HST how does it work?

HST comes into effect for every one who resides in British Columbia tomorrow. What does that mean to have average person living in BC? How much is it going to increase your cost of living each year and what is going to be taxed differently. Click here for the New HST website to help you figure it out.

Fixed or Variable Rates? Why not both?

when getting a new mortgage or if you are renewing our current mortgage, the big question is do you go with a variable (floating rate) or take the security of a fixed rate. In recent years a number of lenders will allow you to have both mortgages, under the umbrella of one mortgage. In laymen terms they are called combination or hybrid mortgages, where the lenders will allow you to take advantage of the very low variable rate for a potion of your mortgage and put the rest in a secure fixed rate. This gives you the best of both worlds. When using a mortgage broker you will always get the wholesale rates as well as the right advice to determine if this type of mortgage is best for you. Please click here for the complete article form National Post.

Bank of Canada Raises rate by .25%

After more than a year at a record low level, Bank of Canada Governor Mark Carney raised the benchmark interest rate for the first time since 2007 by one-quarter percentage point to 0.5 per cent(banks prime rate to 2.5%). This is the first time since 2007 that that rate has increased and the Bank of Canada is the first in the Group of Seven to do so since the financial crisis and recession began in 2008.

In a statement Carney emphasized that the increase should not be interpreted as just the first of more to come. "This decision still leaves considerable monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the significant excess supply in Canada, the strength of domestic spending and the uneven global recovery,'' the central bank said. ``Given the considerable uncertainty surrounding the outlook, any further reduction of monetary stimulus would have to be weighed carefully against domestic and global economic developments.''

Click here to read the BOC press release.