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Tag: Minister Of Finance

Canadian New Mortgage Amortization and Refinance Rules Effective July 9, 2012

New Changes to Canadian Mortgage Rules Effective July 9, 2012In reference to the increased debt burden of Canadian family, Canadian government has been taking various measures to stop further increase and reduce the recent debt load as it was experienced high as 152 per cent debt-to-income ratio in February, 2012. Real estate is one of the major areas where it should require a great concern of a government to take efforts to safeguard home financing and interests of home buyers / owners. The federal government is once again going to tighten mortgage-lending rules to soften down the overheated housing market and increased household debt crisis. Mr Jim Flaherty, Minister of Finance, announced new mortgage amortization and refinance rules, according to him these further adjustments to the rules for government-backed insured mortgages will bring down the overextended pressure of households and will help in making the housing market strong in Canada.

Here are the new changes which were announced by the Federal Government for insured mortgages type. These new rules will be effective from July 9th, 2012 are:

  1. The maximum amortization is reduced from 30 years to 25 years. This amortization period reduction will help Canadian families in reducing their total interest payments towards their mortgages, which also means faster build up equity on homes and paying off mortgages. It’s the third time the Harper government has reduced the maximum amortization period in the last four years to make it easier for Canadians to buy homes.
  2. Availability of government-backed insured mortgages to homes is limited by its price; properties purchased for over $1 million are not eligible for mortgage insurance.
  3. Reduce the maximum loan to value ratio on refinances to 80 per cent from 85 per cent. It means now the maximum equity homeowners can take out of their existing home when refinancing is 80% of the value. It’ll promote saving via home ownership and also encourage homeowners to manage borrowings through their homes.
  4. Maximum gross debt service ratio has been fixed at 39 per cent and total debt service ratio at 44 per cent. This will result in better protection to Canadian households in case of an increase in interest rates or sudden economic problem.

In the words of Minister Flaherty, “Our Government stands behind the efforts of hard-working Canadian families to save by investing in their homes and their future”. These adjustments will help Canadian people in realizing their goals, making it easy to purchase homes beside will help in reducing the threat of debt to personal disposable income ratios reaching up to the toxic 160 mark, the rate that caused a major downturn in economies of America and Great Britain. For more detailed information on the update, please visit www.fin.gc.ca


The Tax Free Savings Account (TFSA) Overview

TFSA Basics

It started with a concept that saving money should be for everyone; All the Canadian residents who are at least 18 years old can now save up to $5000 each year through The Tax-Free Savings Account – a flexible, registered account that allows earning a tax-free investment income that can help you meet short as well as long-term goals. Canadian TFSA will create a new wave to savings and investment.

What is TFSA?

Web definitions: “The Tax-Free Savings Account (TFSA) is an account, which provides tax benefits for saving in Canada. Contributions to a TFSA are not deductible for income tax purposes. Investment income (including capital gains), earned in a TFSA is not taxed, even when withdrawn.

History of TFSA

It was introduced by Jim Flaherty, Canadian federal Minister of Finance, in the 2008 federal budget and came into effect on January 1, 2009. This was the time when recession was on its peak when every other government throughout the world was trying to stimulate spending, not saving. Canadians are awarded with TFSAs permit of Tax savings to tuck away up to $5,000 a year on which there is nothing to pay in taxes on whatever that money earns.

The C.D. Howe Institute As supported this measure: “This tax policy gem is very good news for Canadians, and Mr. Flaherty and his government deserve credit for a novel program”.

Benefits of TFSA

The Tax-Free Savings Account (TFSA) is a new investment option for Canadian residents 18 years and older to earn tax-free investment income to more easily to meet lifetime savings needs. It offers flexible form of investment that allows holder to withdraw money from his/her account at any time, free of taxes. Its allocations into the account are non-deductible; however it represents a lucrative opportunity for the individuals with leftover income to invest in a productive savings, without the burden of time constraints. The Tax-Free Savings Account (TFSA) also complements existing registered savings plans like the Registered Retirement Savings Plans (RRSP) and the Registered Education Savings Plans (RESP).

TFSA holds a carry-over nature, that’s why any unused portion under $5,000 cap can be carried forward to subsequent years, without any upward limit. It also allows income splitting to an extent, which allows a higher-earning spouse can contribute to the TFSA of a lower-earning spouse.

