Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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How Canada’s Small Businesses Can Create Resilient Futures Oct 14th
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Created by
Adam Kirsh, AVP Salesforce Canada
Instead of ‘doomscrolling’ — otherwise known as obsessively checking social media for negative stories about the pandemic and .... More »
Breaking down bank fees + MORE Jul 16th
The COVID-19 pandemic has hit a lot of Canadians hard—emotionally, physically and financially. So it isn’t surprising that many are calling out banks that raised their fees to consumers at a time when so many people are struggling. Given the number of banks that have also reported record profits.... More »
How the Government Has Saved the Economy from COVID-19…So Far Jul 25th
Despite deep economic pain caused by the global pandemic, the Canadian economy—and the housing sector in particular—appears to be bouncing back from the near-complete shutdown of society…at least for now. That’s thanks in large part to numerous government measures meant to keep liquidity flo.... More »
Q2 2020 Bank Earnings – All About Provisions and Mortgage Deferrals + MORE Jun 19th
For the second-quarter earnings season, all eyes were on the Big 6 banks’ credit loss provisions and mortgage payment deferral programs. With the onslaught of COVID-19, the banks granted payment deferrals to more than 700,000 Canadians to help prevent a wave of defaults. In their second-quarte.... More »
The Latest COVID-19 Mortgage News: Toronto Real Estate Sales Plunge 37% + MORE Apr 1st
New data suggests homes sales in Toronto dropped 37% last week compared to the same time last year, according to Realosophy Realty. The firm also says cancelled listings jumped by 27% as thousands of Canadians now find themselves out of work, putting into question the near-term future of Canada̵.... 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…
