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“There’s No Such Thing As A Free Lunch”

Or is there?

The Government is offering buyers and homeowners an assortment of grants, rebates and tax credits. Some expire over the next few months so now may be the time to take advantage of this “free lunch” Wasaga Beach has many older properties that would benefit from these programs.

First Time Home Buyers (RRSP) Plan & Tax Credit
Canada’s Economic Action Plan offers a First Time Home Buyers Tax Credit that will provide up to $750 in tax relief to 1st time buyers and increases the amount they can withdraw from a RRSP to purchase a home from $20,000 to $25,000.

The increase in the withdrawl applies to 2009 and subsequent years.

Further information on the tax credit and the RRSP plan.

First Time Buyers Land Transfer Tax Rebate
First time home buyers in Ontario may be eligible for a refund of the land transfer tax. The maximum amount is $2000 and applies to all agreements entered into after December 13th 2007. An application for the refund can be made up to 18 months after the transfer.
There are a few qualifications:

• Must be at least 18 years of age.
• Must occupy the home as a principal residence within 9 months of the date of transfer.
• The buyer and /or spouse cannot have owned a home or interest in a home anywhere in the world.
• With new constructions the home must be entitled to a Tarion Home Warranty.

Please click here for full details.

Home Renovation Tax Credit- HRTC
The HRTC applies to eligible home renovation costs for work performed or goods aquired after January 27th 2009 until February 1st 2010. The HRTC is family based.
The credit can be claimed on the portion of eligible expenditures exceeding $1000 but no more than $10,000  up to a maximum of $1,350.

Additional information.

This entry was posted on Tuesday, September 22nd, 2009 at 8:56 am and is filed under The World Of Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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