Do you know where your last Notice of Assessment (NOA) is filed? If you're like most Canadians, you either stuffed it in the back of a drawer somewhere or recycled it after you checked the amount of your tax refund. Here are 5 reasons you should keep track of it:
It may seem counter-intuitive to think about refinancing your mortgage right before your income taxes are due. After all, how are they even related? The reality is that your mortgage is probably the single largest debt you carry, and you're paying it off with after-tax income.
In the face of an increasing cost of living, it can be tempting to give up on the monthly grind of saving - whether for your down payment or to pay down your mortgage faster - and instead use that money for something that will bring you satisfaction right now. For example, did you know that Canadians spend more time planning their vacation than their mortgage? A mortgage may not be as exciting, but it is something you'll be living with for years. And if you take the time to figure it out, you may be able to afford to travel more in the future.
It probably comes as no surprise to residents of British Columbia – especially those in Vancouver, Victoria and the Fraser Valley – but the province once again has the least affordable homes in Canada. Toronto and Nanaimo round out the top 5, at third and fifth respectively.
Jan 24 2018
A reverse mortgage can be a great financial solution for Canadian seniors to unlock the equity in their home during their retirement. There are still a lot of myths about this product, so our team of certified reverse mortgage specialists wants to set the record straight.
When the latest B.C. property assessment arrived in your mailbox earlier this month, you may have had mixed feelings. If your property is typical of Victoria - or indeed most of the province - the assessed value of your property has probably increased by a percentage that's in the double-digits. On one hand, you've gained more equity simply by continuing to own your home. On the other hand, a higher assessment also brings higher property taxes that you may not have budgeted for.
Jan 12 2018
One of the most difficult things for people when it comes to their personal finances is planning and sticking to a budget. When you're buying your first home, it's likely the biggest purchase you have made in your life; knowing what you can realistically afford each month becomes even more important!