Tax Prep – Checklist

General Cassey Bush 28 Mar

Canadian Tax Time Checklist: Get Ready for the 2024 Tax Season

Tax season in Canada can feel overwhelming, but with a bit of preparation, you can make the process smoother and even maximize your returns. Whether you’re filing on your own or working with a professional, following this checklist will help you stay organized and avoid costly mistakes.

1. Gather Your Documents

Start by collecting all necessary documents, including:

  • Income slips (T4, T4A, T5, etc.)
  • Deduction and credit receipts (RRSP contributions, medical expenses, tuition receipts, childcare costs, etc.)
  • Other tax-related statements (Notice of Assessment (NOA), RRSP/TFSA contribution limits, investment statements, rental income records, etc.) Having these documents on hand will save time and ensure you don’t miss out on deductions or credits.

2. Know the RRSP Contribution Deadline

The deadline to contribute to your RRSP for the 2024 tax year is March 3, 2025. Contributions made before this date can be deducted from your taxable income, reducing the amount of tax owed. If your employer offers an RRSP matching program, check their deadlines to maximize your benefits.

3. Take Advantage of Lesser-Known Tax Deductions

Salaried employees often have limited tax reduction options outside of registered accounts like TFSAs, RRSPs, and FHSAs. However, there are additional deductible expenses, including:

  • Labour mobility and moving costs for job relocation
  • Home office expenses
  • Uncovered medical expenses
  • Trade or professional exam fees
  • Investment losses Consulting a tax professional can help you uncover these opportunities and optimize your return.

4. Set Up a “My Account” with the CRA

A CRA My Account allows you to:

  • Access tax forms (T4, T4E, T5, etc.)
  • Monitor benefits and payments (Canada Child Benefit, GST/HST rebate, etc.)
  • Check RRSP and TFSA contribution limits
  • Receive assessment notices and correspondence quickly While you can still interact with the CRA via mail or phone, having an online account streamlines the process and saves time.

5. Plan for Taxes Owed or Refunds Received

  • If you owe taxes, file and pay by April 30, 2025, to avoid penalties and interest. If you need extra time, consider setting up a CRA pre-authorized debit (PAD) agreement to manage payments.
  • If you’re getting a refund, have a plan for it! Consider using the funds to pay down debt, invest, or save for future expenses. Without a plan, it’s easy to spend the money before it even arrives.

6. Start Planning for Next Year

Last-minute tax planning can lead to missed deductions and costly mistakes. Instead of rushing, take time to strategize for the next tax year. Registered accounts like TFSAs, RRSPs, and FHSAs require careful planning to maximize contributions and avoid penalties. RRSP and FHSA contributions have strict deadlines for tax deductions, and withdrawals from these accounts need to be managed wisely to minimize taxes.

7. Integrate Tax Planning with Other Registered Accounts

While TFSA and RESP contributions don’t affect your tax filing, they are essential for long-term financial planning:

  • TFSA: Contributions are not tax-deductible, but withdrawals are tax-free. The TFSA has a lifetime contribution limit and is not income-dependent.
  • RESP: The government offers up to $7,200 in grants for your child’s education. To maximize benefits, contribute $2,500 annually by December 31 for 14 years after your child’s birth.

Final Thoughts

By following this tax checklist, you can ensure a stress-free tax season while maximizing deductions and avoiding penalties. Whether you’re planning for the current tax year or setting yourself up for financial success in the future, proper preparation is key.

Need help navigating your taxes? Consult a professional to ensure you’re making the most of your tax-saving opportunities!

Saving a Down Payment in Canada: Best Accounts & Strategies

General Cassey Bush 14 Mar

Best Savings Accounts for a Down Payment

Canada offers several tax-advantaged accounts that can help you grow your down payment faster. Here’s what you need to know:

1. First Home Savings Account (FHSA)

  • Designed specifically for first-time homebuyers.
  • Contributions are tax-deductible (like an RRSP), and withdrawals for a home purchase are tax-free (like a TFSA).
  • Maximum contribution of $8,000 per year, up to a lifetime limit of $40,000.
  • Can be combined with the Home Buyers’ Plan (HBP) for even more savings.

