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Q. Take advantage of your 'home sweet' tax incentives.
A. Canadians now have an opportunity to take advantage of a few new financial incentives on the home front, for improvements to an existing home or a first-time purchase of a new one.
Did you purchase a ‘fixer-upper’ or does your current home need a refresh? Renovations can possibly be an investment in your home. There are many reasons why some people renovate, such as to improve living areas, maintain your home, increase the value of your home or improve energy efficiencies. Whatever the case, the government has made these renovations more attractive through grant programs assisting homeowners to ‘go green’ in their everyday lives. Full details on what projects are covered and the amount of the cash rebates is available through clicking here.
Prospective homebuyers can also look forward to a couple of new breaks. First, a new federal First-Time Home Buyers’ Tax Credit of up to $750 is intended to help with closing costs such as land transfer taxes and legal fees. In addition, the Home Buyers’ Plan withdrawal limit has been increased to $25,000 from $20,000, enabling a couple to borrow up to $50,000 from their Registered Retirement Savings Plans, tax-free, to buy a first home together.
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