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.Doomed Ontario Budget: Retroactive Bracket Creep, High Income Surtaxes Taxes Featured
The May 1 Ontario budget triggered a provincial election and so it died on the vine; but it’s an important one to understand, none-the-less, as some of its parts may be back at some time in the near future, depending on the outcome of the election.
No Expiration Dates on New Prepaid Cards
New rules pertaining to prepaid credit cards took effect on May 1. Finance Minister Joe Oliver held a press conference on April 30 in Ottawa to introduce the new measures that were designed to protect Canadian consumers.
Gift Not Negated with Inflated Charitable Tax Receipts
As per subsection 118.1(3) of the Income Tax Act (the Act), an individual may claim a tax credit with respect to a gift made to a registered charity. The amount of the tax credit is determined by the amount of the gift.
Evelyn Jacks: Will Addition of Mandatory Provincial Pension Plans Help?
Details for a new Ontario Retirement Pension Plan (ORPP) were included in the May 1 Ontario budget and have become an election issue there. Some disagree that the plan is necessary; others are concerned about the immediate economic costs.
Part 2: The Art & Science of Retirement Planning
Doug Nelson is author of the newly released Master Your Retirement and discusses the "laws" of retirement planning.
Should I apply for a U.S. green card rather than renew my temporary work visa?
When a non-resident, non-U.S. citizen individual goes to the U.S. to work and live temporarily, after their term is almost up and they are contemplating staying in the U.S., many wonder if they should be applying for a U.S. green card rather than renewing their temporary work visa; however, most of the time they don't realize what it means to apply for and obtain a U.S. green card.
