Blog
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New Tax-Free First Home Savings Account coming in 2023 geared towards Millennials and Gen Zs!
You have most likely heard already that First-time homeowners would be able to contribute a maximum of $40,000 over their lifetime to this account which we will refer to as FHSA, at a maximum of $8,000 per year. This means that the maximum could be contributed to in five years, starting in 2023. We do not […]
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Bank of Canada Rate Increase
The Bank of Canada has raised its policy rate for the fourth consecutive time in 2022, bringing it to 2.5% from a pandemic low of 0.25%. The Bank has stated borrowing costs need to rise quickly to more normal levels to bring inflation back to a target of 2% from its current high of 7.7%. […]
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New residential property flipping rules coming into effect in 2023
Take a closer look at the new Residential property flipping rules coming into effect in 2023 for all those with rental properties, investment homes or are “flipping properties”. The Canadian tax rules distinguish between a capital gain, which is currently 50% taxable, and income gains, which are fully taxable. The principal residence exemption is a […]
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Helpful tips for First time home buyers and their parents in a rising rate environment
Your down payment is the most critical component for first time homebuyersDown payment is the most important consideration before you look to purchase your first home. Once ready for home ownership, meet with a mortgage broker to discuss your down payment options and buying power before shopping for a home. You want to save more […]
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Bank of Canada overnight rate rises to 1.5%
The Bank of Canada has raised its policy rate three times in 2022, to 1.5 per cent today from a pandemic low starting in March of 2020 of 0.25 per cent. Bank of Canada Deputy Governor Toni Gravelle stated borrowing costs need to rise quickly to more normal levels to bring inflation back to target of […]