Vertefeuille Rempel Chartered Professional Accountants LLP’s Post

See the latest CRA update on "Overdue Tax" and "Family Loans"

Important update from CRA: For Q3 2024, the interest rate on overdue tax is set to decrease to nine per cent, and the prescribed rate for family loans will be five per cent. Stay informed on these changes here.

Important update from CRA: For Q3 2024, the interest rate on overdue tax is set to decrease to nine per cent, and the prescribed rate for family loans will be five per cent. Stay informed on these changes here.

Important update from CRA: For Q3 2024, the interest rate on overdue tax is set to decrease to nine per cent, and the prescribed rate for family loans will be five per cent. Stay informed on these changes here.

𝐓𝐡𝐢𝐬 𝐩𝐫𝐨𝐝𝐮𝐜𝐭 𝐢𝐬 𝐦𝐨𝐫𝐞 𝐟𝐥𝐞𝐱𝐢𝐛𝐥𝐞 𝐚𝐧𝐝 𝐚𝐜𝐜𝐞𝐬𝐬𝐢𝐛𝐥𝐞 𝐟𝐨𝐫 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐞𝐦𝐩𝐥𝐨𝐲𝐞𝐞𝐬. 𝙒𝙝𝙮 𝙎𝘼 𝙃𝙤𝙢𝙚 𝙇𝙤𝙖𝙣𝙨? 🏠The credit scores required for entry are much lower than for other market segments. 🏠The interest rates charged are much lower than for other market segments. 🏠It is easier to qualify for a 100% loan. 🏠There is allowance for lending to clients with impaired credit records that would ordinarily be declined. 𝙏𝙝𝙞𝙨 𝙝𝙤𝙢𝙚 𝙡𝙤𝙖𝙣 𝙞𝙨 𝙛𝙡𝙚𝙭𝙞𝙗𝙞𝙡𝙚 𝙖𝙣𝙙 𝙘𝙖𝙣 𝙗𝙚 𝙩𝙖𝙞𝙡𝙤𝙧𝙚𝙙 𝙩𝙤 𝙮𝙤𝙪𝙧 𝙪𝙣𝙞𝙦𝙪𝙚 𝙘𝙞𝙧𝙘𝙪𝙢𝙨𝙩𝙖𝙣𝙘𝙚𝙨 ✔️Payroll deductions are incentivised with discounted interest rates. ✔️You may select a term from 5 years up to 30 years - most clients select 20 years so that the loan instalments are manageable. ✔️Extended term options are available to help clients who have affordability constraints. ✔️You may pay extra into your home loan, or prepay in full, without incurring any penalties. ✔️Bond attorney costs are discounted by up to 50%, unless already covered by a developer. ✔️You may access the surplus funds on the value of your property through various further lending options. #homefinance #creditscorematters #affordability #buyingahome #governmentemployees #homeloansmadesimple #homeloanadvice #propertyfinance #interestrates

:: Tax returns and Tax debts :: 
Today we’re chatting about tax returns and tax debts.   If you have a job and receive pay slips (rather than being self-employed) it’s not a requirement to have done your tax return to get a home loan.   If you’re self-employed, we have lots of different options for you. The lowest interest rates will need completed tax returns for you and your business. If you don’t have your tax return available, there are options for low doc loans or alt doc loans where we can look at your BAS statements or a letter from your Accountant to support your home loan.   Need to consolidate your tax debt? We can help. #happyclients #blackfishfinance #leahbusby #financebroker #homeloans #experts #blackfishgroup #financialplanning #lifestyle #confidence #finance #property #insurance #newhome #firsthome #Investmentproperty #mortgage #refinance #glenelgbroker #mortgagebroker #brokeryourfriendstrust #taxreturns #taxdebt #selfemployedhomeloan #smallbusiness #smallbusinesstax

The prescribed rate on loans to family members will be 5% in the third quarter of 2024, and the interest rate Canadians must pay on overdue tax will be 9%. That’s down from the 6% and 10%, respectively, through the first two quarters of this year.

Did you Know Deductions for the loan taken from friends or relatives. Interest repayment for a home loan that is taken from friends or relatives can be claimed as a deduction under section 24. The deduction can only be claimed when the construction of the house is complete or the individual receives the possession. The Income Tax Act does not clearly specify that deductions will be available only for loans from specified banks. The deduction limit for the interest paid is limited to ₹2 lakh per year for a self-occupied property, and there is no limit for the let-out property. You can only claim the deduction for the interest if the construction of the house property is completed and in five equal instalments. On the other hand, repayment of the principal on a home loan borrowed from friends or relatives can’t be claimed as a deduction under this section.

#BestoftheWeek, 1 June | Interest-free loans, #heatwave woes, and #SRK's advice on buying a home, here's a look at Mint's best works from the week gone by (Siddharth Sharma writes)

🔥 Myth Buster: Choosing a lender for a loan against property can be overwhelming. Let's break down the truth! 💼 Factors that matter when selecting a lender: 1. Eligibility: Age, income, and existing financial responsibilities determine your eligibility. 2. Loan Amount: The loan term depends on the amount needed, making repayment manageable. 3. Credit Score: It impacts interest rates and eligibility for a loan against property. 4. Source of Income: Stable income reassures lenders, while irregular income may affect interest rates. 5. Documentation: Sufficient paperwork for property ownership is crucial for loan approval. 6. Property Insurance: Insured collateral strengthens your loan application. 7. Previous Loan Rejection: Rejected applications can impact future loan approvals. 8. Borrower's Age: Age affects repayment ability and loan terms. 9. Profile of Applicant: Occupation, location, and monthly income influence interest rates. 10. Tenure: Longer terms mean lower EMIs, easing the repayment burden. 11. Income Tax Returns: Self-employed borrowers must provide recent tax returns. 12. Loan-to-Value Ratio: Lenders typically offer loans below the collateral's highest market value. 13. Collateral Options: Lenders match collateral with the loan and consider its useful life. 14. Protecting Collateral: Properly recording security interests safeguards your property. 💡 Keep these factors in mind and make an informed decision when choosing a lender for your loan against property. Share your thoughts! 💬? #LoanAgainstProperty #LenderSelection #EligibilityCriteria #CreditScoreMatters #PropertyOwnership #CollateralInsurance #LoanApproval #IncomeVerification #LoanDocumentation #RepaymentTerms #Interest #ReachifyMe