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.  

Earning her DFA-Tax Services Specialist designation in 2007, Margaret Hodgson has been an active alumna of Knowledge Bureau ever since, regularly attending our live Distinguished Advisor Workshops and making the annual trip to the Distinguished Advisor Conference.

Self-reported pension sources can include amounts received from foreign pension sources. Depending on the terms of the tax treaty between Canada and the country in question, some or all of that income may be deductible.

I have a 13 year old son for whom I just opened an RESP in 2013. How much would I have to annually contribute to the RESP in order to catch up and maximize on the savings grant that the government contributes before my son turns 18?

Maximize your tax refund by ensuring you have claimed every credit possible. Check out this week’s Jacks on Tax Tip: Line 128 Support Payments...

Ensure your payroll is more than just accurate – make sure it is compliant. Knowledge Bureau’s Advanced Payroll course will qualify you as a certified payroll clerk – enabling you to complete a payroll of advanced level of complexity and help you fully understand the consequences of non-compliance.

Investing on a pre-tax, tax deferred basis is powerful. See at a glance how your savings will accumulate over time with the Registered vs Non-Registered Savings Calculator.