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.  

Move your skills beyond basic transaction data entry to developing a complete set of books for a variety of different companies with Advanced Bookkeeping for Multiple Businesses.

The Financial Assessment Calculator will help you assist your clients in making decisions about spending and saving to meet financial goals now and in the future.

Our 11th annual Distinguished Advisor Conference will have us thinking BIG. Join us November 9-12 in beautiful Horseshoe Bay, Texas. Receive best rates on pre-registration when you reserve your spot by February 15.

On January 17, 2014, CRA announced a new Registration of Tax Preparers Program (RTPP) under which it intends to have all tax practitioners register and be assigned a new PIN number so that CRA can target those with high error rates and intervene with “pre-assessment” visits to promote accuracy during tax season.

The Tax Court of Canada recently provided a favorable ruling in a case that allowed a business to claim input tax credits for amounts of GST already recovered from suppliers through credit notes.

Last week, we discussed the partial success of the Coveleys, a couple whose claim for an ABIL in 2005 was challenged by CRA.