Reveal Financial

Get ready for higher interest rates! Yes, this means for both mortgages and GICs. The government of Canada 5 year bond yield which always leads these rates has exploded recently and with today's announcement from the Bank of Canada that they are expecting inflation to be at 5% towards the end of the year, you should see these consumer rates rise within the next month. Bond rates are now higher than pre-pandemic.

Bottom line is: If you have to renew a mortgage, do it now! If you have GICs to reinvest, wait a bit longer for GIC rates to rise and catch up to their bond counterparts.

COVID-19 Government Support for Individuals and Businesses

Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses - Canada.ca The Government of Canada is taking immediate, significant and decisive action to help Canadians facing hardship as a result of the COVID-19 outbreak.

Government of Canada has just increased the TFSA annual contribution limit to $6,000 for 2019

http://www.cbc.ca/news/canada/british-columbia/interest-free-home-loans-bc-1.3897832

This is a strange out of the blue policy, that might help first time buyers but most economists believe will simply keep prices elevated. If you are a first time buyer, something to definitely take advantage of!

B.C. offers interest-free loans up to $37,500 to 1st-time homebuyers The B.C. government is offering to help first-time homebuyers cover the cost of a mortgage down payment with an interest-free loan.

With the New Canada Child Benefit coming into effect, here is a good summary on what you need to know.

5 questions about the new Canada Child Benefit, answered Is your family among the 90 per cent the Liberals say will be better off when the new Canada Child Benefit rolls out on July 20? You're about to find out.

RRSP Deadline is less than a week away! Please make sure you make your contributions ASAP and remember, they can take a couple of days to settle and you don't want them to be pushed to next year!

One of the most common questions client ask:

http://www.vancouversun.com/canadian+retirees+living+only+cent+working+income+life+study+finds/11725366/story.html

Canadian retirees living on only 62 per cent of working income, Sun Life study finds Most retirees are living comfortably on 62% of their previous incomes and a third are surprised at how easy it is

BC property assessments are coming out soon and many of us have seen big increases. While it is too early to tell how exactly that will translate to property taxes, here is an article to get you thinking about one possibility that many people haven't yet heard of. It is a financially sound strategy, IF you put aside and invest what you would have spent on property taxes:

http://www.cbc.ca/news/canada/british-columbia/property-tax-deferral-michael-geller-1.3391775

Cashing in by deferring tax - the new way to make $$$ in Vancouver real estate A Vancouver planner and developer says the B.C property tax deferral program is allowing wealthy home owners to make even more money.

A good article on year end financial tidbits. Some of these are especially relevant with the changes the Liberals are bringing in for 2016.

http://www.cbc.ca/news/business/year-end-tax-tips-1.3372112

Year-end tax tips that can save you big bucks

It is election time! Each party has different financial incentives to attract your vote and they all seem to vary depending upon your life situation.

Check out their platforms here to see what they are offering:
http://www.cbc.ca/news/politics/canada-election-2015-party-platforms-1.3264887

Read the political parties' 2015 platforms All four major national federal parties have released their election platforms. Read the documents here.

As you may have heard the Government recently raised the limit of TFSAs from $5,500 to $10,000. Now that the dust has settled I thought I would share: This change impacts 2015 contributions, so if you already put $5,500 in this year to max out your contribution you can put in another $4,500 immediately without penalty :) As a side note the government also quietly removed the inflation indexing so if nothing changes it will continue at $10,000 for the rest of your life making things simpler.

This is a great article explaining some of the changes and answering common questions regarding TFSAs:
http://www.thestar.com/business/personal_finance/2015/04/29/more-of-your-tax-free-savings-account-questions-answered-mayers.html

More of your Tax-Free Savings Account questions answered: Mayers | Toronto Star Changes in the federal budget to the annual TFSA limit have readers wondering what to do. Here are some answer to their questions.

Interesting article on a a very common issue Reveal helps its clients avoid

http://www.cbc.ca/news/business/high-mutual-fund-fees-could-delay-retirement-plans-ccpa-says-1.2969369