Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Should you pay off your mortgage early? + MORE Dec 17th
Let’s face it, we all dream of a debt-free life, and paying off your mortgage can be a big part of that. Even if it’s a distant goal, it’s fun to imagine the financial freedom that comes with settling one of life’s biggest loans—your mortgage.
You’re 2 minutes away from getting the be.... More »
Latest in Mortgage News: Canadians Say Low Interest Rates to Blame for High Home Prices Sep 5th
More than three-quarters of Canadians (77%) believe home prices in suburban and rural areas have risen to unsustainable levels, and most feel that ultra-low interest rates are to blame. A full 8 out of 10 people say low borrowing costs are to blame for the recent run-up in home prices, according to .... More »
With mortgage rates back on the rise, two-thirds of Canadians plan to delay their home purchase + MORE Jun 9th
Over two thirds (68%) of Canadians say they plan to wait until mortgage rates drop before they decide to purchase a house..... More »
This millennial couple makes $130,000 combined. With a baby on the way, a mortgage and car debt, how can they prepare? + MORE Sep 8th
Matt and Elicia’s monthly take-home pay is $6,100. While that may be enough for a couple, they know that they’ll have to prepare to save more for child-care costs soon..... More »
Downsizing vs reverse mortgage: which option is right for you? + MORE Feb 3rd
For many Canadians approaching retirement, their home is by far their largest asset. With detached homes in major cities selling for well above $1 million, it’s not surprising that owners expect to tap into that equity to help fund their golden years, prompting the common refrain: “My home is my.... More »
Combatting Mortgage Fraud: Scrap The Status Quo
– canadianmortgagetrends.com
Canada’s conservative nature means that we have a tendency to abide by the status quo, remaining committed to tradition and the processes that have historically worked in our favour. Fortunately this approach has, in many ways, proven valuable, cushioning us from the damaging effects of various economic downfalls, including the financial crisis of 2008. But with […]
Death, taxes and interest payments! Part 1 of 2.
– canadamortgagenews.ca
Death and taxes, the only two things that are certain in life. You’ve heard this one before. I think there is a third thing that can be just as stressful, ‘interest payments’ (before this article becomes too depressing, I’m going to share some things that will help to reduce our interest costs and minimize our taxes).
Paying interest on your credit cards, loans, lines of credit or mortgage is something all of us will experience at some point in our lives or, for many of us, for most of our lives. ‘Paying interest and taxes can be the death of us’. That’s because taxes and interest payments account for as much as 67% of our gross incomes. That’s right, 67%!!
Tax Freedom Day (the day in which Canada, as a whole, has earned enough income to pay all their taxes for the year) this years was June 14th. Any income earned up to this point was paid over to the government. Any income after this date is paid to yourself. It’s hard to know exactly how much tax you really pay given there are several hidden taxes such as alcohol, amusement, gasoline tax, property taxes, HST, etc…
Paying interest on your credit cards, loans, lines of credit or mortgage is something all of us will experience at some point in our lives or, for many of us, for most of our lives. ‘Paying interest and taxes can be the death of us’. That’s because taxes and interest payments account for as much as 67% of our gross incomes. That’s right, 67%!!
Tax Freedom Day (the day in which Canada, as a whole, has earned enough income to pay all their taxes for the year) this years was June 14th. Any income earned up to this point was paid over to the government. Any income after this date is paid to yourself. It’s hard to know exactly how much tax you really pay given there are several hidden taxes such as alcohol, amusement, gasoline tax, property taxes, HST, etc…
