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Posted by: Kim Seifert
Is It a Good Idea to Consolidate Debt Into a Mortgage? With Blue Monday (January 16, 2023) tomorrow we need to address if it is a Good Idea to Consolidate Debt Into a Mortgage. Building up a case to refinance your mortgage for debt consolidation purposes can depend on a number of key factors. The […]
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2023 Tax Information Guide: 2023 Tax Information Guide — Handy list of tax numbers as a quick reference. 2023 Tax Information Guide for Working clients Maximum RRSP contribution: The maximum contribution for 2023 is $30,780; for 2022, it’s $29,210. The 2024 limit is $31,560. TFSA limit: In 2023, the annual limit is $6,500, for a […]
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80-year Amortization at CIBC? 80-year Amortization at CIBC were caused by CIBC not increasing monthly mortgage payments on their Variable-rate products despite hitting the trigger point. Their actual amortization period has even hit 80 years for some clients. CIBC customers are still paying the same amount which isn’t even covering their interest anymore. If this […]
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Canada Faces Mass Exodus of Small Business Owners: 75% cite retirement as the reason for leaving their business, while a smaller number plan to leave because of stress, to step back from their responsibilities as an owner, or to move to another business venture. More than three-quarters of small business owners plan to exit their […]
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Saskatchewan Residential Sales in 2022 Saskatchewan continues to report sales that are stronger than pre-pandemic levels. Saskatchewan Residential Sales in 2022 continued to report record sales of apartment condominiums but this wasn’t enough to offset declining sales in detached homes, resulting in a 12% decline in residential sales in 2022. “Without question, higher lending rates […]
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OSFI leaves mortgage stress test unchanged: OSFI will launch a full review of B-20 mortgage underwriting standards in January. The Stress Test created an environment of parents/ grandparents to not only helping with down-payments but also co-signing mortgages to meet new Stress Test requirements of 5.25% or Contract Rate + 2%, whichever is higher! With […]
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Prohibition on the Purchase of Residential Property by Non-Canadians Act: On January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act is in effect for a period of two years. This means that certain customers are not allowed to buy residential property in Canada, and Brokers should not submit applications for […]
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New 2023 Tax Measures include tax incentives for new homebuyers and tax on non-resident property owners. First Home Savings Account: The FHSA allows certain homebuyers to save up to $40,000 toward a home purchase, with a maximum annual contribution of $8,000 over five years. Contributions to the FHSA are tax-deductible and withdrawals to purchase a […]
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Why mortgage lenders ask for proof of Mortgage Assets when applying for a mortgage? Mortgage Assets show your net worth and allows a lenders to get a better picture of how you will make your mortgage payments, down payment and closing costs. In addition to considering your employment history and income, the lender will also […]
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First-time Home Buyer Incentive The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage payments without adding to their financial burdens. What does the First-Time Home Buyer Incentive offer? The incentive is a shared-equity mortgage with the Government of Canada. 5% or 10% for a first-time buyer’s purchase of a newly constructed […]
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