Deciding to Buy a home? Getting ready to Sell? Let’s look at Taxes too!
A REALTOR® is your expert just waiting to help.
The REALTOR® Difference
To be a REALTOR®, the agent must be a member of The Canadian Real Estate Association (CREA). And to be a member of CREA, an agent is expected to be:
- Committed to the REALTOR® Code: The code is the accepted standard of conduct for all real estate practitioners who are REALTORS®. It’s your guarantee of professional conduct and the quality service. Read more about the REALTOR® Code.
- Knowledgeable about developments in real estate: A REALTOR® can get you the information needed to make an informed decision: comparable prices, neighborhood trends, housing market conditions and more.
- Actively updating education: Through courses, workshops and other professional development, a REALTOR® maintains a high level of current knowledge about real estate.
- Access: REALTORS® have access to Board MLS® Systems, which facilitate the cooperate sale of properties to benefit consumers.
Benefits of a REALTOR®
Whether buying or selling a home, you can trust that your REALTOR® will ensure the transaction is completed competently and professionally. You don’t have to worry about the details – your REALTOR® can take care of them for you. You can get advice from someone with an intimate knowledge of the local housing market. And you can count on the help of a professional who has committed to serve with integrity and competence.
Resource Centre – CREA
Today I have added a link to the Resource Centre at the Canadian Real Estate Association (CREA) website. Here you will find informative CREA articles and videos about Buying and Selling.
Tax credits and incentives for home owners and buyers
Also, there are many tax issues (some good!) that you should consider when Buying. Thanks to the tax experts at Baker Tilly click on specifically for Nova Scotia real estate.
A surprisingly high percentage of home owners and homebuyers are unaware of the tax credits and incentives available on the purchase and renovation of homes in Canada. With that in mind, here are four of the most widely available opportunities: 4 Paths to Tax Savings for Buyers
1. First- Time Home Buyers’ Tax Credit – Get the credit you deserve
$5000 tax credit you can claim and $750 maximum federal tax savings.
2. RRSP Home Buyers’ Plan – A loan to help you own
This program allows you to take a loan from your RRSP account to buy or build a qualifying home without being taxed on the withdrawal. $25,000 maximum amount you can borrow from your RRSP.
90 Days> Minimum time the funds must be in your RRSP account before withdrawal.
2 Years> Time after purchase that repayment of RRSP loan must begin.
4 Years> You or your spouse can’t have owned a home in this period of time before buying or building the home.
15 Years> Amount of time you have to repay the loan.
3. Moving Expenses Deduction – To help you go the distance
40 KM – To qualify, you must have moved at least this much closer to your new school or place of employment.
4. Home Accessibility Tax Credit – Gaining access to opportunity
Qualifying individuals and their spouse, common law partner or caregiver can make a claim for a qualifying renovation.
Information developed by Baker Tilly with the Nova Scotia Association of REALTORS® which represents over 1500 REALTORS® in Nova Scotia.
Hope this information is helpful to you.
You have questions? I have answers? Let’s Mark-it-SOLD!
Mark Walsh, REALTOR® / 902.488.3827 / mark@mark-it-sold.ca
