Wednesday, December 23, 2015

New Tax Rates and TFSA Changes for 2016

The Liberal government  is implement the tax changes as set out in their campaign. So are you wondering how this will affect your bottom line? 

Majority of Canadians actually will not be affected by the new tax bracket for income over $200,000 a year, however everyone will see their tax-free savings account contribution limit be reduced to $5,500.

To continue reading on with these changes, please click here for more.

Monday, December 14, 2015

Taking Control of Your Money in 2016

With talk about the climbing real estate prices, a recovering global economy keeping investment analysts cautious and the decline in oil prices, it is challenging for the average Canadian to know where to invest or even how to simply manage your personal funds.

The good news is 2016 is no different when it comes to the basic rules on sound personal financial planning.

The first rule has been and always will be; reviewing your personal and household debt. Reviewing how much debt exists, how it could be lowered and setting a time frame for repayment or eliminating it can help you to take control of your money and focus on your financial goals and priorities for the year.

Once your debt is under control and it is determined whether or not you are living within your means, cash flow can be considered. The traditional idea that monthly expenses are identified first and leftover savings second still applies.

Upon confirming cash flow, tax review comes next. Experts recommend families look at all tax incentives they can take advantage of. Although the anticipation for 2016 is the Tax Free Savings Account limit will be clawed back from $10,000 to $5,500, tax analysts report middle class families should watch for a tax break on the rate for the middle income tax bracket moving from 22 percent to 20.5 percent.

Discussing your financial situation with the whole family is another recommended step in your personal financial planning process. By involving family members, the final financial plan can better reflect everyone’s interests equally. Experts point out today’s family definition may extend beyond the conventional family unit and include siblings, aging parents or close acquaintances.

Finally, after the year’s plan has been established, experts recommend families look to resources for more detailed information about financial planning.

As a mortgage professional, I can be a crucial resource and tool to help you.  Ask me how you can reduce your overall mortgage costs so you can put more into your home equity or savings.

Attention First Time Home Buyers!



Sunday, December 13, 2015

The most important charts for the Canadian economy in 2016

You may find this very interesting - Click on the link below and you will find various charts that will help you understand the economy in the upcoming year ahead.

If a picture is worth a thousand words, a good chart has just as much capacity to inform our understanding of the world. Which is why Maclean’s has once again asked dozens of economists, analysts, investors and financial writers to each share their pick for the most important chart for Canada in the year ahead. The charts cover the full range of factors impacting our economy, from trade and energy to demographics and employment. And next to each chart you’ll see a brief explanation from each person about why they believe the chart is so important.

Click here to go to the article and shed some light on the economy in the year ahead from Canada's brightest minds.

Saturday, December 12, 2015

Negative interest rates an option in Canada, Stephen Poloz says

Mr Stephen Poloz could follow in the steps of other countries and put the benchmark rate below zero. He has indicated the Canada's financial markets could possibly function in a negative interest rate environment. But while Poloz opened the door to the possibility of negative interest rates, he stressed — in English and French — that the bank has no current intention to do so.

Very interesting discussion on this strategy.  click here to read more on this subject.

Friday, December 11, 2015

New Mortgage Rules Coming in Feb 2016

The news is in - CMHC will be changing the down payment rules. Starting in February 2016, CMHC will require a 10% down payment on the portion of any mortgage over $500K. The 5% rule remains the same for the portion under $500K.

Click here to read more on this rule or contact me today for more information.

Thursday, December 3, 2015

5 simple ways to turn holiday madness into stress-free celebration

(NC) The kids are off school, family and work obligations are competing for your time, and the items on your to-do list are growing by the minute. So, while we might want to be singing, “'tis the season to be jolly,” what we might be better off singing is, “'tis the season to stay organized!”
“Being disorganized is a huge stressor that is only amplified by the increased demands put on us during the holidays,” says Tara Redmond, vice-president of plant engineering at UPS Canada. “Time is a valuable asset, and everybody needs more of it. You can actually maximize the amount of time you spend enjoying the season by staying organized and prepared for what's ahead.”
Beat the burnout this season, with these five tips from the experts at UPS for managing your time, conquering your to-do list, and remaining stress-free this year:
1. Plan in advance: Whether you're buying gifts for loved ones or cooking for the family, it's important to plan ahead. Make a to-do list and plan to tackle one thing per day to help ease the stress.
2. Mark important dates in your calendar: Highlight important dates, especially if tasks require multiple steps. If you're sending gifts to loved ones, make sure shipping cutoff dates are clearly marked to ensure they arrive on time.
3. Buy gifts online: Eliminate the hassle of finding a parking spot and shop from the couch in your cozies. Shipping packages directly to the doorstep of a loved one also takes the task of gift wrapping off your to-do list, as many online retailers offer to do this for you.
4. Manage shipments: Services such as UPS My Choice make it easier for you to direct packages to a location close to you, and can notify you via text, voice or email alerts as to incoming shipments. UPS Access Point locations are convenient places – such as The UPS Store, local grocery stores or other local businesses – that offer easy package drop-off or collection.
5. Stay within budget: Set a budget and stick to it. At the end of the season you'll be proud of yourself, and will feel confident when you receive your credit card bill.
6. Take a pause: In all the commotion that comes with the holidays, we sometimes forget to look after ourselves. Balance spending busy social time with friends and extended family with rest, relaxation and quiet time spent at home. Source:

Bank of Canada keeps benchmark rate at 0.5 per cent

OTTAWA -- The Bank of Canada left its trend-setting interest rate unchanged Wednesday, saying the economy is adjusting as expected to the bite of low commodity prices and weaker-than-anticipated U.S. demand.

Click here to read more on this decision.