Welcome to the first edition of my newsletter. There is lots of exciting news on the interest front these days. Last month the Bank of Canada reduced the overnight rate by 50 basis points and all the banks followed suit with a .50% drop in Prime rate to 3.0%. There is further pressure for the Bank of Canada to drop the rate again on the next review date of March 3, 2009. This is great news for all of you who are currently riding a variable rate mortgage.
We have also seen a major reduction in fixed rate mortgages so money is still cheap to borrow. The real estate market has corrected and there are still some great deals out there for anyone interested in buying for the first time or planning on moving up. I work with a handful of fantastic Realtors so if you want a referral to a great Realtor please give me a call.
Last month there was a big announcement regarding the Tax Deductible Mortgage Plan's strategy being held up by the Supreme Court of Canada. This, coupled with the low stock prices make this a fantastic time to look at this option. Feel free to check out the article below and call or email me with any questions.
|
Are you tired of paying too much tax?
There is a great way to turn your mortgage into good debt with substantial tax savings. This program has to be executed properly so that is why I have teamed up with The Tax Deductible Mortgage Plan. If you would like more info, click on the logo below and you can register for an upcoming seminar to learn more.
|
Federal budget supports homeowners
Canada's
Mortgage Industry Welcomes Federal Government's Decision to Support Home Owners
There are three housing
announcements that will help increase consumer confidence:
1. Temporary home renovation tax
credit, up to $1,300 for home renovations and alterations
2. Change in home RRSP plan, with
increased withdrawal limit of $25K from $20K
3. A new first time home buyers
credit for closing costs that will provide up to $750 in tax relief.
During these uncertain times, the measures help
to address the concerns of Canadian homeowners. "Today's budget provides
enhanced consumer confidence, especially as it affects housing - the largest
investment for most Canadians," said Jim Murphy, AMP, President and CEO of
the Canadian Association of Accredited Mortgage Professionals.
The federal government has also announced an increase in the insurance mortgage
program to $125 billion and CAAMP welcomes the permanent income tax measures
set forth in today's budget which will increase take home pay, especially for
lower and middle income Canadians. |
