business skills to new and graduate students in the lower mainland of BC this fall.