3 Housing Tax Credits You Should Know About!
Posted on Apr 25, 2022 in Resources
The 2022 Federal Budget introduced changes to 3 housing-related tax credits that you should know about.
#1: The Multigenerational Home Renovation Tax Credit. This would provide up to $7,500 in support for building a secondary suite for a senior or an adult with a disability, starting in 2023.
#2: A proposal to double the First-Time Home Buyers’ Tax C...
Tax-free First Home Savings Account (FHSA): The best thing to come out of Canada's 2022 Federal Budget
Posted on Apr 17, 2022 in Resources
One of the best things to come out of Canada's 2022 federal budget announcement is the creation of the tax-free first home savings account (FHSA).
This program will start up sometime in mid-2023 and its goal is to help future homeowners buy their first home.
In the FHSA, you can save up to $40,000 with a maximum contribution of $8,000/year. Similar t...
Another Interest Rate Hike - Should you lock in?
Posted on Apr 14, 2022 in Resources
The Bank of Canada hiked interest rates today by 0.50%, this is the biggest hike in over 2 decades (usually it's always been in increments of 0.25%). Many clients are in panic mode. Past clients are asking if they should lock in their variable to a fixed, and new clients are asking if they should take a fixed rather than a variable though rates are...
4 Key Uses of a Home Equity Line of Credit
Posted on Apr 11, 2022 in Resources
With a HELOC, you have direct access to funds in your bank account. You really shouldn’t be using these funds irresponsibly to buy a trip to Europe or designer shoes.
Investors typically use their HELOC funds for the following purposes:
- Home Renovation - to increase the market value of their homes
- Debt Consolidation - moving high interest credit card...
What is a Home Equity Line of Credit?
Posted on Apr 02, 2022 in Resources
What is a Home Equity Line of Credit?
One of the biggest perks of homeownership is the ability to be able to access up to 80% of the equity built up in your home. A home equity line of credit or “HELOC” is secured against the value of your home equity and acts as a revolving source of funds, much like a credit card, that you can access when you choo...
BC Speculation and Vacancy Tax: Deadline March 31, 2022
Posted on Mar 29, 2022 in Resources
All owners on title must each make a separate declaration. Do this online via gov.bc.ca/spectax.
