Mortgage Brokers & Mortgage Rates Ontario. Please Note: Rates are only valid where subject property is located.
In better times, get the lowest rates. Ontario’s housing market is gradually improving, with existing home sales and housing starts gaining strength. As the real estate market remains competitive, interest rates will continue to impact Ontario investors and homeowners. How to buy a first house without killing your retirement. The millennial’s dilemma: Buy a house or save for retirement?
If forced to choose, retirement wins. But maybe the two goals can co-exist, even in the expensive housing markets in cities like Toronto and Vancouver. The challenge is to find a home that you can afford while maintaining a commitment to saving for the future. The usual measures of house affordability compare your mortgage plus other debts and property taxes with your income.
Let’s tweak things by adding retirement savings to the picture. My Real Life Ratio spreadsheet will help you do this. Let’s say you and your spouse have combined household take-home pay of $80,000 (roughly $100,000 on a pretax basis) or $6,666 monthly. Home Buyers Plan and Lifelong Learning Plan. This is another “bonus” for RRSP’s.
I think I would definitely take advantage of it, if you have that much money saved up in your RRSP’s. The Home Buyers Plan The Canadian government recently up’d the amount from $20,000 withdrawal, to $25,000 this year (2009). Ontario 2014 and 2013 Personal income tax brackets and tax rates. Ontario Tax Rates - Current Marginal Tax Rates -> Ontario Personal Income Tax Rates The Federal tax rates for 2016 are as per Bill C-2 tabled in December 2015.
The Ontario tax brackets, personal amount and surtax amounts were increased for 2016 by an indexation factor of 1.015, except for the $150,000 and $220,000 amounts, which are not indexed, as per the ON 2014 budget. The Federal tax brackets and personal amount were increased for 2016 by an indexation factor of 1.013. The indexation factors, tax brackets and tax rates have been confirmed to Canada Revenue Agency information. The 2016 marginal tax rate for non-eligible dividends reflects the rate that is in effect automatically due to the change in the gross-up rate for 2016. Please read the article Understanding the Tables of Personal Income Tax Rates. Is It Better to Rent or Buy? The Smith Maneuver: A Canadian Mortgage Tax-Deductible Plan. Canadian homeowners do not enjoy the same mortgage interest deduction that their neighbors to the south do.
Fortunately, the Smith Maneuver is a powerful financial method that gradually restructures the largest non-deductible debt of your lifetime (your mortgage) into a deductible investment loan. Additionally, you’ll receive increased annual tax refunds, reduce years off your mortgage, and increase your net worth - all using legal methods reviewed by the Canada Revenue Agency (CRA). Method The Smith Maneuver does not happen overnight; it takes years to complete. GetSmarterAboutMoney.ca. The Best Time to Buy Anything During the Year. Finding a Financial Advisor: The Screening Process. While I’m passionate about DIY investing and believe that most people can learn to invest on their own, the reality is that, for whatever reason, most Canadians don’t have the interest and/or inclination in DIY planning and would rather hire a financial advisor.
As I get a number of questions on how to find a financial advisor, I decided to find out for myself how easy or difficult it is to find a “good” one. I started my search by doing a bit of reading – the Mackenzie Financial website has a lot of useful information. In her book, Spend Smarter, Save Bigger, author Margot Bai devotes an entire chapter to getting financial help (Chapter 16, deceptively titled Easy Investing Alternatives to Grow Your Savings Faster).
Preet Banerjee, himself a financial advisor, has written many posts (kinds of financial planners, selecting a financial planner) on the topic of financial advisors on his blog. The type of financial help you can get is limited by the size of your investment accounts. Retirement Savings Guide. Saving at 25 vs Saving at 35. 25 Financial Terms Every Functioning Adult Should Know. Do you know your AGI from your ARM from your PMI?
Or does the mere mention of those acronyms make you go, “Huh?” Tax Free Savings Account (TFSA) This Brilliant Pyramid Outlines The 6 Steps To Financial Success. 40 Financial Things You Should Know by 40 Many by-40 milestones have become debatable: Get married?
Only if you really want to. Own a home? If it's financially feasible. Know what you want to be when you grow up? Well, if 40 is the new 30, you're certainly entitled to change your mind. But there's one thing that's non-negotiable: By age 40, you can't get away with being financially clueless anymore. 1. 2. 3. 4. 5. RELATED: 3 Households, 3 Budgets: How We Divvy Up Our Paychecks 6. 7. 8. RELATED: The Mistake That Plunged My Credit Score 200 Points. Top 10 Tricks for Building the Perfect Budget. Top 10 Things You Never Have to Pay Full Price For.