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Financial Planning -> Real Estate

Real Estate

New Home Buyers / Buying a Home or Other Real Estate

Buy a home (From our Free in 30! pages)

Using RRSPs to help buy a home:

Home Buyer's Plan (HBP)

Make sure you report repayments to RRSP Home Buyer's Plan!

Federal and Provincial Programs for Home Buyers / Home Owners

Federal First-time Home Buyers' (FTHB) Tax Credit

First-Time Home Buyer Incentive (FTHBI)

GST rebate for new housing purchases and substantial renovations and for new residential rental property.

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 Seniors' Home Renovation Tax Credit - Refundable

BC First-Time New Home Buyers' Bonus - Refundable - was available up to March 31, 2013

Nova Scotia First-Time New Home Buyers HST Rebate

Ontario Healthy Homes Renovation Tax Credit - Refundable - for senior homeowners and tenants, eliminated after 2016.

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.

Real Estate Issues

Can I deduct interest expense on money borrowed to purchase real estate? - Includes information on vacant land adjusted cost base.

Purchase and sale of rental property

Interest expense paid to a non-resident

Buying real estate from a non-resident

Tax implications of owning a cottage or second home

Selling a Home or Real Estate

Is the sale of real estate taxable?  What about my principal residence?

Purchase and sale of rental property

Principal residence exemption

$800,000+ capital gains deduction

bulletQualified small business corporation shares
bulletQualified farm property
bulletQualified fishing property
bulletCumulative net investment loss (CNIL)

Real Estate Rentals

What expenses can be deducted from property rental income?

Is your rental income considered property income or business income?  Why does it matter?

Purchase and sale of rental property

Capital Cost Allowance

Terminal Loss on sale of depreciable property

GST/HST rebate for new residential rental property

What happens if I move into my rental property, or start renting out my home?  Topics included:

 - Change in use from rental property to principal residence or personal-use property/cottage

 - Change in use from principal residence or personal-use property/cottage to rental propety

 - What if I rent out part of my principal residence?

Interest expense deductibility

T1135 Foreign Income Verification Statement for rental property in another country.

Revised: September 15, 2021


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