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.  

The 2014 Nova Scotia provincial budget was tabled on April 3, 2014. The budget contained no new taxes or credits, but it did contain several adjustments.

The Newfoundland and Labrador provincial budget was presented on March 27. The budget contained a number of tax changes.

The Quebec provincial budget was delivered on February 20. The budget introduced provincial changes that match the recently-announced federal changes.

The Northwest Territories budget was delivered on February 6. The budget contained no income tax measures.

The New Brunswick provincial budget was delivered on February 4. The budget reduces the deficit but a balanced budget is not expected until 2017. The budget promised a 3% increase in social assistance rates beginning in April.

Provincial and territorial budget dates have yet to announced for Ontario (expected the first week in May), Prince Edward Island (expected soon after the legislature opens in April), and Nunavut (expected late in May),