I came across a great tip from our neighbourhood law firm Cassady & Company today. Many people are searching for new ways to save, benefits for buying a home, incentive programs and tax credits for first time homebuyers. Well this is one tax credit that is overlooked probably a lot of the time, and that is due to it's relatively new presence in our market. This might not mean that it will be available forever as a simple government budget cut can change all of this, but be sure to know your benefits available and do the leg-work of applying and registering for your applicable credits now!
New Home Buyers Save $750
Now this tax credit is not the same as your property transfer tax, or RRSP First Time Homebuyers credit. This is a personal income tax credit which you receive when filing your personal income tax return, which generally also means you have until April 30th of the year following your property purchase to claim the credit on your tax return.
It's already near the end of November, Black Friday is here and from the looks of the snowy covered mountains out my office window...the Winter season is officially upon us!
Today I am here to chat about mortgage penalties. Why I’m getting a lot more questions about mortgage penalties from clients in the past couple of months? What is the normal mortgage penalty range you could expect? Also, will it be worth it for you to cancel your current mortgage, pay the penalty, and get something at today’s lower rate?
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Mortgage news, tips, how-to's and other interesting tidbits as presented by Theresa Shaw - Vancouver based Mortgage Broker.
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