2. Tax-Free Savings Account (TFSA)

  • Contributions are made with after-tax income, but investments grow tax-free.
  • Withdrawals (including investment gains) are also tax-free.
  • No restrictions on how funds are used, making it flexible for a down payment.
  • 2024 contribution limit: $7,000 (with cumulative room from previous years if unused).

3. Registered Retirement Savings Plan (RRSP) – Home Buyers’ Plan (HBP)

  • Allows first-time buyers to withdraw up to $35,000 tax-free for a down payment.
  • Must be repaid over 15 years to avoid tax penalties.
  • Good for those who have been saving in an RRSP but need to access funds early.

4. High-Interest Savings Accounts (HISA)

  • No tax benefits, but offers easy access and higher interest than regular savings accounts.
  • Safe and liquid option for short-term saving.
  • Can be used alongside other accounts to diversify savings.

Tips to Maximize Your Savings

  • Automate Contributions: Set up automatic transfers to your savings accounts to stay consistent.
  • Reduce Unnecessary Expenses: Cut down on discretionary spending and put that money into savings.
  • Invest Wisely: Consider low-risk investments to grow your savings over time without excessive risk.
  • Take Advantage of Government Incentives: Programs like the FHSA and HBP can significantly reduce your tax burden while growing your savings.

Insured vs. Insurable Mortgages: What’s the Difference?

When saving for a down payment, it’s important to understand how your mortgage will be classified:

  • Insured Mortgage: If your down payment is less than 20%, you’ll need mortgage default insurance (CMHC, Sagen, or Canada Guaranty). This protects the lender but increases your overall cost.
  • Insurable Mortgage: If your down payment is 20% or more, mortgage insurance is not required. However, if you meet certain lender criteria, you may still qualify for lower interest rates.

Knowing which category you’ll fall into can help you set realistic savings goals and plan for additional costs.

Final Thoughts

Saving for a down payment is all about using the right tools and staying disciplined. Take advantage of tax-efficient accounts like the FHSA, TFSA, and RRSP, and keep your savings strategy on track with automated contributions and smart budgeting. The sooner you start, the closer you’ll be to homeownership!

Need help planning your mortgage? Let’s chat about your best options and how to maximize your savings for a smooth home-buying process.

Why I Do What I Do: The Journey to Becoming a Mortgage Broker

General Cassey Bush 12 Feb

I didn’t grow up dreaming of becoming a mortgage broker — in fact, I didn’t even know it was a career. Like most people, I assumed that when it was time to buy a home, you simply walked into a bank and followed the same steps your parents did. It wasn’t until a conversation with a friend — who owns a brokerage — that I truly understood what this industry is all about. Let’s just say, walking into a bank would be my last choice now. I’d rather have someone in my corner, just a call away, working for my best interests.

He spoke about how he helps people secure their first homes, make smart investments, and restructure their finances to create a better future. That conversation lit a spark in me. I started researching what it would take to become a mortgage broker, from the cost of schooling to the licensing requirements and the day-to-day responsibilities of the job. The more I learned, the more I saw how my background in hospitality, customer service and real estate development fit naturally into this world. I had spent years helping people, problem-solving, and making their experiences as seamless as possible—this was simply a new way to do that, with even greater impact.

The Impact I Want to Have

For many, securing a mortgage is one of the biggest financial decisions they will ever make. It’s exciting, but it can also be overwhelming and stressful. My goal is to take that stress away. I want my clients to walk away from the process thinking, Wow, that was easy. Cassey had my back, she knew her stuff, and she made this whole thing feel effortless.

I take pride in being responsive, knowledgeable, and proactive. If I don’t have an answer immediately, I’ll find it. I ensure my clients are well-informed so they can confidently make decisions that align with their goals and financial comfort levels.

The Drive to Keep Going

Like any profession, there are tough days—days when deals get complicated, when obstacles arise, and when solutions aren’t immediately clear. But we pull up the bootstraps and navigate a path forward. What keeps me going is the knowledge that there’s always the need for guidance, files to work on, and the opportunity to educate someone about their options.

We aren’t taught about mortgages and real estate financing in school, yet these are some of the most critical financial decisions we’ll ever make. That’s why professionals like me exist—to help navigate the unknown and ensure people make choices that benefit them in the long run.

