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Liberal Government Impact on your Mortgaage

How will the Liberal win affect your mortgage?

Helping elderly family member

With a new government in power, a new mandate will no doubt have some affect on the Canadian economy. While election platforms are typically adjusted over time, key planks in the Liberals’ platform suggest significant new directions for Canada over the next few years.

Some common issues emerged during the campaign, such as a renewed emphasis on skilled trades to address labour market mismatches across the country. Another concern is escalating home prices in high-demand markets such as Toronto and Vancouver, with the Liberals promising a review.

Here are some highlights from the Liberal’s platform and how you might be affected in you are in the market for a new home or are about to renew your mortgage.

  • The Liberals will modernize the existing Home Buyers’ Plan to allow Canadians impacted by sudden and significant life changes to buy a house without tax penalty. This will ease the burden on Canadians facing job relocation, the death of a spouse, marital breakdown, or a decision to accommodate an elderly family member.
  • The Liberals will direct the CMHC and the new Canada Infrastructure Bank to provide financing to support the construction of new, affordable rental housing for middle- and low-income Canadians.
  • The Liberals are expected to increase government spending to support the economy. More spending means more debt and more debt might result in an increase in interest rates. This will have an affect on both fixed mortgage rates and variable mortgage rates but any increases are not expected to be drastic.
  • For Tax-Free Savings Accounts, the rise in the ceiling for annual contributions from $5,500 to $10,000 as of 2015 will be reversed.
  • Personal Income Tax (PIT) brackets will be adjusted. For the middle bracket, covering taxable incomes $44,700 to $89,400 in 2015, the rate will fall from 22% to 20.5% as a new top bracket is created for taxable incomes over $200,000, raising the highest federal rate from 29% to 33%. With this new federal bracket, the combined federal-provincial top PIT rate in six provinces will be 50% or higher.

Sunshine Coast BC Business News and Information

  • Small Business BC - Webinars
    Nov 5, 2015
    Check out Small Business BC for training on line.
    We have two new seminars: How to Motivate Your Employees for Success and Name Your Business for Success.
    Sign up for news of upcoming Webinar schedule.
  • Small Business Event Summary
    Nov 5, 2015
    Oct.14 / 60+ Sunshine Coast businesses celebrated strength of Small Business on the Sunshine Coast. Event was co-sponsored by Kerns Furniture and Vital Signs along with special Recognition of Bob Hoy, Gibsons IGA. Sunshine Coast Success Stories.
  • Premier Clark Announces Small Business Training Program
    May 29, 2012
    The BC Chamber of Commerce today welcomed the announcement of the Micro Business Training Pilot Program by Premier Christy Clark at our 60th Anniversary AGM & Conference in Penticton.
  • Big decision (CBC) Looking for suitable companies
    May 16, 2012
    The BIG features companies from coast-to-coast that come from a variety of industries. Throughout the episode, one of Canada's top investors visits each company, provides expert advice and in the end decides whether or not he or she will invest.
    Feb 29, 2012
    Tom Watson, Highly Successful Business Leader, Dynamic International Speaker and Consultant
    REMINDER: This Thursday, March 1st, 2012 4:30-6 pm
    Seaside Centre, Sechelt
    Registration begins 4:15 pm; Cost: $20
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Sunnycrest Mall, Unit 20
900 Gibsons Way,
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V0N 1V0

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