My favorite time of year is nearly here! Many of you know what I am taking about. Yes, it's my birthday, coming up in April. The best part about my birthday is that I love to take it as an opportunity to give back. For the last 3 years I have held Jamie's Birthday Extravaganza as a charity event, in support of 3 different charities. The Gateway of Hope, The Ride to Conquer Cancer, and last year, the Leukemia Society. This year I have chosen a very special charity, the Heart and Stroke Foundation. Every 7 minutes a Canadian dies from heart disease or stroke, and 9 in 10 Canadians have at least one risk factor for heart disease or stroke. My family, like many, has been personally touched by this.
That's why I wish to invite you all to my Birthday Extravaganza on Friday, April 13th at the Townhall Public House located at 19640 64th Ave in Langley, from 5pm - 9pm. The tickets are just $20 this year, and you will get a burger and drink. Almost half of the ticket price is going to charity! It is going to be a fun night for a great cause. I encourage you to get a group of friends or colleagues together and get tickets early because we have limited seating this year. Please email me for further details and tickets.
In mortgage news, you have all heard that the provincial government is now offering a $10,000 bonus to first time homebuyers. I will not deny that every little bit helps, however, this is really just a little bit. The bonus is an income tax credit that applies to the PST return, not cash in hand for the buyer. It will equal a maximum pay out of $770 to new home buyers. The article and link below describe the new bonus.
All the best!
Jamie Moi, AMP
Dominion Lending Centres - West Coast Mortgages
Your mortgage consultant for life
604-534-6504
jamiemoi@jamiemoi.com
And don't forget to Like my Facebook page at
www.facebook.com/JamieMoiMortgageTeam.
Tuesday, February 28, 2012
Friday, February 24, 2012
$10,000 First Time Homebuyer Bonus...
Here is a break down of what the $10,000 First Time Homebuyer Bonus from the Mortgage Brokers' Association of BC.
Geoff Parkin, MBABC President Announcement :
$10,000 First Time Homebuyer Bonus
In the proposed BC budget released yesterday the government announced a $10,000 First Time Homebuyer Bonus.
It is important that we understand the nuances of this program and can share those with the clients.
• First, this is a $10,000 income tax credit - not cash
• The tax credit is equal to 5% of the home price, subject to a maximum of $10,000
• The tax credit is pro-rated based on your income and phases out for higher income families
• The tax credit is applied at the time you file your annual tax return. Hence, it is not to be construed as funds that are available at closing date on a purchase.
• The $10,000 tax credit is effectively applied as an offset against your income. In the tax return preparation, that means that you do not get $10,000, but rather get a credit equal to the tax rate on $10,000 of income in your personal tax bracket. Since this is a BC tax credit, not federal, it only applies to the BC tax you pay on your personal income. The typical BC tax rates for individuals is 7.7%. So, you get the equivalent of a $770 tax payment to you.
• This credit only applies to brand new homes
• This credit only applies to first time homebuyers
Geoff Parkin, MBABC President Announcement :
$10,000 First Time Homebuyer Bonus
In the proposed BC budget released yesterday the government announced a $10,000 First Time Homebuyer Bonus.
It is important that we understand the nuances of this program and can share those with the clients.
• First, this is a $10,000 income tax credit - not cash
• The tax credit is equal to 5% of the home price, subject to a maximum of $10,000
• The tax credit is pro-rated based on your income and phases out for higher income families
• The tax credit is applied at the time you file your annual tax return. Hence, it is not to be construed as funds that are available at closing date on a purchase.
• The $10,000 tax credit is effectively applied as an offset against your income. In the tax return preparation, that means that you do not get $10,000, but rather get a credit equal to the tax rate on $10,000 of income in your personal tax bracket. Since this is a BC tax credit, not federal, it only applies to the BC tax you pay on your personal income. The typical BC tax rates for individuals is 7.7%. So, you get the equivalent of a $770 tax payment to you.
• This credit only applies to brand new homes
• This credit only applies to first time homebuyers
Tuesday, February 21, 2012
Just think...
Happy Tuesday! Just think, next year at this time we will be coming back to work after a long weekend! I'm already looking forward to Family Day in BC. Some how it hurts a little more to know the rest of the country has something that we don't yet.
Good news, last week the provincial government announced that the HST threshold has been increased from $525,000 to $850,000 effective April 1st, 2012. Not only have HST rebates been increased but, provisions have also been put in place for secondary and recreational home builds outside of the Vancouver and Victoria areas. Hopefully this will act as a stimulus until the tax is fully transitioned out. Several groups continue to lobby the government for a revision of the Property Purchase Tax. Although there is little chance that the tax will be completely eliminated, the idea to ask for indexing the tax or allowing for a flow through from builders to final consumers is being reviewed for proposal to the government.
Are you looking to buy a home and not sure where to start?
Come to the First Time Home Buyers Seminar and Tour.
SUNDAY, April 29, 1PM- 4PM
Start point will be the Sutton Group West Coast Realty Office on Willowbrook Drive in Langley
Looking to buy a new home and not sure how to do it?
We can help!!!
Join us for an educational and fun seminar and real estate tour!
We will meet up for a 45 minute seminar, followed by a tour of properties in Langley and Clayton.
Come and see how buying is more affordable than renting!
Spaces fill up fast, so register early by emailing Jamie at jamiemoi@jamiemoi.com
All the best!
