Category Archives: Government Grants

Healthy Homes Renovation Tax Credit for Seniors

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Homes Renovation Tax Credit for Ontario Seniors get $10K Tax Credit for Renovations. Ten thousand dollars in Tax credit will be available for Ontario seniors to renovate and improve accessibility. The bill passed in Ontario government with majority in favor.

It was a promise Premier Dalton McGuinty made a year ago during the last election campaign.  Navtaj Chandhoke, founder of Professional Real Estate Investors Group (PREIG) Canada said, “The tax credit is up to $10,000.00 in eligible home renovations or 15% up to $1,500 each year”

Health Minister Deb Matthews says in a press release.This Healthy home renovation tax credit will also help achieve the goals of our Action Plan for Health Care by keeping our loved ones out of hospitals and long-term care, and at home, where they want to be.

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Tax Credit and Savings – Canada Economic Action Plan

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Canada Economic Action Plan

“Canadians can take full benefit from the following Tax Credit and Savings provided they are aware of them. As Canadians prepare to file their 2012 taxes, they will be able to claim the Family Caregiver Tax Credit for the first time. Claiming these credits by filing online and using direct deposit will, in most cases, help Canadians to receive a refund in as little as eight days, compared to four to six weeks for a paper return” says Navtaj Chandhoke, founder of Professional Real Estate Investors Group (PREIG) Canada, the largest Real Estate Investors network group in Canada.

Tax Credit and Savings

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Garden Suites Canada

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Building a secondary suite in your house can be a cost-effective way to provide accommodation for a family member or to create new rental space.

garden suites canada

The term secondary suite is generally used to describe an independent dwelling unit that is separate from the principal dwelling in a house and has its own kitchen and bathroom. It can be located either within the principal dwelling or in an accessory building on the same lot. These units are also known as accessory apartments and in-law suites.

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Top Canadian Grants for Real Estate Investors

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Canadian Grants for Real Estate InvestorsTop Canadian Grants for Real Estate Investors- what is it? A grant or rebate  is a sum of money conditionally given to you that you do not have to repay. Top Canadian Grants for Real Estate Investors can be used to purchase Canadian Real Estate, improve or add  to existing dwelling.  A grant can also be any service provided at no charge by the government for which you would ordinarily have to pay.

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BC First Time New Home Buyers Bonus

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BC First-Time New Home Buyers’ $10,000.00 Bonus Tax Free

The BC First-Time New Home Buyers’ Bonus is a one-time bonus payment worth up to $10,000 for first-time new home buyers in BC. The legislation for the BC First-Time New Home Buyers’ Bonus is expected in spring 2012.

“ Finally BC first time buyers would have the opportunity to have their dream release by  owning their dream home instead of  renting it” says Navtaj Chandhoke, founder of Professional Real Estate Investors Group (PREIG) Canada” it can be difficult for lot of Canadian families to save the down payment. This program will assist lot of families in the BC”.

Home Buyers Bonus

BC First-Time New Home Buyers’ Bonus are required to have following qualifications

  • Eligible claimants must be first-time homebuyers – an individual who has never previously owned a primary residence anywhere in the world;
  • For couples, neither the individual nor the spouse or common law partner can have previously owned a primary residence anywhere in the world;
  • The claimant must file a BC resident personal income tax return for 2011 or if the claimant moves to BC after December 31, 2011, must file a 2012 BC resident personal income tax return;
  • Individuals or families who move to BC after December 31, 2012 will not be eligible.

Newly Constructed Homes and Substantially Renovated Homes

  • The bonus is available in respect of new homes located in BC (i.e. newly constructed homes purchased from a builder and substantially renovated homes), on which HST is payable;
  • A substantially renovated home is one where all or substantially all of the interior of a building has been removed or replaced, generally 90% or more of the home must be renovated to qualify;
  • The written agreement of purchase and sale for the home must be entered into on or after February 21, 2012 and before April 1, 2013;
  • Ownership or possession of the home must transfer before April 1, 2013;
  • Eligible new homes include detached houses, semi-detached houses, duplexes, and townhouses, residential condominium units, mobile homes and floating homes and residential units in a cooperative housing corporation.

The BC First-Time New Home Buyers’ Bonus is available in respect of owner-built homes:

  • Where the written agreement of purchase and sale for the land is entered into on or after February 21, 2012 and before April 1, 2013;
  • The bonus will be based on land and construction costs subject to HST;
  • Construction of the home must be complete, or the home must be occupied, before April 1, 2013.

Other Criteria for BC First-Time New Home Buyers’ Bonus

  • The claimant must be eligible for the BC HST New Housing Rebate in order to receive the bonus;
  • The claimant must intend to live in the house as a primary residence;
  • No one else has claimed the bonus in respect of the home.

Bonus Calculation for BC First-Time New Home Buyers’ Bonus

  • The bonus is calculated as 5% of the purchase price (not including HST) of the home up to a maximum of $10,000;
  • The bonus is income tested. For single individuals, the bonus will be phased out at a rate of 20 per cent of net income in excess of $150,000 and eliminated at incomes greater than $200,000. For couples, the bonus will be phased out at a rate of 10 per cent of family net income in excess of $150,000, and eliminated at family incomes greater than $250,000.

You must apply to the BC Ministry of Finance to receive the bonus. The ministry will process applications, determine eligibility, and issue the bonus payments. The bonus is not claimed when filing an income tax return.

Once available, the application form will be posted at

http://www.sbr.gov.bc.ca/individuals/income_taxes/personal_income_tax/tax_credits/fthb_bonus_about.htm

Home Buyers Bonus

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