Embracing Growth and Change

My journey in this industry has been one of continuous learning. I still have moments where I think, Am I doing enough? Am I pushing hard enough? But when I step back and see how much I’ve grown—how my knowledge has expanded, how my problem-solving skills have sharpened, and how my ability to think big-picture has improved—I know I’m on the right path.

This job is anything but transactional. I build relationships with my clients, and I love that I continue hearing from them long after their mortgage funds. Some check in with financial questions, some want advice on investment properties, and others simply keep me in the loop about their lives. That’s what makes this career so rewarding—it’s not just about closing deals; it’s about being a trusted advisor for years to come.

Looking Ahead: No Limits, Just Opportunity

One of the most exciting things about this industry is that there’s no ceiling. There’s no cap on how many people I can help or how much I can grow. Every client interaction teaches me something new—not just about mortgages, but about people, their aspirations, and how different financial strategies impact their lives.

I also love the opportunity to give back. That’s why I joined the board for Connected to the Community at Mortgage Connection. Being able to contribute to charitable initiatives and support meaningful causes makes this work even more fulfilling.

My Approach: More Than Just Mortgages

At the core of my business is a set of values that guide everything I do:

  • Honesty: Ensure you are fully informed every step of the way.
  • Education: You should understand your options before making a decision.
  • Personalization: Your mortgage should fit your lifestyle, not just what you qualify for.
  • Long-Term Support: My goal is to be your go-to person, not just for this mortgage, but for any questions you have in the future.

There are plenty of mortgage brokers out there, but what sets me apart is the relationship I build with my clients. It’s not just about the numbers—it’s about trust, communication, and making sure you feel empowered in your financial journey.

I strive to be someone who will take the stress off your plate, give it to you straight, and maybe even make you laugh along the way.

2025 Renewal Guide

Mortgage Tips Cassey Bush 15 Jan

Hey, homeowner! If your mortgage renewal is creeping up on you like unexpected plans you forgot about, take a deep breath. You’ve got options — and they’re way better than just signing that automatic renewal your lender sent over.

Here’s the deal: 1.2 million Canadians will renew their mortgages in 2025, and many of them will be moving from low rates (around 2%) to something… well, a bit higher. Those renewal letters might come with some sticker shock. But don’t worry — you’re not alone, and we’ve got this!

 

Start Early and Lock It Down

Your lender will likely send you a renewal notice 4-6 months before your term ends. Regardless of whether you receive it, be proactive and connect with your trusted mortgage broker (hi, that’s me!). By starting early, we can explore your options and secure a rate hold for up to 120 days, giving you peace of mind and flexibility.

Here’s the magic of a rate hold:

• Rates go up? You’re locked in at the lower rate.

• Rates go down? You get the better deal.

• Either way, you win.

Plus, working with a mortgage broker helps you understand how any rate changes will impact your payments, ensuring you’re prepared for the next phase of your mortgage. This early planning makes the renewal process smoother and ensures you’re making the best choice for your financial situation.

 

Shop Around Like You Mean It

You know how you always check reviews before buying a new gadget? Or at least you say you will, right? Your mortgage should be treated the same way. Your current lender might not offer the best rates or terms anymore, and sticking with them out of convenience could end up costing you more in the long run.

That’s where a broker comes in. We have access to multiple lenders and products, so we’ll find the one that’s the perfect fit for your life — whether it’s a fixed or variable rate, a shorter term, or a special feature you didn’t know you needed.

 

Turn Your Renewal Into an Opportunity

Renewal time is a chance to hit “refresh” on your financial goals. Here are a few options to consider:

• Refinancing: Want to renovate your kitchen, consolidate high-interest debt, or fund your dream vacation? Renewal is the perfect time to refinance without penalties.

• Home Equity Line of Credit (HELOC): Need access to extra cash for unexpected expenses or future projects? A HELOC could be the flexible option you’re looking for at renewal time.

• Title Changes: Life happens — marriage, divorce, or changes with a co-signer. You can make those updates at renewal.

• Switching It Up: Stuck in a fixed rate but eyeing a variable one? Or vice versa? Now’s the time to explore your options.

 

Why a Broker Is Your Secret Weapon

When you work with a broker, you’re not just another client. We’re here to:

• Find you the best rates and terms from a variety of lenders.

• Monitor the market so you don’t have to.

• Handle the paperwork (because no one enjoys that).

• Help you make sense of it all, without the jargon or stress.

