Page 38 - Sports Energy News, Cornwall, Issue No_122

38 Issue #122 March 2023 www.sportsenergynews.com

Neighbourly Advice Fr om Our Local Pr ofessionals
Neighbourly Advice From Our Local Professionals

works out to just over 7,400 mortgages arrears to rise to more historical levels.
By Brian Johnston in arrears out of a total of over 5.1 In his latest monthly Housing
Mortgage Specialist and Mortgage Report for Mortgage
million.
This is well below the highs seen Professionals Canada, analyst Ben
ARREARS RATE RISE FROM AN during the pandemic, when the arrears Rabidoux of Edge Realty Analytics
ALL-TIME LOW rate reached a peak of 0.27% in June noted that arrears is a lagging indicator
Canada’s national arrears rate ticked 2020. The rate is highest in Saskatchewan that “tell us more about how consumers
up from its all-time low in October, (0.60%) and Alberta (0.37%), and were faring 9-12 months ago, than it
according to data from the Canadian lowest in British Columbia (0.10%) and does about the near future.”
Bankers Association. Ontario (0.10%). Still, he added, it does tell us
The arrears rate, which tracks With interest rates continuing to rise “households are likely going into a
mortgages that are behind payments by three months or more, and a high possibility of a recession by potential recession in a better position
rose to 0.15% from 0.14%, where it’s been since June. That the end of the year, expectations are for than during other downturns.”

This is a great incentive from the Ontario rebate is $4000, and the first-time home
By Michael VanderMeer Government to help first-time buyers buyer would have to pay any tax after
Real Estate Agent
purchase a home sooner. This incentive $368,000. Hopefully the government will
can save the first-time buyer a few raise these rebates considering the recent
LAND TRANSFER TAX AND THE thousand dollars depending on the price surge in market prices. If you would like
FIRST TIME HOME BUYER
of the home. With an average buying to know more about the land transfer tax
First-time home buyers do not have to price in the Cornwall area hovering and whether it will apply to you, contact
pay the Ontario Land Transfer Tax when
around $360,000, this will save the first- a realtor or lawyer and they will let you
purchasing a home $368,000 or less).
time home buyer $3,875 in tax. The max know.

prime earning years. Combining that with your budget/lifestyle and the cash flow
Max Ming P.Eng. CFP ® lower child related costs, you can tuck needed.
Financial Planner
away more of your income in these years • Learn more about government benefits.
10 Years from Retirement? Here’s (or pay off remaining debts). Another Most Canadian retirees are eligible to
benefit is that by saving more, you’ll receive income from Old Age Security
What You Need to Know!
become used to lower expenditures, (OAS) and Canada Pension Plan (CPP),
This is the time to really start thinking which will make it an easier transition to and both are fully taxable income to you.
about retirement in detail rather than as a living off your retirement income down The age at which you apply can affect
wishful concept. The following are some the road. how much you get, for instance, taking
things to consider before making the
• Create a (retirement) budget. This first CPP at age 60 will reduce your benefit by
transition to retirement.
step in creating any retirement income 36% for the remainder of your life. For
• Take advantage of a higher salary by saving even more. For OAS there is no early withdrawal option,
most people, the 10 years leading up to retirement will be your plan is to have a good understanding of
Continued on page 44

With our 2021 “Just Homes Listing Program”, Homeowners will never pay more than

3 3/4%+ HST commission which includes full weekly local newspaper

Owned and Operated by M. Jean Cameron Real Estate Limited advertising until sold, internet promotion and even an open house program when needed.
Serving the Community since 1959
613-933-3283 The savings may not stop here. When we sell your home directly to a buyer
check us out on the web at: without another real estate brokerage involved in the sale, we further reduce our
www.soldsmart.ca
sandy@homesnet.ca commission to only 2% + HST
“Not intented to solicit properties already listed for sale”