Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Mortgage affordability calculator + MORE Nov 19th
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Mortgage affordability is an essential part of setting up your home-buying budget, and it’s based on a many factors—more on those later. If you’re looking to buy a home, one of the first things you’ll want to know is your mortgage affordability. And for that, you should start.... More »
Mortgage brokers explained: What they do, and what they don’t (Part 1) + MORE Nov 12th
The first article in our three-part series breaks down what brokers actually do — and don’t do — and why some misconceptions persist..... More »
Latest in Mortgage News: Why the Fed Cut Rates this Week Aug 4th
The big news of the week was the Federal Reserve’s interest rate cut, the first one since the financial crisis more than 10 years ago. Despite a strong domestic economy, Federal Reserve Chairman Jerome Powell said the cut was a pre-emptive move to brace against “downside risks.” &#.... More »
Romy Bowers Named New CMHC CEO as Outgoing Evan Siddall Addresses Off-the-Mark Forecasts + MORE Mar 5th
The Canada Mortgage and Housing Corporation has named its new CEO, capping what has been an extended search to replace outgoing chief Evan Siddall. Romy Bowers, CMHC’s current Vice President of Client Solutions, will succeed Siddall and officially begin her five-year term starting April 6. .... More »
Laurentian Bank slips to loss as mortgage book shrinks + MORE Mar 10th
Residential book declines amid softer housing activity while commercial lending expands as the bank pushes ahead with its transformation strategy.... More »
A tax deduction to make more off that rental property
– moneysense.ca
(Getty Images)Unlike Americans, Canadians can’t deduct mortgage interest on their primary residences. However, you can deduct interest paid on an income property—and it’s not just on the mortgage either, says CPA Allan Madan. Rental owners can make deductions against a line of credit used to fund renovations, and even against money borrowed for a down payment. With such low rates, Madan says borrowing to buy or fix up a rental is smart. “You’re increasing your rent and the value of your property, and you can deduct those borrowing costs.” Just remember: You have to be collecting rent for the deduction to count.
The bottom line: Reduce your taxable income dollar for dollar on what you’ve spent. So if you paid $30,000 in interest on an income property-related loan, you can reduce your income by that exact amount.
More tax tips here.
The post A tax deduction to make more off that rental property appeared first on MoneySense.
Variable rate is out, Fixed rates are in…. But, which term…?
– canadamortgagenews.ca
For more than a decade, I’ve been recommending Variable rate mortgages, as the product of choice. My clients have saved $thousands. It’s been a great 11 year run.. But now, the strategy has changed slightly. Read on, to see my newest recommendations.. QUICK VARIABLE RATE HISTORY. First, you need to understand the history.. […]
FICOM: Disclosure Plan a Go
– canadianmortgagetrends.com
B.C.’s mortgage regulator confirmed today that it is moving forward with its proposal to require brokers there to publicly disclose compensation details, possibly as early as this summer. “My office is proceeding with plans to implement improved disclosure measures for mortgage brokers in British Columbia,” Carolyn Rogers, Registrar of Mortgage Brokers and CEO at FICOM, said in an email sent to media. “We have reviewed feedback received from industry in response to the open letter sent in January and appreciate all the comments. I have asked the staff to begin work on the implementation details, and that work is underway.” READ MORE