And guess what? Our services are free to you. Yep, free.

*In full transparency, some alternative lending options may include a fee, and are always discussed with you up front.

 

The Bottom Line

Renewing your mortgage doesn’t have to feel like a chore — or a financial headache. It’s an opportunity to make your money work smarter. So, before you sign anything, let’s chat. Together, we’ll make sure your next mortgage term sets you up for success.

Reflecting on 2024: A Year of Growth, Change, and Gratitude

General Cassey Bush 12 Dec

As 2024 draws to a close, I’ve taken some time to reflect on the milestones, challenges, and triumphs of this past year. It’s been a year filled with opportunity, hard work, and meaningful connections — both in the mortgage industry and in my personal journey.

The Year in the Mortgage Industry

The Canadian mortgage landscape saw significant changes in 2024, reflecting shifts in affordability and policy aimed at supporting homeowners and buyers:

• Higher Insured Mortgage Cap: The limit for insured mortgages increased from $1 million to $1.5 million, enabling buyers in high-cost areas to access insured mortgages with lower down payments. This change allows more flexibility for buyers, particularly in markets where housing prices remain high, making homeownership more accessible.

• Amortization Flexibility: First-time homebuyers and those purchasing newly built homes now have the option of 30-year amortization periods. While this reduces monthly payments, it also comes with higher interest costs over time.

• Renewal Rule Updates: Borrowers renewing their mortgage with a new lender no longer need to qualify with the stress test. This policy fosters competition, making it easier for homeowners to secure better rates and terms at renewal.

• Market Dynamics: Interest rates began to ease after a challenging 2023, offering some relief to borrowers. At the same time, housing shortages and high demand in many regions kept prices stubbornly high.

• Policy Updates: Anti-money laundering regulations became a major focus, with new rules enhancing transparency in the mortgage process. Brokers and clients alike adjusted to stricter compliance requirements.

• Trends in Lending: Variable-rate mortgages gained popularity again as borrowers anticipated continued rate reductions. Flexible solutions, such as HELOCs and blended mortgage products, were also in high demand.

 

While navigating these industry changes, I also focused on setting personal goals that aligned with both my values and my aspirations for the future.

 

My Personal Journey

This year, I set three significant goals for myself: one for health, one for work, and one for giving back. Each goal helped me grow in ways I’m incredibly proud of:

1. Health Goal: I committed to consistent activity — whether through soccer, hiking, or running — and achieved my fitness targets while building a routine that supports my well-being.

2. Work Goal: I set an ambitious work goal, pushing myself to new limits. While I didn’t fully reach my work goal, the effort, the workload I managed, and the incredible clients I helped have set the stage for even greater things ahead. I’m already gearing up for an even higher goal in 2025!

3. Charitable Goal: Giving back has always been close to my heart. This year, I surpassed my goal through initiatives as a director of the Connected to the Community (CTTC) board at MOCO and by supporting causes my family cares deeply about. Get ready for 2025, Bullshooters will be a big one!

Setting goals isn’t just about the end result; it’s about the progress, lessons, and growth along the way. As I look to 2025, I’ve already set the bar even higher and am excited to see where the next year takes me.

 

A Note of Gratitude

At its core, my work is about people. It’s about listening to your stories, finding solutions, and seeing your dreams take shape. There’s nothing more fulfilling than hearing the excitement in a client’s voice when I say, “We can do that.”

To my clients, thank you. Your trust, your referrals, and your belief in my work inspire me daily. Every success I’ve celebrated this year is rooted in your support, and I’m so grateful to be part of your journey.

I also want to take a moment to express my deepest appreciation for my family and friends. Your unwavering support, encouragement, and belief in me have been a constant source of strength. Whether celebrating milestones or navigating challenges, your presence in my life makes all the difference. You’ve been my rock, and I’m so thankful to have each of you by my side.

Special shout-out to the folks at MOCO — an incredible group of top-tier individuals who consistently push each other to achieve greatness. My team has been my greatest support, providing unmatched knowledge, insight, and motivation throughout this year.

 

Looking Ahead

As we step into 2025, I’m energized by opportunities. Whether you’re looking to buy your first home, refinance, or explore new investment opportunities, I’m here to guide you through every step. Let’s make 2025 a year of possibilities, growth, and connection — together!

