Reprinted courtesy of CREA
The Government of Ontario is proposing two measures that will soften the impact of the harmonized sales tax (HST) on new housing. The HST was introduced in the 2009 Ontario Budget.
Under the first measure, the province proposes to enhance the new home HST rebate so that it
would be calculated as 75 per cent of the provincial portion of the HST payable on the purchase
of a new home, up to a maximum rebate of $24,000. Under the government’s initial proposal only homes under $400,000 qualified for the 75 per cent rebate.
Similar to the enhanced new housing rebate, the province is proposing a rebate for new residential rental properties. Landlords who purchase new rental homes would be eligible for the rebate, calculated as 75 per cent of the provincial portion of the single sales tax payable on the purchase of a new rental home, up to a maximum rebate of $24,000.
The province is also proposing HST transitional rules for new housing. Generally, as part of the
transitional rules, sales of new homes under written agreements of purchase and sale entered into on or before June 18, 2009 would not be subject to the provincial portion of the single sales tax, even if both ownership and possession are transferred on or after July 1, 2010.
For more information on the HST - click HERE
There you go - buy your new house before June 18, 2010 and save!
Showing posts with label Tax. Show all posts
Showing posts with label Tax. Show all posts
Wednesday, September 9, 2009
Thursday, September 3, 2009
I called it! Stephen Harper planning to use YOUR TAX DOLLARS as a bargaining chip in fall election
I called this months ago!
As soon as I "discovered" that the "Home Reno Tax Credit" that has been touted as one of the saving graces of local economies across Canada, was not actually Law.
My prediction was that this absolute tax break was going to resurface as a hot-button election issue, and here it is, landing in my lap, courtesy of the CBC.
The good people at Home Depot, Lowes, Rona, and Canadian Tire have managed to peddle their wares on us for the past 7 months under the guise of a sure-fire tax rebate, prompting Canadians to spend when perhaps they should be holding on to their cash, all the while knowing that the HRTC was not actually law. The government of Canada has even produced and paid air time for "Public Service" style advertisements instructing us (in Harper's true wisdom) to "go out and spend" on home renovations, and we'll see a break on our income taxes.
In my day-to-day life I come in contact with many tradespeople who have noticed a resurgence in home-renovation jobs this year, which has definitely helped the handyman have a great year, despite the economic turmoil. In that way, this Home Reno Tax Credit has been a fantastic ploy by the Conservative government to get us to go out and spend. We get a small break on our income taxes, it encourages tradespeople to work "above board" (ie. claim their income!), and homeowners all see increases in their equity.
I just hope some late 2009 position jockeying by the ruling parties of this country doesn't cost the honest taxpayer their 15% tax break.
References: CBCnews
As soon as I "discovered" that the "Home Reno Tax Credit" that has been touted as one of the saving graces of local economies across Canada, was not actually Law.
My prediction was that this absolute tax break was going to resurface as a hot-button election issue, and here it is, landing in my lap, courtesy of the CBC.
The good people at Home Depot, Lowes, Rona, and Canadian Tire have managed to peddle their wares on us for the past 7 months under the guise of a sure-fire tax rebate, prompting Canadians to spend when perhaps they should be holding on to their cash, all the while knowing that the HRTC was not actually law. The government of Canada has even produced and paid air time for "Public Service" style advertisements instructing us (in Harper's true wisdom) to "go out and spend" on home renovations, and we'll see a break on our income taxes.
In my day-to-day life I come in contact with many tradespeople who have noticed a resurgence in home-renovation jobs this year, which has definitely helped the handyman have a great year, despite the economic turmoil. In that way, this Home Reno Tax Credit has been a fantastic ploy by the Conservative government to get us to go out and spend. We get a small break on our income taxes, it encourages tradespeople to work "above board" (ie. claim their income!), and homeowners all see increases in their equity.
I just hope some late 2009 position jockeying by the ruling parties of this country doesn't cost the honest taxpayer their 15% tax break.
References: CBCnews
Thursday, May 7, 2009
First Time Home Buyers - What a GREAT time to buy!!
Are you thinking about buying your first home? Has the recent recession reduced home prices to the point that you're considering diving into the world of home ownership?
Now is DEFINITELY the time to act.
Contact me right now to find out how I walk buyers through the entire process of buying their first home, from the very first private showing, all the way through to personal pizza delivery on moving day, I will be with you every step of the way.
Here are only some valuable areas I can provide assistance:
Introduce you to a mortgage specialist. A friendly person, who will meet you in your home on your own terms to discuss your plans, and get a pre-approval.
Arrange private showings on listings that we select together. Ride in my car, if you want. I keep it running well and its (normally) very clean!
Benefit from my knowledge of Woodstock. Where will my kids go to school? Where can I find the best ice cream in town? Who does the fastest oil changes?
Assist through the process of making an agreement to purchase. Negotiating a purchase price that works for your budget, drafting conditions to protect you and your future investment, advising on aligning dates that work for you.
Recommending professional tradespeople to perform any services that you might require. As a real estate agent, a homeowner, and an investment property owner, I meet and use lots of Home inspectors, mortgage specialists, insurance agents, movers, cleaning services, plumbers, electricians, property maintenance, etc.
Show you how you can maximize your purchase and get thousands of dollars in government rebates for home renovations, deduct thousands of dollars from your income taxes, pay no land transfer tax, cash in your RRSP's tax free towards your downpayment, and benefit from historically low interest rates.
Respond very quickly to any requests you make. By embracing technology, I am equipped to receive your email, text message, and voicemail requests instantly and endeavour to always respond as soon as possible. Even if it's as quick as "Hey Bill, I got your Message. I'm on the 14th hole. I will respond to it as soon as I return to the office!"
So with property prices down, and rent steady or increasing, why not take the plunge? I go above and beyond with every step. Take advantage of what I'm offering today!
Call me - 519-536-7535 ext 487
Arrange private showings on listings that we select together. Ride in my car, if you want. I keep it running well and its (normally) very clean!
Benefit from my knowledge of Woodstock. Where will my kids go to school? Where can I find the best ice cream in town? Who does the fastest oil changes?
Assist through the process of making an agreement to purchase. Negotiating a purchase price that works for your budget, drafting conditions to protect you and your future investment, advising on aligning dates that work for you.
Recommending professional tradespeople to perform any services that you might require. As a real estate agent, a homeowner, and an investment property owner, I meet and use lots of Home inspectors, mortgage specialists, insurance agents, movers, cleaning services, plumbers, electricians, property maintenance, etc.
Show you how you can maximize your purchase and get thousands of dollars in government rebates for home renovations, deduct thousands of dollars from your income taxes, pay no land transfer tax, cash in your RRSP's tax free towards your downpayment, and benefit from historically low interest rates.
Respond very quickly to any requests you make. By embracing technology, I am equipped to receive your email, text message, and voicemail requests instantly and endeavour to always respond as soon as possible. Even if it's as quick as "Hey Bill, I got your Message. I'm on the 14th hole. I will respond to it as soon as I return to the office!"
So with property prices down, and rent steady or increasing, why not take the plunge? I go above and beyond with every step. Take advantage of what I'm offering today!
Call me - 519-536-7535 ext 487
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