Tax rebates for renovations and purchases.
Considering buying or renovating a home?
Well there has never been a better time, Interest rates are down, prices are down, government incentives are up, and spring is here, at least thats what the calender tells me.
With the global economy in recession the government is offering incentives to anyone who purchases or renovates a home.
The home buyers plan used to be only for first time home buyers now the qualifications have changed. You can use funds up to $20,000.00 from your RRSP toward your down payment. To qualify you must not have owned a house you have occupied for 4 years prior to withdrawal of the funds, and agree to repay the funds within 15 years. With investments loosing money, house prices down and interest rates at an all time low, this is a great time to take advantage of this plan. What this equates to is giving yourself an interest free loan and still retaining the tax benefits derived from the original deposit.For more information go to the government website here.
There is also a tax credit available to qualified home buyers. The Qualification are similar to those for the home buyers RRSP plan. You or your partner must not have owned and lived in a home for the previous 4 years. If you have or or buying for a relative that has a disability, you may qualify for an exemption to the 4 years For information on this go to the government of Canada website here.
Purchasing a home usually entails some form of personalization whether it be adding hardwood to replace the old carpet, refreshing the bathroom to do away with the lovely old 70's color fixtures or repainting to refresh the look and feel of your new home. To qualify the renovation can be from $1,000.00 to $10,000.00 with a 15% tax credit resulting in $1350.00. For more information on this please visit the Government website here
Making your Real Estate needs my priority.
Dave Dry
Licensed Realtor in the province of Alberta
www.davedry.ca
Info@davedryhomes.com
780 446 3727