Blog
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Moving for work? Don’t forget to claim your moving expenses
So long Ontario and BC… Alberta and Atlantic Canada are luring Millennials and Gen Zs in record numbers, with that rare combination of good job prospects and, with home prices that are still within reach, a decent shot at home ownership. The latest figures from Statistics Canada show 50,000 young families per year are leaving […]
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Bank of Canada raises its key policy rate by .25% to 4.75%
The Bank of Canada increased the overnight rate today to 4.75% citing persistent inflation at 4.4%, a hot job market and stronger than expected economy. By raising the overnight rate, the expected effect in the coming months is: “In our baseline forecast, the labour market will soften as the economy slows. Wage growth will ease. […]
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Understanding CRA Reporting Rules for Property Sales – Including Your Principal Residence
This article is for information purposes only and is not intended as tax advice. We recommend you consult a recognized and accredited tax professional if your situation warrants it. Real estate is widely considered to be one of the best investments you can make. It’s an excellent way to build wealth through capital appreciation or […]
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Practical Tips for First-time Home buyers
For most people, homeownership is the ultimate financial goal. After all, your home is likely to be your biggest financial asset and the cornerstone of your financial plan. If you’re already a homeowner, you likely remember the feeling of achieving your first home – excitement, happiness, pride. Although first-time buyers today are facing a much […]
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Should I break my mortgage early?
The house you’ve had your eye on for years comes up for sale and you jump at it, interest rates have dropped or another lender is offering you what appears to be a better deal, you’ve recently gone through a separation or divorce, or your spouse passed away and you can’t carry your house on […]
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Bank of Canada continues to hold its key policy rate at 4.5% today
With the unemployment rate at 5% and inflation at 5.2%, the Bank of Canada held the overnight rate at 4.5%. Most Canadian economists believe the key interest rate will be held at 4.5% for the duration of 2023 even though the central bank left the door open to more tightening. The next official inflation announcement […]
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Struggling homeowners ask, “Can I hang on long enough for rates to come down?”
Scenarios like the ones below are playing out all across Canada, in big and small markets, as homeowners grapple with the effects of inflation and high interest rates. It may be a few years before we can all breathe a little easier but for now, many people are just looking for practical advice to get […]
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Bank of Canada held its key policy rate at 4.5% today
With the unemployment rate at 5% and inflation at 5.9%, the Bank of Canada held the overnight rate at 4.5% following 8 consecutive rate hikes. In January, the Bank stated that it “expects to hold the policy rate at its current level while it assesses the impact of the cumulative interest rate increases”. A mild recession or […]
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Tax Rule Changes for 2023 and beyond
Tax-Free First Home Savings AccountThe Tax-Free First Home Savings Account (FHSA) rules should become effective April 1, 2023. You can contribute up to $40,000 over your lifetime and up to $8,000 for any one year, including 2023. Click here to read our article about this new program. Multigenerational Home Renovation Tax Credit This took effect January 1, […]
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What first-time homebuyers can expect with the new tax-free First Home Savings Account
Since it was proposed in the 2022 Federal Budget, we’ve learned more details about this exciting new program aimed at helping first-time homebuyers purchase a home. The bill is currently before Parliament and assuming it will be passed, the FHSA rules will enter into force on April 1, 2023. A quick recap: The FHSA is a […]