 

Cheers to 2024: the challenges we faced, the progress we made, and the goals we achieved.

Top Mistakes First-Time Homebuyers Make

General Cassey Bush 12 Nov

Buying your first home is exciting! It’s a major life step involving many players, which can be overwhelming. Here is a detailed FTHB guide on common pitfalls to avoid and how to navigate the process smoothly.

1. Not Getting Pre-Approved for a Mortgage

One of the first mistakes is shopping for a home without understanding how much you can afford. A mortgage pre-approval gives you a clear budget and shows sellers you’re a serious buyer. It’s essential to talk with a mortgage broker early in the process to determine your borrowing power. During pre-approval, your broker will check your credit score, income, and debts to estimate your mortgage limit.

Tip: Avoid making big financial changes (like new loans or credit cards) before or during this process, as it can impact your credit score and approval status.

2. Delaying Contact with a Mortgage Broker

Many first-time buyers start looking at homes without first talking to a mortgage broker. The sooner you engage with a mortgage professional, the better prepared you will be. They can help you understand your budget, improve your credit score, and explore all mortgage options tailored to your financial goals.

Tip: Contact a mortgage broker as soon as you start considering buying a home. They can provide valuable advice throughout the entire process.

3. Overlooking the Importance of a Realtor

A trusted realtor is crucial, especially for first-time buyers. They help you find homes that fit your criteria, negotiate offers, and guide you through paperwork. Many buyers make the mistake of trying to handle the process alone or using a family friend without enough experience. A professional realtor can save you time, money, and stress.

Tip: Interview several realtors before choosing one. Look for someone with experience in the neighbourhoods you’re interested in and a strong track record with first-time buyers. Work with someone you like, you’ll be spending time with them!

4. Underestimating Closing Costs

Most first-time buyers budget for the down payment but forget about closing costs, which can range from 1.5% to 4% of the purchase price. These costs include legal fees, land transfer taxes (where applicable), home inspections, and insurance. Ignoring these fees can leave you scrambling for extra funds right before closing.

Tip: Talk to your mortgage broker about estimated closing costs and make sure to have the funds to cover unexpected expenses.

5. Skipping the Home Inspection

Some buyers, especially in competitive markets, may be tempted to skip the home inspection. This can be a costly mistake if the home has hidden issues like faulty wiring, plumbing problems, or structural damage. A professional inspection provides an objective look at the property’s condition, saving you from unexpected repairs.

Tip: Always insist on a home inspection and be present during it. Ask questions and learn about the property’s current state and potential future issues.

6. Not Shopping Around for a Mortgage Rate

First-time buyers often take the first mortgage offer they receive without comparing rates. Even a small difference in interest rates can result in thousands of dollars in extra interest over the life of your mortgage. Work with a mortgage broker who can shop around for you can help secure the best deal.

Tip: Consider both fixed and variable rates and understand how different mortgage terms affect your payments. A broker can help you navigate these options based on your financial situation and risk tolerance.

7. Ignoring Government Incentives

There are several programs and incentives for first-time homebuyers in Canada, like the First-Time Home Buyer Incentive, RRSP Home Buyers’ Plan, and GST/HST rebates. These programs can help reduce upfront costs or increase your purchasing power, but many buyers are unaware of them.

Tip: Research available incentives or speak with a financial advisor or mortgage broker to see which programs you qualify for and how they can benefit you.

8. Not Considering Long-Term Needs

Many buyers focus on immediate wants (like trendy kitchens) and overlook long-term needs (like school districts or commute times). Your first home is likely a stepping stone, but thinking ahead can prevent needing to sell sooner than planned.

Tip: Consider how long you plan to stay in the home and how your needs may change. Will the house be suitable if your family grows, or if you switch jobs?

9. Failing to Budget for Homeownership Costs

Owning a home isn’t just about paying the mortgage. It includes property taxes, utilities, maintenance, and repairs. First-time buyers often underestimate these costs, leading to financial strain.

Tip: Create a detailed monthly budget that includes all home-related expenses and set aside an emergency fund for unexpected repairs.

10. Not Getting the Right Home Insurance

Home insurance is mandatory when buying a home, but many first-time buyers rush through this step and get inadequate coverage. Your policy should protect against natural disasters, theft, and liability. It’s worth comparing quotes and understanding the coverage limits.

