A couple of industry updates before the interest rate announcement by the Bank of Canada on October 25th takes all the spotlight:
1. With just over two months left until December 31, we cannot emphasize enough the importance of maximizing contributions to the newly introduced First Home Savings Account (FHSA) by year-end. If you are a First Time Home Buyer, this account was created specifically for you to help get to the desired downpayment amount quicker.
Making tax-deductible contributions up to the annual limit of $8,000 could potentially result in income tax savings of approximately $2,400 per year, if not more, in the following spring. These amounts are per person, so if there are 2 first-time home buyers, the savings really start adding up to a substantial amount.
If you are a realtor, I highly recommend contacting your clients with this information.
2. Do you know any business owners who took out the Canada Emergency Business Account (CEBA) Loans during the pandemic days?
These loans are due on December 31, 2023 / Jan 18, 2024. Partial repayment of the loan may result in debt forgiveness of up to $10,000.
Some clients are opting to use the existing home equity to pay off a portion of their loans in order to get a $10,000 loan forgiveness. Please consider sharing this valuable information with business owners who may benefit from it.
Do you have any questions?
Reach out to our team of experienced professionals at Access My Home Equity today for a free consultation:
Email: info@accessmyhomeequity.ca
Phone: 604-362-4467
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