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Blog by Linda M Linfoot

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Smith Manoeuvre

January 31st, 2011
  Smith Manoeuvre   The Smith Manoeuvre is a technique that converts regular debt into tax-deductible debt.  In the process, it affords the opportunity to pay off one’s mortgage significantly faster.   The Smith Manoeuvre works basically as follows:      1. First find a re-advanceable mortgage    2. Then sell your non-registered assets (like sto ...
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Posted in Mortgage Information

New Mortgage Rules Announced

January 23rd, 2011
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 ...
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Posted in Mortgage Information

Property Transfer Tax

January 9th, 2011
http://www.sbr.gov.bc.ca/individuals/property_taxes/property_transfer_tax/first_time_home_buyer.htm Tax Rates 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 ...
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Posted in General

BC HST and Real Estate

January 9th, 2011
BC's HST and Real Estate By Clark Wilson LLP's Commercial Real Estate GroupJuly 28, 2009 - updated November 19, 2009 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 ...
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Posted in General

Credit Card Bills Got you Down?

January 5th, 2011
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 ...
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Posted in Mortgage Information

What is Credit Reporting?

December 5th, 2010
What is Credit Reporting? Many people don’t realize how important it is to maintain a good credit rating. Nor do they understand what is involved in achieving this. The first step is to review your own individual credit report, which is a detailed history of how consistently you meet your financial obligations.  In Canada there are two major credit bureaus – Equifax and Trans Union.  Eac ...
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Posted in Mortgage Information

Banks vs Mortgage Brokers

December 5th, 2010
Banks vs. Mortgage Brokers: What's the Difference? Banks offer mortgages; Mortgage brokers offer mortgages. What's the difference? The difference starts with the range of financing solutions offered. Banks offer their own products, a select group which may or may not satisfy your needs, while mortgage brokers have access to products, rates, terms and conditions from a wide variety of lenders ...
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Posted in Mortgage Information

Referral Program - Special Offer!

December 4th, 2010
I would like to help out with your Christmas shopping, by offering you an opportunity to receive  $250.00 !!! You can receive this cash, simply by passing along the name and number of a referred client, family member, friend or co-worker who is willing to receive my call and is looking for mortgage assistance (refinance, consolidation, purchase, lender transfer, investment etc.)  The refer ...
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Posted in Mortgage Information

Canadian Home Prices Drop in September

November 25th, 2010
Canadian home prices drop for first time in 16 months Consumers upbeat, but still holding onto wallets TSX +102.84 (Reuters) as robust energy prices and strong U.S. economic data overshadowed worries that Ireland's debt crisis could spread to other European economies. New U.S. claims for jobless benefits dropped last week to their lowest level in more than two years, while consumer spend ...
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Posted in Real Estate Information

Financial Plan

November 19th, 2010
Too many clowns with no financial plan Garry Marr, Financial Post · Wednesday, Nov. 10, 2010 You have to be a real clown not to have a financial plan and be saving for your retirement. Right? Not really, you would just be among the approximately 80% of Canadians who don’t have any sort of comprehensive financial plan, according to the Financial Planning Standards Council. Who are these pe ...
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Posted in General

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