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.  

Because of the way that dividends are taxed, both at the federal level and the provincial level, the amount of tax payable on a given dividend depends of the taxpayer’s taxable income (as well as their province of residence).

It’s crunch time when it comes to tax filing. Most taxpayers will have received all their T slips – T4s, T3s, T5s, etc. and now it’s time to actually get it done.

There has been a lot said and written about the state of the middle class, with some people claiming that we are worse off now than we were 30 years ago.

Virtual currencies are becoming more and more popular and tax authorities throughout the world are considering how to handle them.

Knowledge Bureau's faculty and authors have been busy in the media this week!

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