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CMHC Calls for Surtax on $1M+

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Tag Archives: Taxpayers

CMHC Calls for Surtax on $1M+

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Get your complementary Pre-Approval from aDiamondMortgage, here. CMHC-Backed Report Calls for Annual Surtax on Homes Valued at $1M+ A new report backed by Canada’s national housing agency is calling for a home equity tax on houses valued at $1 million and more. On Wednesday, advocacy group Generation Squeeze released a report entitled Housing Wealth and Generational Inequity, which explored policy incentives [&hellip…

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Homes Tax put on Vancouver’s mortgage holders?

Owners of secondary properties in Vancouver have at least one reason to dread 2021: a near-tripling of the city’s Empty Homes Tax. On November 25, after Vancouver city council voted in favour of the increase, Mayor Kennedy Stewart spoke about how the higher tax should benefit the city’s renters. “It is clear that the Empty Homes Tax [&hellip…

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Financial Literacy: Understanding how the Smith Manoeuver works

In Canada, interest paid on your mortgage for your personal residence is not tax-deductible. The Smith Manoeuvre is a strategy used to convert the interest you pay on your mortgage into a tax-deductible investment loan interest. The strategy derives its name from financial planner Fraser Smith. article continues below  The Smith Manoeuvre is not a super-complicated [&hellip…

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