Blog by Linda M Linfoot
New Mortgage Rules Announced
Finance Minister Jim Flaherty announced some changes to mortgage rules that will come into force on March 18, 2011.
1. The maximum amortization period is now 30 years (down from 35 years) for government-backed insured mortgages, when the down payment is less than 20 percent.
2. The maximum amount that can be borrowed when refinancing a mortgage is now 85 ...
The amount of tax due depends on the fair market value of the property that is transferred:
- If the fair market value is $200,000 or less, the tax is 1% of the fair market value
- If the fair market value is greater than $200,000, the tax is 1% of the fair market value up to $2 ...
BC's HST and Real Estate
November 19 update: Transitional rules for new housing have been released by the provincial government today. The Province is proposing to increase the previously announced threshold for the B.C. HST new housing rebate from $400,000 to $525,000. For pre-sales, any hom ...
It's Payback Time!
The holiday festivities are finally over, and for many of us the financial hangover is just starting to creep in. The black and white reality of January credit card statements can be a shock, especially after realizing what the annual interest rate is for this type of debt. Before you panic, please call to discuss payment options that may help ease the pain of ...