Michael Richmond, Lead Mortgage Planner at Mortgageline

Michael Richmond, Lead Mortgage Planner at Mortgageline I provide innovative mortgage solutions, personalized service,
quick approval decisions, and use special offers designed to save you money and time.

This tugged at my heart strings, and perhaps I just loved so much as it said:
03/11/2024

This tugged at my heart strings, and perhaps I just loved so much as it said:

They are growing so fricking fast. Yes, they all run circles around me, and might already be smarter than me.
03/04/2024

They are growing so fricking fast. Yes, they all run circles around me, and might already be smarter than me.

🚨 Important Alert for Parents and Mortgage Co-Signers: New CRA Trust Reporting Requirements - Act Now! 🚨Are you a parent...
11/29/2023

🚨 Important Alert for Parents and Mortgage Co-Signers: New CRA Trust Reporting Requirements - Act Now! 🚨

Are you a parent who has co-signed a mortgage for your child?
Pay attention to the Canada Revenue Agency's (CRA) new trust reporting requirements which come into effect this year end. Missing out could cost you dearly!

What's New?
The CRA has introduced mandatory reporting for trusts, including common arrangements where parents co-sign mortgages for their children. If you're involved in such arrangements, it's time to act.

Examples of Reportable Trust Arrangements:

🏡 Parent co-signs a property to help a child obtain financing. The child owns the property, but the parent has no beneficial ownership.
💰 Parent’s name on a child's bank account or investment exceeding $50,000.

Why Does This Matter to You?
Many parents co-signing for their children’s mortgages might now need to file a T3 Trust Return and Schedule 15 for the first time. Ignorance isn't bliss here – it's costly!

The Clock is Ticking:

Deadline: File by March 29, 2024, to avoid penalties.
Penalties: Failure to file can result in a minimum $2,500 fine or 5% of the property's highest market value. For a $500,000 home, that’s a staggering $25,000 penalty!

Take Action Now:
Review your financial arrangements. If you're part of a trust, especially if you've co-signed a mortgage, consult with a tax professional immediately.

Don't Let Complacency Cost You:
Share this with anyone who might be in a similar situation. Tag a friend or family member who's a co-signer. Let’s spread the word to avoid these hefty penalties!

Need More Info?
Visit CRA's official page for detailed guidelines and the T4013 T3 Trust Guide.

06/07/2023

Someone asked today to explain today's BOC rate increase in hockey terms, so I thought I would share it here too. "In hockey, controlling the game's pace is key. Just so, the Bank of Canada adjusts the overnight rate to manage the economic pace. An increased rate is like slowing a fast game to prevent player exhaustion—in this case, to curb rapid growth and keep inflation in check. ""

I always say fall in love with the payments, before the home. However, nothing says 'I love you' like a solid foundatio...
02/14/2023

I always say fall in love with the payments, before the home. However, nothing says 'I love you' like a solid foundation and a roof over your head! ❤️️ Swipe right on a perfect mortgage. Happy Valentine's Day from your favourite mortgage broker, your mountain of mortgage expertise!

May your tree be lit up like the lightsaber of a Jedi Knight.
12/20/2022

May your tree be lit up like the lightsaber of a Jedi Knight.

Should I have put a tie on for this one?
11/28/2022

Should I have put a tie on for this one?

Fasten your sheet-belts its only 17 more days! Please... these are only puns, don't laugh so hard the boo-gers come ou...
10/15/2022

Fasten your sheet-belts its only 17 more days! Please... these are only puns, don't laugh so hard the boo-gers come out!

I would like to suggest that now you can start pulling out the Halloween décor without FEAR since Thanksgiving is comple...
10/11/2022

I would like to suggest that now you can start pulling out the Halloween décor without FEAR since Thanksgiving is complete.

10/09/2022

CMCA President Michael Richmond posing as another bunny in front of our new Sea Can Mural. Let’s see your photo’s!!

Eat too much, laugh too loud! Have a great time with those you care about!
10/09/2022

Eat too much, laugh too loud! Have a great time with those you care about!

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500, 609 14th Street Nw
Calgary, AB
T2N2A1

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