Things that Canadians Need to Know about Tax Changes in 2024 Let’s find out what the biggest tax changes are in Canada for 2024 and how they affect you.This will be a major update that will affect your finances. 1. Marginal TaxCanada’s tax system is a progressive model, meaning that as income increases, tax liability…
2024 Toronoto Vacant Home Tax Toronto has announced that it will increase its vacancy tax from the current 1% to 3% for 2024. For example, Owners of a $3 million property that has been “declared, assumed, or determined to be vacant for more than six months” in the past year will have to pay $90,000…
MLTT tax change for the City of Toronto in 2024 The vast majority of Torontonians were planning to ring in 2024 with champagne and resolutions – but considering raising taxes on some properties was not part of their New Year’s plans – even though that’s a costly reality. The City of Toronto is introducing a…
Mortgage Discharge Mortgage Discharge We’ve all been through the process of buying or selling a home in Canada, obtaining a mortgage, paying off a mortgage, and sometimes even taking out a second or third mortgage when you’re trying to refinance your home. During this process, you may have come across the terms “charge” or “discharge.”…
Reverse Mortgage Private Mortgage? Private loans are short-term, interest-only loans to purchase real estate and can be easier to qualify for because they are provided by independent individuals or organizations.Private loans are offered by individuals or institutions to prospective homebuyers who can’t get a traditional loan from a financial institution like a bank, and these…
Reverse Mortgage Senior Canadians who have paid off their mortgages on their properties are sometimes left with real estate but not enough cash. This means that despite having a valuable asset, seniors are struggling with cash flow. Thankfully, reverse mortgages can help Canadians leverage their home equity and access additional cash. ➤ What is a…
Collateral Mortgage What is a Collateralized Mortgage? A collateralized mortgage is a type of mortgage product that is “refinanceable,” which means that your lender can lend you more money as the value of your home increases without having to refinance your home loan. In this case, the lender will register your property as a security…
Refinance and Second Mortgage You have a first mortgage (home equity loan) on the property you own, but sometimes you need to take out a mortgage again to access funds. There are two ways to take out a mortgage: a refinance and a second mortgage. It’s important to understand the differences between refinancing and second…
