m23

The Lifecycle to Retirement

A carefree retirement for many of us is going to be a balancing act between your must-haves and your nice-to-haves.  Prioritizing personal lifestyle preferences in the present and for the future is important at any age, and will help ensure you retire comfortably. Your 20s: Building Potential As you finish school and enter the work [...]


the mortgagecentre3

RRSP deduction limit 2013

The deadline for RRSP contributions for the 2012 tax year is March 01, 2013.  The maximum contribution is $22,970.00 to a maximum of 18% of your earned income from the previous year less your pension adjustment, if any. The major sources of earned income are derived from salary or hourly wages, business income, alimony, and [...]


m23

TFSA- Tax Free Savings Account

The amount Canadians can stash away each year in tax-free savings accounts is increasing by $500 to $5,500, starting Jan. 1, 2013. This was just announced on Monday November 26, 2012. Therefore if a tax payer has not contributed since the TFSA was introduced then the unused contribution room carried forward accumulates to $25,500 of [...]


m23

TFSA- Tax Free Savings Account

The amount Canadians can stash away each year in tax-free savings accounts is increasing by $500 to $5,500, starting Jan. 1, 2013. This was just announced on Monday November 26, 2012. Therefore if a tax payer has not contributed since the TFSA was introduced then the unused contribution room carried forward accumulates to $25,500 of [...]


DMC3

Changes to Home Financing Rules

The OSFI (Office of the superintendent of Financial Institutions) is placing key mortgage restrictions in their new B-20 underwriting guidelines.  These guidelines are drafted for federal banks and trust companies.  Credit unions are regulated provincially and are not currently subject to these changes. Two key changes to the underwriting guidelines are…… Home Equity Line of [...]


DMC3

Mistakes made when putting together an offer.

It’s not over once you’ve found the house you want. Now you have to make an offer. Some common mistakes at this stage include:  Low-balling – New buyers often offer too little or want too many concessions from the seller.  That can alienate the seller, with the result that he simply rejects the offer without [...]


m23

Cottage Succession Planning

There are a number of things to consider when transferring a cottage to family members. The first thing to consider is “what is the plan for the cottage” as far as transferring to heirs. Is the cottage going to be transferred now or upon death. Is it going to a single individual or joint ownership? [...]


m23

Where are the markets headed for the remainder of 2012?

Europe-While leaders will continue to make an effort to keep Europe intact, the solutions will only be temporary, as they have been since the region’s debt crisis took center stage roughly two years ago. “They’ll keep coming up with different band-aid proposals that will kick the can further down the road,” said Donald Selkin, chief [...]


m23

Summer Slumps

“Sell in May and go away, come back on St Ledger Day [September 15th]” is an old stock market saying suggesting summer slumps are caused by the idle rich going on holiday, causing a large drag on the market. While this might have been true in the old days, especially in Europe, it seems unlikely [...]


the mortgagecentre3

Five emotional mistakes home buyers often make

The Emotional Buyer – Keep your emotions under control. 1. Love Hurts – Falling in love with a home. A buyer has to reconcile dreams with realities. It’s often difficult to look at the pros and cons of a home rationally if you let yourself become too emotional about a particular property. 2. Keep Control [...]