Serving all your real estate needs in West Toronto, Bloor West Village, Baby Point, Riverside, High Park, Kingsway, Sunnylea, Old Millside, Swansea & Etobicoke.
2009 Federal Budget Changes include some incredible opportunities for both Buyers and SellersFirst Time Home Buyers’ Tax CreditThis tax credit will help to offset the closing costs associated with buying a home. Closing costs can include lawyer fees and land transfer taxes and represent a significant cost for many buyers when purchasing their first home. The First Time Home Buyers’ Tax Credit will encompass up to 15% on up to $5,000 of costs associated with the home purchase. This means that first time home buyers could be eligible for a tax credit of up to $750. It’s a great time for first time Buyers to jump into the market! Home Renovation Tax CreditBoth current home owners and home buyers considering properties that may benefit from renovation will be positively affected by this initiative from the Federal Budget. The Home Renovation Tax Credit provides a 15% tax credit that can be claimed on the portion of eligible home renovations exceeding $1000, but not more than $10,000. This means that home owners could be eligible for a tax credit of up to $1,350. This credit is in place for a limited time only and apply to eligible home renovation costs after January 27, 2009 and before February 1, 2010 on one or more of an individual’s personal use properties. Homeowners planning to renovate their existing home or Buyers interested in homes that could benefit from some “TLC” should take advantage of this opportunity! Home Buyer’s PlanThe Budget proposes to increase the maximum amount that individuals can withdraw, tax-free, from the RRSP to put towards the down payment on a home. This amount has been increased from $20,000 to $25,000. This increase in the limit addresses the concern that, while it was extremely successful plan, the usefulness of the Home Buyers’ Plan was decreasing because the withdrawal limit was not keeping pace with inflation. This increase will help many Buyers with the purchase of their dream home! Contact Andrea MorrisonTo further help you, I’ve asked the primary lending company I work with to guarantee you a locked-in mortgage rate for the next 90 days. Call me direct today at 416-762-8255 or Contact Us with your buying interests and parameters. |
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