The 2009 Canadian Federal Government offers several incentives for homebuyers, which we believe your clients should know about.
FOR FIRST TIME HOME BUYERS:
Canada's Government introduces financial help for first-time home buyers. Canada's Economic Action Plan supports the Canadian home construction and real estate industries, with a First-Time Home Buyers' tax credit that will provide up to $750 in tax relief to first-time home buyers; and an increase in the amount that they can withdraw from an RRSP to purchase a home from $20,000 to $25,000. For more information see: www.actionplan.gc.ca
First-Time Home Buyers' Tax Credit (HBTC): To assist first-time home buyers with the costs related to the
purchase of a home, Budget 2009 proposes to introduce a First-Time Home Buyers’ Tax Credit. A 15-per-cent credit will be applied to a $5,000 amount, and will provide up to $750 in tax relief to reduce the costs associated with first home purchases completed after January 27, 2009. For more information see: http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html
First Time Home Buyers’ Program - Property Transfer Tax Act: It is important that the client understand all requirements of the FTHB program, including changes announced in Budget 2008 that became effective February 20, 2008. Please see: http://www.sbr.gov.bc.ca/documents_library/bulletins/PTT_004.pdf to find out more.
The Home Buyers' Plan allows eligible individuals to withdraw up to $20,000 tax free from their Registered Retirement Savings Plan (RRSP) to purchase or build a qualifying home. For more information see: http://www.servicecanada.gc.ca/eng/goc/home_buyers_plan.shtml
Home Renovation Tax Credit: Home Renovation Tax Credit (HRTC) will provide a temporary 15 per cent income tax credit on eligible home renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010. The credit may be claimed for the 2009 taxation year on the portion of eligible expenditures exceeding $1,000, but not more than $10,000, and will provide up to $1,350 in tax relief. For more information see: http://jasminahomes.ca/home-renovation-tax-credit-home-buyers-plan-eco-energy-grants-in-canada#section4
Hiring a Home Inspector : It’s often said that one of the most expensive and important purchases your clients will ever make will be their home. However, unlike the guarantee a buyer receives with most purchases, there’s no money-back guarantee or return policy if they’re not satisfied with their recently purchased home. Once they buy a home, they’re on their own to maintain it, repair it, anticipate problems and pay the bills. This is why it’s best to know as much as they can about potential problems before they make the commitment to buy.
Call us if you have any questions or want to book an inspection. For the Niagara Region call
905-356-1141, Hamilton Region call 905-572-1116 and our staff will be happy to assist you.