Page 30 - Sports Energy News, Cornwall, Issue No 143

30 Issue #143 December 2024 www.sportsenergynews.com

Neighbourly Advice From Our Local Professionals
Neighbourly
om Our
Advice Fr
ofessionals
Local Pr
aimed at boosting housing affordability to date and the impending expansion
By Brian Johnston
Mortgage Specialist on the way this month, the stage is set of 30-year amortizations for first-time
for a mortgage market surge in 2025. buyers, as well as a hike in the mortgage
COULD RATE CUTS AND Thirty-six per cent (36%) of Canadians insurability cap, have strengthened
the “tailwinds” currently at play in the
RULE CHANGES CAUSE A are viewing the 2025 market with
MORTGAGE BOOM IN 2025? optimism, the real estate giant, Remax, industry. We’re seeing a lot of good
said, while prices are expected to rise progress on better affordability and [the
Weak economic data released last week Bank of Canada] is working towards a
by 5% nationally as most regions pivot
seemingly gave the Bank of Canada the back towards a seller’s market. neutral interest rate, he told Canadian
go-ahead to continue bringing interest Mortgage Professional. Secondary to
rates lower – and with new rule changes The Bank of Canada’s interest rate cuts Continued on page 31

buying a home in the Cornwall area with been known to blister and eventually
By Michael VanderMeer
Real Estate Agent municipal sewer that was build before 1980, collapse.
you should have the sewer line checked to If buying a home that could contain NCR,
NoCoRode SEWER LINES make sure it is not NoCoRode (NCR). you should have a sewer lateral camera
I wrote an article four or five years ago From 1955 -1977 NCR sewer lines were scope to determine the type and condition
about this topic and thought I would do a manufactured in Cornwall, and they were of your sewer line. If it is NCR you may
recap as we are still finding a fair amount used throughout Cornwall and surrounding want to renegotiate your offer, as the
of NoCoRode in the City of Cornwall and areas. Although these pipes did not rust cost of replacing these lines will cost you
small villages in Eastern Ontario. If you are (hence the name NoCoRode) they have
Continued on page 31

as contributions are tax deductible at your inside a TFSA grow on a tax-free basis,
Max Ming P.Eng. CFP ®
Financial Planner highest tax rate. This can add up to huge which allows you to fully compound your
tax savings throughout your working money over many years. Withdrawals
LOWER YOUR INCOME TAXES career. On top of that, all growth from from a tax-free savings account are easily
NEXT YEAR investments inside an RRSP are sheltered accessible and tax-free, this means it will
No one should want to pay more tax than from taxes each year, and withdrawals not count as taxable income in the year it
they have to, but unfortunately come filing are then taxed as income in the year you is withdrawn.
season there is not much you can do to withdraw money (usually in retirement Make sure any Non-Registered (Open)
change your previous years’ tax situation. when your tax rate is considerably lower). Investments are Tax Efficient
The good news? You have the next couple Tax Free Savings Account (TFSA) If you have maximized your contribution
of months ahead to set yourself up for a more favourable income Are you getting a tax slip for investment limits in your registered accounts,
tax situation in 2025. Consider… income? Consider contributions to a additional investments are held in ‘Open’
Maximizing Registered Retirement Plan (RRSP) TFSA. They are made with after-tax accounts. Contributions and withdrawals
Contributions dollars, so there is no immediate tax of principal are not subject to income tax.
Consider contributing to your registered retirement savings plan savings to you. However, all investments Continued on page 31

With our 2024 “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
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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”