Tabasum Shuja Bazaz

Unfair 2024 Federal Budget!

Canadian investors, Please consider investing in some other planet. 🤛😀🤛

Suppose an individual investor sells a property with $350,000 in capital gains. Before the proposed changes take effect, the investor would report $175,000 as taxable income, calculated at the current 50% inclusion rate.

However, under the new rules, the calculation shifts. The first $250,000 of capital gains remains subject to the 50% inclusion rate, resulting in $125,000 included in taxable income. The remaining $100,000 of gains is subject to the higher 2/3 inclusion rate, equating to $66,667 included as income. In total, the investor would report $191,667 as taxable income under the new rules.

Best regards,
Tabasum Bazaz
Direct: 416 824 9060
[email protected]

Exciting news for first-time homebuyers!

The Federal Government has announced measures to make it easier for buyers to afford newly built homes in Canada. Starting from August 1, 2024, first-time buyers will be allowed a 30-year amortization period for mortgages on new homes. This change could significantly ease the financial burden for those aspiring to own their first home. If you have any questions or want to discuss how this can assist you in reaching your goal of becoming a homeowner, feel free to reach out!

Tabasum Bazaz
ModernMortgage.ca
Direct: 416 824 9060
Email: [email protected]

Attention Luxury Home Buyers

📣📣📣📣📣

Luxury Land Transfer Tax Changes coming to Toronto effective Jan Ist 2024

3.5 per cent tax would be applied to homes valued at more than $3 million up to $4 million.

4.5 per cent tax would be applied to homes valued at more than $4 million up to $5 million,

5.5 per cent tax to homes valued at more than $5 million up to $10 million,

6.5 per cent tax to homes valued at more than $10 million up to $20 million,

7.5 per cent tax would be applied to homes valued at more than $20 million.

Tabasum Bazaz
Direct: 416 824 9060
[email protected]

High inflation and increasing interest rates have a lot of Canadians keeping a close watch on their finances and for many, housing is a key concern.

The latest consumer survey by the credit monitoring service Equifax suggests that just 50% of Canadians are comfortable with their personal economic outlook. That is a marked decline from 61% last year.

The Equifax data indicates an increasing use of credit cards. At the end of September the average credit card balance in Canada was a record high $2,121.00. Total, non-mortgage debt per consumer is nearly $21,200.00.

The survey focused on renters when measuring housing concerns. One-in-five respondents (20%) said they are unable to find affordable rentals in their preferred location. Seventeen percent said they are thinking about moving to another part of the country to save on housing costs, while 14% felt they would have to move in with family to save money.

Financial pressures also appear to be weighing on home owners and home buyers. Figures from real estate boards across the country show significant declines in the number of sales in major metropolitan areas. An ongoing shortage of new listings is keeping inventories tight.

For those who already have a home, mortgage renewal has become a concern for 53% of them, according to a recent Leger survey. However, 52% say they have a plan to manage higher monthly payments. Most intend to cut spending in other areas.