First-Time Home Buyers’ (FTHB) Tax Credit

General Denise Dunkley 30 Nov

The costs associated with purchasing a home, such as legal fees, disbursements and land transfer taxes, can be a particular burden for first-time homebuyers who must pay these costs, as well as save money for a down payment.

To assist first-time homebuyers with the costs associated with the purchase of a home, the Government of Canada introduced a FTHB Tax Credit in 2009 — a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. For an eligible individual, the credit will provide up to $750 in federal tax relief starting in 2009. Just another way to make mortgages reachable. 

DID YOU KNOW – Property Tax Balances

General Denise Dunkley 14 Nov

Several municipalities throughout Canada are charging a fee for processing tax payments collected by financial institutions – this fee can be passed on to the homeowner.

For those homeowners that are transferring their mortgage to another financtial institution and have previously included the property tax component in their mortgage payment, it is important to clarify how the property tax portion is processed on a payout statement. Any unused portion of property tax in a ‘sundry account’ may be deducted from the mortgage balance rather than applied as a tax payment to the municipality.

If this happens, this can create unpleasant surprises of unpaid property tax bills for the homeowner which will require attention and can take time to sort out.

In most cases homeowners can assume the responsibility to pay the property tax on their own by way of preauthorized arrangements direct with your City Tax Department.

"The Benefits of Accelerating Your Mortgage"

General Denise Dunkley 9 Nov

Industry News
One of the best risk-adjusted investments you can make requires no commissions, no buying and selling, and no management fees.
According to a new study from the Certified General Accountants Association of Canada, the boring old mortgage prepayment performs better than most common retirement savings vehicles, including RRSPs.
“Single individuals and couples with no dependents may be better off accelerating their mortgage payments than contributing to a retirement account,” finds the study. “This is the case for all income levels and savings rates, but particularly for lower-income individuals.”
“Those earning $30,000 annually and saving 2% of their earnings will get a nearly twice higher return by accelerating their mortgage payments compared with saving through an RRSP.”  Visit to apply or inquire online.