Home -> Financial Planning -> Real Estate and Canadian Tax Issues, Home Buyer Incentives
New Home Buyers / Buying a Home or Other Real Estate
Tax-Free First Home Savings Account (FHSA) - new for 2023
Make sure you report repayments to RRSP Home Buyer's Plan!
First-Time Home Buyer Incentive (FTHBI) - help with a down payment
BC Home Owner Mortgage and Equity (HOME) Partnership program for First Time Home Buyers - 25-year loan that is interest-free and payment-free for the first 5 years. Applications were accepted starting January 16, 2017, for purchases that closed on or after February 15, 2017. The program came to an end on March 31, 2018 due to its low participation rate.
BC First-Time New Home Buyers' Bonus - Refundable - was only available up to March 31, 2013
Ontario Seniors Homeowners' Property Tax Grant - can reduce property taxes by up to $500 per year. This is on the Ontario website.
Ontario Land transfer tax refund of up to $2,000 ($4,000 for purchases after Jan 1, 2017) for first-time home buyers - on Ontario Ministry of Finance website.
Canada's Underused Housing Tax - new, returns due May 1, 2023! Affects non-residents AND MANY Canadians! The minimum penalty for not filing (even if exempt from the tax) is $5,000 for individuals and $10,000 for non-individuals.
BC Speculation and Vacancy Tax and City of Vancouver Empty Homes Tax
Real Estate Issues
Can I deduct interest expense on money borrowed to purchase real estate? - Includes information on vacant land adjusted cost base.
Buying real estate from a non-resident - if you buy from a non-resident without realizing it, this could be very costly!
Specified Investment Business - Corporate income from property
Selling a Home or Real Estate
Is the sale of real estate taxable? What about my principal residence?
Is your rental income considered property income or business income? Why does it matter?
Terminal Loss on sale of depreciable property
What happens if I move into my rental property, or start renting out my home? Topics included:
- What if I rent out part of my principal residence?
T1135 Foreign Income Verification Statement for rental property in another country.
Revised: September 22, 2023
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