Save Interest Save Taxes | Do Canadians Care?
The writer is a Senior BC Mortgage Broker who writes on the factors influencing the Canadian mortgage market.
The majority of Canadian homeowners with mortgages are concerning that the rising mortgage rates will cripple their ability to pay their mortgage.
On top of this another 62 percent of Canadians plant to retire with a debt load.?
The low interest rate environment has encouraged Canadians to under take significant levels of debt. Canadians are mortgaging their lives to pay the interest to the banks. So much for the friendly Canadian banker, the interest burden that homeowners will carry into the future is considerable.
Mortgage rates posted by the big Canadian banks have started to move up. The trend in increasing bond yields will not abate in the near future and the inflationary pressure by increased oil prices will force the central banks hand on the prime. BC mortgage rates will continue to climb.
Canadians need tax efficient mortgages. The reduction in interest cost and tax savings to average homeowner are considerable. Why do Canadians ignore this option when the Supreme Court of Canada says that Canadians have the right to use strategies for tax efficient mortgages.
Simple the banks don’t promote tax efficient mortgages because it will cut into their earnings big time. The government makes your life miserable if you step outside the rules.
Now there is a program in place that runs tax efficient mortgages on auto pilot. The tax efficient mortgage will significant reduce the time to pay off your mortgage while keeping your payments at their current levels. It’s not for every body, but for those who do take advantage of this strategy, will save 100’s of thousands of dollars in interest payments of the term of their mortgage.
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