Tip: Work with an insurance agent to get a policy that covers the full replacement value of your home and its contents.

11. Emotional Decision-Making

Buying a home can be an emotional process, and it’s easy to fall in love with a property that’s out of your budget or overlook potential problems because it “feels right.” Emotional decision-making can lead to buyer’s remorse or financial strain.

Tip: Stick to your budget and make decisions based on facts, not feelings. Bring a trusted friend or family member to viewings for an objective opinion.

12. Not Reading the Fine Print

The purchase agreement and mortgage contract contain critical details about your responsibilities as a homeowner. Failing to read and understand these documents can lead to unpleasant surprises later on, such as unexpected fees or restrictions.

Tip: Review all documents with your realtor and mortgage broker before signing. Don’t be afraid to ask questions or request changes if something doesn’t look right.

Final Thoughts:

Buying your first home is a major milestone and can be both thrilling and stressful. By avoiding these common mistakes and working closely with a knowledgeable team — realtor, mortgage broker, insurance agent — you can navigate the process with confidence and set yourself up for long-term success.

Alberta Mortgage Pre-Approval: Your Guide

Mortgage Tips Cassey Bush 16 Oct

If you’re ready to buy a home in Alberta, one of the best steps you can take is getting pre-approved for a mortgage with a broker. This process will give you a clear understanding of your budget and help you stand out as a serious buyer. As your mortgage broker, I’ll guide you through each step of the pre-approval process and ensure you get the best deal possible. Here’s how it works when you work with me:

How to Get Pre-Approved for a Mortgage with a Broker in Alberta

1. Let’s Review Your Credit Score

Before we start, it’s important to know where your credit score stands. Your credit score will impact the mortgage rates you qualify for. I can help you review your credit report and, if needed, suggest ways to improve it. Aim for a score of 680 or higher to get the most competitive rates, but don’t worry if it’s lower — we’ll work through your options.

2. Gather the Required Financial Documents

To get pre-approved, we’ll need to take a close look at your finances. Here’s what I’ll need to get started:

• Proof of income: Recent pay stubs, T4 slips, or your most recent Notice of Assessment if you’re self-employed
• Employment verification: A letter from your employer confirming your job and salary
• Debt information: Details about any outstanding debts like credit cards, car loans, or lines of credit
• Down payment proof: Evidence of your savings or investments showing where your down payment will come from

3. I’ll Shop Around for the Best Rates

One of the advantages of working with me is that I do the heavy lifting for you. As a mortgage broker, I have access to multiple lenders, including major banks, credit unions, and private lenders. This means I can find the best mortgage products and rates tailored to your financial situation, saving you time and money.

4. Get Your Pre-Approval Letter

Once I’ve reviewed your documents and shopped for the best options, you’ll receive a pre-approval letter. This letter confirms the mortgage amount you’re pre-approved for and may also lock in an interest rate for up to 120 days. This rate hold protects you from any sudden increases while you’re searching for your perfect home.

5. Understand the Conditions

Keep in mind that a pre-approval is based on the information you provide and the current market conditions. It’s not a final guarantee, but it’s a solid indication of what you qualify for. Once you’ve found a home and we submit a formal mortgage application, the lender will assess the property’s value and double-check your finances before giving the final approval.

Why Getting Pre-Approved with Me Makes Sense

• Access to better mortgage options: I have relationships with a wide variety of lenders, allowing me to offer you more choices than going to a single bank.
• Expert guidance: I’ll explain the ins and outs of mortgage options, so you’re confident in your decision.
• Save time and effort: You won’t need to shop around — I handle that for you, comparing rates and finding the best fit for your needs.
• Strong negotiation power: With your pre-approval in hand, you can make an offer with confidence, showing sellers that you’re a serious buyer.

Final Tips for a Smooth Pre-Approval Process

• Avoid taking on any new debt or making big purchases until after you’ve finalized your mortgage.
• Keep in touch with me throughout the process, so we can update any financial changes or documents if needed.
• Be mindful of your budget, as a pre-approval shows the maximum amount you qualify for — it’s always a good idea to leave a little room for flexibility.

Ready to get pre-approved? Let’s start the conversation today. Whether you’re a first-time homebuyer or looking to upgrade, I’ll make sure you get the best deal possible for your dream home in Alberta.