Federal and provincial rebates on taxes paid available for new home owners
Lots of good info dealing with a home purchase discovered at www.royallepage.ca
Lots of good info dealing with a home purchase discovered at www.royallepage.ca
By Mark Schadenberg
I'm the first to admit and agree, the Canada Revenue Agency
(CRA) has certainly made filing your income tax a burdening process.
You must consider
deductions, percentages, allowable benefits, charitable receipts,
advertising expenses, HST forms . . . the list goes on and on.
However, there is good news
for first-time home buyers in the 2014 calendar year as you will be
eligible to claim back some dollars on your tax form when you submit.
Watch the video and
certainly fully read the link below, but two items are important –
you qualify based on your income, and that both you and your partner
are first-time buyers. The credit could be as high as $750 when you
submit your tax return. You can qualify if you have not owned a home
in the previous five years.
Credits are also available
for anyone buying a home for a disabled person. The dwelling bought
must be fully accessible.
Look for 'Line 369' on your
tax form. If you're a first-time home buyer you should consult with
your tax specialist to fully understand the federal government
mathematics, and certainly study the websites below.
ANOTHER POSSIBLE REBATE
In Ontario, we also pay Land
Transfer Tax on a home purchase and there is a possibility to claim
some or all of that cash back as well from province's Ministry of
Finance.
The maximum possible tax
credit is $2,000.
I present some of these
options because I realize first-time home buyers (all home buyers
actually) must borrow from family just to make their dream of
becoming a home owner a reality. It certainly is one reason to
purchase a house in November or December as the tax return season is
obviously much closer.
I believe Land Transfer Tax
is a necessary expense in purchasing a house (approximately one
percent of purchase price) and that all buyers must do their math and
talk to their lending institution before waiving their 'condition on
financing' in their offer as 'closing costs' on a house can grow
quite high when you consider down payment, plus also consider the moving truck, some new
appliances or furniture, high-ratio mortgage insurance, appraisal and
inspection costs, immediate home improvements required, and lawyers'
fees.
ROYAL LEPAGE
I have noted in previous
posts that the best place to receive real estate information is
through a website designed just for that – to provide unbiased
complete information. In other words there is no salesmanship
involved, such as a lending institution brochure or an online
service.
Therefore, both the Canadian
Mortgage & Housing Corporation (CHMC) and , along with unbiased
newspaper and magazine articles are a good destination for searching
and learning. Reading too much from Toronto newspapers, however, and
the well-respected lawyer Mark Weisleder could intimidate you as you
might be overwhelmed with Toronto thoughts (multiple offers, etc),
prices and stats.
If all you're looking for is
the basic fast facts about the house buying process before sitting
down with me and creating a game plan, a good one-stop for advice and
hints truly is www.royallepage.ca
Our national website has a
section on introductory tips for home buyers and home sellers. For
buyers looking for quite a change in lifestyle there is a section
discussing specialty properties, including green living (solar
panels, etc) or possibly making a purchase in the U.S. south to avoid
our wonderful winters.
LINKS:
http://www.fin.gov.on.ca/en/refund/newhome/
www.markroyallepage.blogspot.com
Mark
Schadenberg, Sales
Representative
Senior
Real Estate Specialist (SRES designation)
Royal
LePage Triland Realty
757
Dundas St, Woodstock
www.wesellwoodstock.com
(519)
537-1553, cell or text
Email:
mschadenberg@rogers.com
Twitter:
markroyallepage
Facebook:
Mark Schadenberg, Royal LePage Triland
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