Things to keep in mind when doing your taxes in 2016
  
Canadian financial experts are advising Canadians to take a look at their taxes before 2016. Why? One of the first things the Liberals did a month plus ago after coming into power was lowering the TFSA limit to their previous level from 9 years ago before the last Conservative government replaced the previous Paul Martin Liberal government. So be sure you understand it, especially those of your who have already hit your contribution limit.
Also, those of you that have incomes in the tax brackets or close to it should make sure to check your taxes before 2016 because there is a great chance/probabiity that you will be affected by the new tax rates. These are but a few items to keep in mind when doing your taxes. Not to mention the sooner you get them done, the less stress you'll feel, and if you are entitled to a refund, the faster you'll get your money!
Check this link out if you want to read more about it:
http://globalnews.ca/news/2412122/take-a-look-at-your-taxes-before-2016-experts-say/?hootPostID=263883f3df5810fef1d074a797a45dc8
Things Real Estate Agents and Loan Officers Wish They Could Say.
Things Real Estate Agents and Loan Officers Wish They Could Say
A funny/hilarious real estate video for you to end the year 2015...Sit back and enjoy it:)))
Have a fabulous new year's day celebration!!!
CMHC Increases Downpayment Requirements > $500,000
Link: New Changes to the Minimum Downpayment Requirement in Canada
If you are planning on purchasing a property between the value of $500,000 to $1,000,000, then February 15, 2016 would be a date for you to keep in mind
The new Liebral government of Justice Trudeau has implemented a new tiered downpayment system in hopes to "maintain a healthy, competitive and stable housing market in Canada particularly for the Vancouver and Toronto housing markets.
The new minimum down payment required now for insured mortgages will increase from 5% to 10% for the portion of the purchase price of the property that is greater than $500,000 but less than $1,000,000 (tiered scale).
Example: A property with a purchase price of $675,000 will now require a total down payment of $42,500.
Here is the calculation breakdown:
5% of the first $500,000 = $25,000
10% of the remaining $175,000 = $17,500
Total downpayment required = $42,500
To read more about it, click on the link attached above for the full article
|
