23

Jan

Cracking down on tax evasion and avoidance

Tax evasion and aggressive tax avoidance impacts all Canadians Canada has one of the highest voluntary compliance rates in the world – most Canadians file and pay their taxes on time. But, a small minority still choose to not pay what they owe. This is not fair and has to stop. Tax schemes rob Canadians of important resources and deprive all levels of government of tax revenues that provides essential services to all Canadians. Canadian taxpayers should not be burdened with paying for

06

Dec

CMHC Hiking Insurance Premiums

Homebuyers with less than 20% down are going to pay more. CMHC is hiking mortgage insurance rates for the third time in three years. Premiums are jumping up to 0.65 percentage points on the highest LTV mortgages, effective March 17, 2017. Here’s the new premium table: But high-ratio hikes aren’t the only story. Premiums on mortgages between 65.01 and 80% LTV are soaring too. At 80% LTV, the premium is almost doubling to 2.40%. That will push up interest rates among lenders who

06

Dec

Bank of Canada maintains overnight rate target at 1/2 per cent

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. Uncertainty about the global outlook is undiminished, particularly with respect to policies in the United States. The Bank has made initial assumptions about prospective tax policies only, resulting in a modest upward revision to its US growth outlook. Overall, the global economy is strengthening

06

Dec

Mortgage rate outlook 2017.. Expect Fixed mortgage rates to go up…Expect Variable rate pricing to drop.

Fixed mortgage rates have increased by about 0.40% in the last 6 weeks.   Today’s 5 year fixed rates are at around 2.89% and will could continue to go up in 2017.   There are political and fundamental reasons why rates have gone up. (oh, by the way..  it’s not panic time.. who ever said that 5 yr fixed rates were the best product to choose anyways? more on this later.) FUNDAMENTAL REASONS Govt of Cda bond yields have gone up around 0.55% since October (fixed rates are priced from