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Like most things in 2020, income tax rules and programs have changed.  Here are 3 important tips crafted from tax professionals we work with: Government Subsidies:  CEBA funds are taxable and the government will be issuing a T4A tax reporting slip for 2020 showing the total amount of CERB you received.  If your business participated...
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Are you currently deferring your mortgage due to the pandemic? If so, you should know that if you plan to purchase a new residence, refinance, or switch mortgage providers you must be back to making regular payments and have confirmation from your existing lender that the deferral has ended, especially to receive the best rates....
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Many of our clients have called us with questions about how the COVID-19 outbreak will affect their mortgage, tax season, or business. The Canadian government has released lots of information about the economic response to this challenging period. To help you find all this information, we’ve compiled some links below. INDIVIDUALS Mortgage Default Management Tools...
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Purchasing a home with a basement rental suite can be a great way to own a higher priced home with the benefit of having part of the mortgage paid for by your tenant. However, lenders take rental income into account in a variety of ways. Banks tend to be more conservative meaning you’ll qualify for...
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This week was one full of financial related news from the Federal Government. Some positive, some perhaps not. The Taketh The worst kept secret is now no longer such. Effective Jan 1, 2018 the Office of the Superintendent of Financial Institutions (OSFI), the federal crown corporation that regulates all chartered banks, will require lenders to...
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Our office will close for the holiday season Friday December 23rd at 12pm and will re-open for regular business hours Tuesday January 3rd. We look forward to seeing our clients, BDMs, and other business partners in 2017!
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