The Canadian government has announced three changes to the standards governing government-backed mortgages. New rules will require mortgage insurers to ensure that borrowers qualify for their mortgage amount using the greater of the contract rate or the interest rate for a five-year fixed rate mortgage. The changes also limit the maximum amount of refinancing at 90% in government backed mortgage and require a minimum down payment of 20% in non-owner occupied homes. The new rules take effect April 19, 2010.
 
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CERC recently provided recommendations to the Minister of Finance as part of the federal government's consultations for the 2010 budget. The recommendations are targeted at measures that will improve the taxation of discretionary moving allowances and relocation expenses.

Read the CERC submission 

 

CIGNA International Expatriate Benefits (CIEB) is a global health service company with more than 200 years of business experience that serves globally-mobile employees in more than 190 countries. CIEB is committed to being the industry's leading health service company by offering a thorough understanding of all aspects of a person's health, and providing the tools, services, and support for people to improve their physical, emotional, and financial health. CIEB offers a full line of employee benefits programs including global medical, business travel illness and accident coverage, dental, vision, pharmacy, life insurance, accident and disability coverage, emergency evacuation, and employee assistance counselling. CIEB helps the people it serves find an easier path to health, well-being and security and provides its clients with easy access to quality health care around the world.