News Room

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.  

Be EverGreen for St. Paddy’s Day

Find the luck of the Irish with our EverGreen St. Paddy's Day special! Buy a 3-month EverGreen Explanatory Notes subscription ($199) and receive a FREE 3-month Calculators subscription ($249 value!). The luck runs out March 17!

Support Winn$tock by Donating

Join Knowledge Bureau, sponsor of Winn$tock 2014, in helping to raise $100,000 in support of The Movement Centre of Manitoba.

RTPP: Not Without Competency Standards

Knowledge Bureau’s February Poll asked tax practitioners whether CRA should implement the Registration of Tax Preparers Program (RTPP) to track and address recurring errors in professional tax preparation without setting minimum knowledge standards for both auditors and professionals. 

Great News for Canadians: We’re Wealthier Than Ever!

Last week, Statistics Canada released the results of the Survey of Financial Security – conducted between September and November 2012 – and the news is good: the 2012 median net worth among family units has increased 44.5 per cent since 2005 to $243,800, and almost 80 per cent from 1999 – just 13 years ago. 

CRA Not Above Law: The Implied Undertaking Rules

Taxpayers can take comfort that the “implied undertaking rule” still protects them when dealing with the CRA in pre-trial discovery, thanks to recent jurisprudence.

Evelyn Jacks: March is Tax Literacy Month

Tax literacy is important. Why? Because the tax return is the most important financial document of the year for most Canadians and many changes have recently made it more probable that they will do their returns incorrectly the first time. 
 
 
 
Knowledge Bureau Poll Question

Effective August 1, new 30-year mortgage amortizations are available for first-time home buyers purchasing newly built homes. Will you recommend this option to your clients? Tell us why in the comments!

  • Yes
    4 votes
    22.22%
  • No
    14 votes
    77.78%