Take advantage of the Home Buyers' Plan (HBP): The HBP is a program that allows first-time homebuyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) tax-free to use towards the purchase of their first home. However, this amount must be paid back into the RRSP within 15 years. Claim the First-Time Home Buyers' Tax Credit (HBTC): This is a non-refundable tax credit of up to $10,000 that can be claimed by first-time homebuyers to help offset the costs... [read more]

Spring is a wonderful time of year, with longer days, warmer temperatures, and the renewal of life all around. For homeowners in the Greater Toronto Area, spring is also the perfect time to tackle essential home maintenance tasks. After a long and harsh winter, it's important to take proactive steps to protect your home, avoid costly repairs, and maintain its long-term value. In this article, we'll provide some useful tips for spring home maintenance in the Greater Toronto Area. Tip... [read more]

Home Buying Strategies for the Spring Season Define your needs: Determine your housing requirements, including desired home features and neighborhood characteristics. Consider the family size, lifestyle, and proximity to work. Remember that properties with spacious backyards and entertainment areas may be in high demand early in the spring season. Embrace competition: Prepare for potential bidding wars by anticipating competition from other buyers. Plan your budget with flexibility... [read more]

Canada recently made some changes to the rules around the foreign home buyer ban . According to the Canadian Mortgage and Housing Corporation (CMHC), the amendments will "enhance the flexibility of newcomers and businesses looking to add to Canada’s housing supply." Enable more work permit holders to purchase a home to live in while working in Canada. The amendments will allow those who hold a work permit or are authorized to work in Canada under the Immigration and... [read more]

First-Time Home Buyers’ Tax Credit (HBTC)   First-Time Home Buyers' Tax Credit (HBTC) – Updates and Changes for 2022 and Beyond   Introduction The First-Time Home Buyers' Tax Credit (HBTC) is a non-refundable tax credit aimed at assisting first-time homebuyers in purchasing a qualifying home. The Canadian government has proposed changes to the HBTC for 2022 and subsequent taxation years, increasing the amount used to calculate the tax credit to... [read more]