About a year ago, I introduced Home Buyers’ Plan (HBP) on my blog, and I had received many questions from readers. Today let’s look at what are the requirements must be met for home buyers to withdrawal funds from their Registered Retirement Saving Plan (RRSP) tax free to buy or build a qualifying home. Qualifying [...]
Read More »First-Time Home Buyers’ Tax Credit
November 16th, 2012First-Time Home Buyers, do you know about First-Time Home Buyers’ Tax Credit (HBTC)? For 2009 and subsequent years, the HBTC is a new non-refundable tax credit based on an amount of $5,000. The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. So for 2009, [...]
Read More »Canada’s Shrinking Living Space
September 20th, 2012Thinking about downsizing your home? Find your perfect New Home HERE When it comes to housing, Canadians are paying more for less. That’s due in part to the shifting structure of the country’s most expensive markets, Toronto and Vancouver, where more households are now living in high-rise buildings. The stock of condos is growing and the [...]
Read More »Residential Developments in the Redeveloped Ontario Place
August 3rd, 2012Calling it “an exciting model for a new Ontario Place,” John Tory, who headed an advisory panel on the provincially owned park – Ontario Place should sell a chunk of land to developers potentially for Condos. He is a broadcaster, former mayoral candidate, and Greater Toronto CivicAction Alliance chair. He summarized the panel is calling [...]
Read More »RBC Economics: No Bubble in Toronto’s Condo Market
July 25th, 2012A bubble does not exist in Toronto’s condo market, says a new report by the economics department of Royal Bank of Canada, the country’s largest bank and biggest mortgage lender. The report, titled “Booming Toronto Condo Market Does Not Imply a Bubble”, was published today and runs contrary to recent statements made by Jim Flaherty, Canada’s [...]
Read More »Report: HST and Your New Home
December 15th, 2011HST and Your New Home When you buy a newly constructed home, condominium or town home, the entire purchase price including land is taxable. If the property is to be rented to tenants, the full 13% HST is charged on the purchase price. However, if the home is going to be your primary place of [...]
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