<<< back to article list

March Preferred Client Update

Blog by Kim Twohey | March 3rd, 2019




Tax Credits for Homeowners

Owning a home costs money, but there are tax credits and rebates specifically for Canadian homeowners. Here are a few to get you started:

New Home Perk
If you just bought a house and you haven’t owned a home in the four previous years, you can get the Home Buyers’ Tax Credit. Enter the amount of $5,000 on line 369 of your tax form and you’ll get a 15% credit. Reduces tax load by $750.

Assess the Abode
Before starting a major renovation, get an 'ecoENERGY Assessment' from a certified energy advisor. You’ll pay about $1,000 for before-and-after audits, but provincial rebates can reimburse these costs. Rebates
up to $500.

Cash in on Rebates
Rebates depend on where you live but can include:
Improve insulation—Up to $3,250
Ductless heat pump—$800
Install ventilation fan—Up to $50
Draft-proof your home—Up to $500
Install a gas fireplace—$300
Replace windows & doors—Up to $500
Replace appliances—(each) $50+
Do more than three upgrades—$750

Save—Up to $7,000

Build Safer—and Save
Renos that make a home safer or more accessible for seniors and the disabled—including installation of grab bars and hand rails, the construction of walk-in or wheel-in showers, widening doorways and lowering cabinets­—qualify for a new tax credit that offers a rebate of 15%.

Save up to $10,000 (max.)

-courtesy of MoneySense

Spring Clean Yourself into a Faster Sale and Decluttered Mind

With warmer weather (hopefully) approaching, many homeowners are starting, or at least thinking about starting, their spring cleaning. If you’re considering selling your home, even if not soon, it’s a good idea to jump on the spring clean bandwagon now so you’re ready later.

Why Decluttering Your Home Matters
A cluttered home = a cluttered mind. How often do you stress about the time and effort it will take to organize or clean? Think of this from a potential buyer’s point of view. When viewing your home, you want them to visualize themselves living their best life in your space. It’s impossible to do this surrounded by clutter—especially somebody else’s clutter. 

Don’t Wait
Community yard sales are being organized and charities will soon be making their rounds collecting donations. You can even take advantage of local Facebook buy and sell or swap pages, so it’s a perfect time to start organizing and decluttering your home. Take three large boxes and go through one room at a time. Use one box for garbage, one box for yard sale or items to donate, and another box for things to go into storage.