Rob Pellegrini

Direct: 306-280-1602 |

New home perk

 

If you just bought a house and you haven’t owned a home in the four previous years, you can get the Home Buyers’ Tax Credit. Enter the amount of $5,000 on line 369 of your tax form and you’ll get a 15% credit.

 

Reduces tax load by $750

 

Assess the abode

 

Before starting a major renovation, get an ecoENERGY assessment from a certified energy advisor. You’ll pay about $1,000 for before-and-after audits, but provincial rebates can reimburse these costs.

 

Rebates up to $500

 

Cash in on rebates

 

Rebates depend on where you live but can include:

 

  • Improve insulation— Up to $3,250
  • Ductless heat pump— $800
  • Install ventilation fan— Up to $50
  • Draft-proof your home— Up to $500
  • Install a gas fireplace— $300
  • Replace windows & doors— Up to $500
  • Replace appliances— (each) $50+
  • Do more than three upgrades— $750
  • Save up to $7,000

 

Build safer—and save

 

Renos that make a home safer or more accessible for seniors and the disabled—including installation of grab bars and hand rails, the construction of walk-in or wheel-in showers,widening doorways and lowering cabinets­—qualify for a new tax credit that offers a rebate of 15%.

 

Save up to $10,000 (max.)

 

More income, less tax

 

Rent out your basement or turn a hobby into a home-based business. Both allow you to deduct expenses, including mortgage, utilities,property tax and insurance.

Claim the deductions against income generated on your tax return.

 

Tax credits come in many forms and specific areas but, checking out the federal government and provincial departments can find you money you didn’t know you had coming.

 

Sources: Natural Resources Canada, Canada Revenue Agency, BC Hydro, Union Gas, Enbridge Gas, FortisBC, Prince Edward Island Government

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When considering which of two or more competing offers to accept for your
home, there is no doubt price plays a huge role. After all, if Offer #1 is
$10,000 higher than Offer #2, that’s an enticing difference that puts
thousands of extra dollars in your pocket.

 

However, price isn’t the only thing you should think about when comparing
multiple offers. There are other factors you need to consider as well.

 

For example, what conditions are in the offer? If Offer #1 is conditional upon
the buyer selling his current property for a specific amount, then what if that
doesn’t happen? You could end up with an offer that dies and be forced to
list your home all over again.

 

In that circumstance, accepting the lower offer may be your best move.
There’s also financing to consider. Most buyers will attach a certificate from
their mortgage lender to show that they can afford the home and will likely
secure financing with little difficulty. If you get an offer where the ability of
the buyer to get financing is in doubt, that’s a red flag.

 

The closing date is another important factor. Offer #1 might propose a
closing date that’s perfect for you, while Offer #2 is four weeks later. If
you’ve already purchased another home, you might require a month of
bridge financing if you accept Offer #2. There’s nothing wrong with that per
se, but the costs and additional hassle are factors you should consider.

 

As you can see, assessing competing offers isn’t as easy as it looks and there are these and many other motivating options worth valuing at offer time.

 

Fortunately, as your REALTOR®, I will be an experienced source of things to consider and in that help you in make a informed decision.

 

It’s your move…I’ll help you make it!

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