Practical Tips for First-time Home buyers
For most people, homeownership is the ultimate financial goal. After all, your home is likely to be your biggest financial asset and the cornerstone of your financial plan. If you’re already a homeowner, you likely remember the feeling of achieving your first home – excitement, happiness, pride. Although first-time buyers today are facing a much […]
Should I break my mortgage early?
The house you’ve had your eye on for years comes up for sale and you jump at it, interest rates have dropped or another lender is offering you what appears to be a better deal, you’ve recently gone through a separation or divorce, or your spouse passed away and you can’t carry your house on […]
Bank of Canada continues to hold its key policy rate at 4.5% today
With the unemployment rate at 5% and inflation at 5.2%, the Bank of Canada held the overnight rate at 4.5%. Most Canadian economists believe the key interest rate will be held at 4.5% for the duration of 2023 even though the central bank left the door open to more tightening. The next official inflation announcement […]
Struggling homeowners ask, “Can I hang on long enough for rates to come down?”
Scenarios like the ones below are playing out all across Canada, in big and small markets, as homeowners grapple with the effects of inflation and high interest rates. It may be a few years before we can all breathe a little easier but for now, many people are just looking for practical advice to get […]
Bank of Canada held its key policy rate at 4.50 per cent today
With the unemployment rate at 5% and inflation at 5.9%, the Bank of Canada held the overnight rate at 4.5% following 8 consecutive rate hikes. In January, the Bank stated that it “expects to hold the policy rate at its current level while it assesses the impact of the cumulative interest rate increases”. A mild recession or […]
Tax Rule Changes for 2023 and beyond
Tax-Free First Home Savings AccountThe Tax-Free First Home Savings Account (FHSA) rules should become effective April 1, 2023. You can contribute up to $40,000 over your lifetime and up to $8,000 for any one year, including 2023. Click here to read our article about this new program. Multigenerational Home Renovation Tax Credit This took effect January 1, […]
What first-time homebuyers can expect with the new tax-free First Home Savings Account
Since it was proposed in the 2022 Federal Budget, we’ve learned more details about this exciting new program aimed at helping first-time homebuyers purchase a home. The bill is currently before Parliament and assuming it will be passed, the FHSA rules will enter into force on April 1, 2023. A quick recap: The FHSA is a […]
New Rules for Filing Your 2022 Return
The deadline for filing your income tax and benefit return is May 1, 2023 this year, as April 30 falls on a Sunday. According to the CRA, “your return will be considered filed on time if the CRA receives it or it is postmarked on or before May 1, 2023. Similarly, your payment will be […]
Renewing your mortgage in 2023? We need to talk.
Over 1 million mortgages in Canada are up for renewal in 2023, according to CMHC. If you are in this group, my advice is… talk to your Invis or Mortgage Intelligence broker early! In their effort to avoid a recession in the second half of 2023 and achieve the fabled economic “soft landing”, while attempting […]
Does homeownership offer more benefits than renting?
Many Millennials (27 to 42 years old) and Gen Zs (up to 26 years old) have convinced themselves that renting is a better lifestyle choice than homeownership. And why not? Renting offers certain advantages such as flexibility and predictability, and studies have shown that after 30 years, a prudent renter could be just as well […]