This past Tuesday the Bank of Canada had their first meeting of 2012 to discuss any changes they were going to make to the overnight lending rate. Low and behold … no change. This came as no big surprise to Canadians and the overnight rate remains steady at 1%. FYI the next meeting is scheduled for March 8th, 2012. How does this impact the mortgage industry exactly?
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In the US, interest on mortgages is tax deductible. It’s a financial boon many of us wish we could have here. You can actually achieve a similar tax break here in Canada by pulling what’s known as the Smith Manoeuvre. It was created in 2004 by BC financial strategist Fraser Smith, and uses existing, legitimate tax rules.
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My partner and I have recently started talking about making the transition from renters to first-time homebuyers. While the idea is really exciting, it is also somewhat frightening. Are we ready for all that comes with homeownership?
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Have you thought of accelerated mortgage payments when determining your repayment options? Ideally, you’ve done your research and shopped around for the mortgage rates with an amortization period that suits your lifestyle and long term plans. But the next step …
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