Jamie Moi, AMP
Dominion Lending Centres - West Coast Mortgages
Your mortgage consultant for life
604-534-6504
jamiemoi@jamiemoi.com
And don't forget to Like my Facebook page at
www.facebook.com/JamieMoiMortgageTeam.
Good news, last week the provincial government announced that the HST threshold has been increased from $525,000 to $850,000 effective April 1st, 2012. Not only have HST rebates been increased but, provisions have also been put in place for secondary and recreational home builds outside of the Vancouver and Victoria areas. Hopefully this will act as a stimulus until the tax is fully transitioned out. Several groups continue to lobby the government for a revision of the Property Purchase Tax. Although there is little chance that the tax will be completely eliminated, the idea to ask for indexing the tax or allowing for a flow through from builders to final consumers is being reviewed for proposal to the government.
Are you looking to buy a home and not sure where to start?
Come to the First Time Home Buyers Seminar and Tour.
SUNDAY, April 29, 1PM- 4PM
Start point will be the Sutton Group West Coast Realty Office on Willowbrook Drive in Langley
Looking to buy a new home and not sure how to do it?
We can help!!!
Join us for an educational and fun seminar and real estate tour!
We will meet up for a 45 minute seminar, followed by a tour of properties in Langley and Clayton.
Come and see how buying is more affordable than renting!
Spaces fill up fast, so register early by emailing Jamie at jamiemoi@jamiemoi.com
All the best!
Jamie Moi, AMP
Dominion Lending Centres - West Coast Mortgages
Your mortgage consultant for life
604-534-6504
jamiemoi@jamiemoi.com
And don't forget to Like my Facebook page at
www.facebook.com/JamieMoiMortgageTeam.
Wednesday, February 15, 2012
Contribution
Happy Valentine's Day! Spring certainly feels like it has sprung and the warmer weather had been a great encouragement to get buyers out shopping for homes. The big banks have pulled their deeply discounted rate promotions due to high funding costs and low profit margins. Otherwise rates are stable and some are expecting prime to drop in upcoming months. The spread between prime and the 5 year fixed is traditionally larger so, there is some merit to these predictions. The Bank of Canada will be meeting again on March 8th.
A reminder that the RRSP contribution deadline is February 29th this year. We get one extra day to pay ourselves and receive a tax break. If you are wishing to contribute but are short on cash, I can help. By adding funds for an RRSP contribution to your mortgage, you can throw your resulting tax refund back on your mortgage. Or, if you are looking to get ahead in the coming year, I can drop your monthly mortgage payments allowing for extra funds to be investment in RRSPs. This can make for a nice refund come the summertime.
Trying to figure out how to get ahead in 2012? Contact me! I'll show you how to save an average of $22,000 on your mortgage in the next 5 years.
All the best!
Jamie Moi, AMP
Dominion Lending Centres - West Coast Mortgages
Your mortgage consultant for life
604-534-6504
jamiemoi@jamiemoi.com
And don't forget to Like my Facebook page at
www.facebook.com/JamieMoiMortgageTeam.
A reminder that the RRSP contribution deadline is February 29th this year. We get one extra day to pay ourselves and receive a tax break. If you are wishing to contribute but are short on cash, I can help. By adding funds for an RRSP contribution to your mortgage, you can throw your resulting tax refund back on your mortgage. Or, if you are looking to get ahead in the coming year, I can drop your monthly mortgage payments allowing for extra funds to be investment in RRSPs. This can make for a nice refund come the summertime.
Trying to figure out how to get ahead in 2012? Contact me! I'll show you how to save an average of $22,000 on your mortgage in the next 5 years.
All the best!
Jamie Moi, AMP
Dominion Lending Centres - West Coast Mortgages
Your mortgage consultant for life
604-534-6504
jamiemoi@jamiemoi.com
And don't forget to Like my Facebook page at
www.facebook.com/JamieMoiMortgageTeam.
Wednesday, February 8, 2012
Current Cap
It has been a very busy start to the year and there is no sign of it letting up anytime soon. This is great news as changes in mortgage guidelines are expected. Last week it was announced that CMHC (Canadian Mortgage and Housing Corp) is rapidly approaching their $600 billion cap. The role of CMHC is to insure mortgages for the protection of lenders. Borrowers pay the CMHC premium on mortgages where there is less than 20% equity in the home, and the lender is insured in the case of default. CMHC is regulated by the federal government, and would therefore need federal permission to extend past their current cap of $600 billion. As a result, last week several lenders discontinued their self-employment and equity programs, where clients were able to qualify without income verification. These programs have been considered higher risk, despite the fact that the foreclosure average in Canada remains under 1%. Although some lenders have lost their appetite for self employed clients, many lenders are excitedly moving towards those products to pick up more market share.
If you are self employed, or have questions about possible industry changes, email or call me and I will be happy to review options with you.
All the best!
Jamie Moi, AMP
Dominion Lending Centres - West Coast Mortgages
Your mortgage consultant for life
604-534-6504
jamiemoi@jamiemoi.com
And don't forget to Like my Facebook page at
www.facebook.com/JamieMoiMortgageTeam.
If you are self employed, or have questions about possible industry changes, email or call me and I will be happy to review options with you.
All the best!
Jamie Moi, AMP
Dominion Lending Centres - West Coast Mortgages
Your mortgage consultant for life
604-534-6504
jamiemoi@jamiemoi.com
And don't forget to Like my Facebook page at
www.facebook.com/JamieMoiMortgageTeam.
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