Page 12 - Sports Energy News, Cornwall, Issue No 132

12 Issue #132 January 2024 www.sportsenergynews.com

Neighbourly
Neighbourly Advice From Our Local Professionals
ofessionals
Advice Fr
Local Pr
om Our
originations at Community Trust) and Dean been in this business for twenty years,
By Brian Johnston
Mortgage Specialist Larson (CEO, Tango Financial), both of roughly, and I’ve seen ups and downs. I’ve
whom shared their thoughts on the current seen crashes, I’ve seen booms – I’ve seen
WHY THERE’S PLENTY OF ROOM environment and top trends on the horizon. both. In both cases, human nature’s tendency
FOR OPTIMISM IN CANADA’S Larson said that while agents, brokers, is to feel like whatever’s happening today
MORTGAGE MARKET lenders, and borrowers alike were facing is the way it’s always going to be, both
CANADA’S Mortgage Market may have their fair share of challenges at present, on the positive side and the negative side,
withstood a turbulent 2023 – but the there remained lots of room for optimism and I try to remind people I’m in contact
industry will come out on the other side looking ahead. with, and people at our company, that
better for the experience of recent times. “On a positive note, I want people to realize everything changes.” The best thing agents
that the way things are today is not the way and brokers can do in anticipation of that
That was the message that shone through from a recent CMP Power
Panel featuring top mortgage executives Grant Armstrong (director, they will always be,” he told CMP. “I’ve Continued on page 22

By Michael VanderMeer covid, markets usually slowed down At the end of 2023, the 5-year rate was
Real Estate Agent around Christmas and did not pick back down to 4.99% and hopefully will go
up until the end of March, and we seem to down a little more as we slip into the
WHATS IN STORE FOR 24 be settling back into that old trend. This
beginning of 2024. This will help fuel
The market really wound down at the does not mean that your home will not
the market, which I think will be another
end of 2023 and some feel that we are sell in this time period, it’s just that there
great year, although nothing like what we
headed into a buyers’ market. I feel that are not as many sales in this time period
experienced in the covid market (March
the slowdown in the market is that we are so your home will most likely take a little
settling into a balanced market. Before longer to sell. 2020 - March 2023.)

Contributions: Contributions to your We understand it can be tough to come
Max Ming P.Eng. CFP ®
Financial Planner registered retirement savings plan are up with a large cash contribution at the
tax deductible at your highest tax rate. end of the year to deposit into your
LOWER YOUR INCOME TAXES This can add up to huge tax savings RRSP. Consider setting up automatic
IN THE YEAR AHEAD
Happy New Year! In the next few throughout your working career. On contributions of a smaller amount on a
top of that, all growth from investments regular basis (bi-weekly or monthly).
months, financial headlines will be
heavily geared towards income tax inside an RRSP are sheltered from Tax Free Savings Account (TFSA):
taxes each year, and withdrawals are Contributions to a TFSA are made
season. In the year ahead, set yourself
then taxed as income in the year you with after-tax dollars, so there is no
up for a more favourable income tax situation in 2024. withdraw money (usually in retirement immediate tax savings to you. However,
Consider: when your tax rate is considerably all investments inside a TFSA grow on
Maximizing Registered Retirement Plan (RRSP) lower).
Continued on page 24

With our 2023 “Just Homes Listing Program”, Homeowners will never pay more than

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Serving the Community since 1959
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