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taxes: A $5,000 tax break for first time home buyers - 02/07/09 02:38 PM
Well, with the billions of dollars being thrown around in both the US and Canada these days, a tax credit doesn't seem like much, does it?
However, for those buying their first home, the credit, based on $5,000, will certainly come in handy, though not when you're actually buying the home. My understanding is that it works out to about $750 in actual tax relief, which of course, doesn't even cover legal costs.
As for the increase in allowable withdrawals from your RRSP from $20,000 to $25,000, how many first time buyers have you met who even have that much saved yet?
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taxes: TFSA book helps you do it right - 01/15/09 10:29 PM
I was sent a notice today about a new book about Canada's new Tax Free Savings Account. If you need more info, check it out. Here's the publisher's ad copy:
"This may be one of the most important little investment books you'll ever read! Financial expert Gordon Pape explains the new Tax-Free Savings Account (TFSA)-the powerful new personal savings vehicle for Canadians - and provides a range of strategies that you can use to add thousands of tax-exempt dollars to your personal wealth.As of January, 2009, everyone 18 and older can contribute to a TFSA and start building your tax-free investments. … (0 comments)
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taxes: Tax Free Savings Account introduced - 01/12/09 09:33 PM
If you've been paying any attention at all, you'll have heard about the Canadian government's latest savings scheme. For once, it seems to have few, if any flaws.
in a nutshell, you can contribute $5000 per year into the account and then take it out again whenever you like...tax free. Once you take it out you can still put it back again later.
Here's the link to the official information site, that for once, is informational:
http://www.budget.gc.ca/2008/pamphlet-depliant/pamphlet-depliant2-eng.asp
Robert J. Morrow is editor of www.HamiltonHomeReview.com, an online real estate magazine serving Greater Hamilton, Ontario. Click here for a FREE SUBSCRIPTION sent … (0 comments)
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Robert Morrow
Hamilton,
ON
More about me…
Chase Realty Inc. Brokerage
Office Phone: (905) 648-3333
Cell Phone: (905) 536-4644
Email Me
Blog by Hamilton Home Review's editor, Robert J. Morrow, a licensed Realtor with Chase Realty Inc., in Ancaster, ON, Canada.
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