Investment income in a TFSA are not taxed, even when withdrawn, whether you are earning in interest, dividends or capital gains. This tax-free compound income means that your money will grow more quickly inside a TFSA in relation to your taxable account. Moreover, an annual contribution limit of $5,000 per year will be indexed to the Consumer Price Index (CPI), in $500 increments, assuming 2% inflation, it will go up to $5500 in 2012.

TFSA’s Eligible Investments

Stocks, bonds, mutual funds, GICs, ETFs, savings accounts and else, TFSA can hold any investments that are RRSP eligible, also includes: eligible shares of private corporations, publicly traded shares on eligible exchanges, various debt obligations, installment receipts, money denominated in other currencies, trust interests like mutual funds and real estate investment trusts, annuity contracts, warrants, registered investments, royalty units, partnership units, depository receipts, and rights and options.

How TFSAs different from RRSPs?

Tax treatment of a Tax-Free Savings Account (TFSA) is opposite to a Registered Retirement Savings Plan (RRSP), there is a tax deduction for contributions and withdrawals of contributions and investment income are all taxable with RRSP. On the other hand, there is no tax deduction for contributions to TFSA, and also there is no tax on withdrawals of investment income or contributions from the account. Every person is entitled for investment money up to $5,000 per year that can be placed into a TFSA. This amount can then be withdrawn without penalty and a time limit. Unlike RRSP’s that must be withdrawn before the holder reaches 71, where the TFSA doesn’t expire. Moreover, the contribution room for the funds withdrawn from a TFSA is reallocated in the tax year after the withdrawal, unlike the RRSP, where the contribution room is permanently reduced once the contribution is made.

In the words of The Canada Revenue Agency (CRA) that describes the difference between a TFSA and an RRSP: “An RRSP is primarily intended for retirement. The TFSA is like an RRSP for everything else in your life“.

Does TFSA require expansion?

According to Stephen Harper’s latest proposal it would double the contribution limit to the Tax Free Savings Account (TFSA) to $10,000 a year; Harper pledges to raise tax-free savings limits. It’s good news for people who are already rich enough to get more tax credit on their easy savings and the banking sector that would willing to see expansion of the TFSA that mean they will get more deposits, more lending and resulting in more profits. The richer would get a bigger tax shelter. But on the other hand there is no broad based demand to double the limit. Indeed, TFSA is a good program and rather than expansion it should be capped.

I always appreciate Stephen Harper and his government because these people have to face a biggest global recession and have successfully handled in keeping up our dollar value but our economy is still under pressure with a group of those people who are still unemployed, without enough savings to invest into future and looking for the better jobs and if it’s really mandatory to go for an expansion then people with financial concern really want to know about:

  • Have the majority of the Canadians already taken the TFSA program?
  • How TFSA expansion will affect future tax revenues?

It seem there are lot of people who don’t agree with a TFSA expansion program; Armine Yalnizyan is a senior economist with the Canadian Centre for Policy Alternatives, here’s you can also read his own findings, Who really benefits from TFSA? The wealthy, for sure.

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New Government Backed Insured Mortgage Rules to Take Effect April 19

The Minister of Finance Jim Flaherty, on February 16th, announced new mortgage rules designed to ensure buyers can manage their debt of rising rates of interest, and to slow the speculation in real estate property.

Minister Flaherty commented on the mortgage issue:

“There is no clear evidence of a housing bubble, but we are taking proactive, prudent and cautious steps today to help prevent one. Our government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it.”

The new rules will come into force, on 19 April 2010; here is a brief overview changes apply to the government-backed insured mortgages:

  1. Borrowers should now be available at a fixed rate of five years even if they choose a mortgage loan with a lower interest rate and the short term. Rationale for the Government for this change is that it will help borrowers to prepare for a higher rate even if it can tighten home buyers purchasing power.  It remains unclear if borrowers must benefit rate posted five years or reduced the rate of five years.
  2. The maximum amount that Canadians can withdraw in their mortgage loans refinancing will be reduced to 90 per cent of the value of their homes instead of 95 per cent. Justification of the Government for this change is that it will help to ensure that accession to the property is a more efficient way to register.  The impact of this change is expected to be minimal as owners relatively little withdraw equity their houses to this extent.
  3. A minimum down payment deposit of 20 per cent will be required for Government backed mortgage insurance on properties that are non-owner occupied “purchased for speculation,” which means rental realistic.   While this measure is intended to hinder the speculative purchase of properties by reducing the buyers leverage effect, it will have an impact also on those buying real estate in general investment purposes.

Don’t forget to talk to your mortgage professional for the advice on the mortgage strategy that meets your needs and how these changes might affect you.


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