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.  

Do you spend money in the course of your work that’s not reimbursed by your employer? Certain employees may, in fact, claim out-of-pocket expenses on their tax returns.

Dean Cockell earned his MFA-Retirement Income Specialist designation in 2008, and since then has been an active Knowledge Bureau alumnus. We are pleased to have Dean as one of our distinguished grads.

Since Nortel no longer trades, how do I dispose of the shares in doing a tax calculation? What would be the ACB, considering there was a reverse stock split before the shares were delisted?

Knowledge Bureau is a national post-secondary educational institute and publisher focused on excellence in financial education. Our mission is to provide professionals and their clients the knowledge and skills to make sound financial decisions in our world class virtual campus.

Miss the Personal Tax Bootcamp? You can still get your copy of the best reference tool to have on hand. Catch up with what’s new at Finance and CRA as well as line-by-line updates on the T1 return for 2013.

Author Catherine Bell will be a featured speaker at several events across Southern Ontario over the next few weeks to celebrate the launch of her new book, Empower Your Presence. Order your copy today and learn how to build true wealth with your personal brand and image.