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Brenda Joynson
Mortgage Consultant
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109-3550 Saanich RD, Victoria, British Columbia
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PARTNERSA little bit of my advice could save you thousands and doesn't cost you a nickel!
Whether you're buying a home for the first time, using the equity in your home for investment or pleasure, or your current mortgage is simply up for renewal, it is important that you are making an educated decision with professional unbiased advice.
Dealing directly with large financial corporations leaves many people feeling a bit uncomfortable. It's hard to know whether a bank is giving advice to serve your best interests or their own. I work with a wide variety of Banks, credits unions and large mortgage companies and it's my job to negotiate the right mortgage. I can help you sort through the options and focus on the lender that best meets your goals. Best of all, in most cases, there is no charge for my services.
BLOG / NEWS Updates
Canadian Housing Tax Break
Due to Canadas tax systems Principal Residence Exemption, when we sell our homes, any increased value or capital gains are not taxed.
This generous tax break matters to Canadian homeowners. Collectively, we have about $3 trillion in home equity and our homes are often our largest financial asset.
However, starting with our 2016 income tax returns, there are some changes in how homeowners qualify for the Principal Residence Exemption.
Until now, the Canada Revenue Agency has not required Canadians to report on a home sale when during tax season. If you sold your home in 2016 or later, you will need to complete a Schedule 3, Capital Gains of the T1 Income Tax and Benefit Return in order to report your sale.
The good news is that, in terms of taxes, nothing has changed. The same tax benefit is available to anyone who sells their home, provided the property was the principal residence for every year you owned it even if you use part of your home for business purposes. There is no new tax involved only a requirement that we report the sale details on our tax returns.
So, if there is still no tax to pay, why the extra paperwork?
When it comes to taxes, not everyone plays by the rules. The Principal Residence Exemption is a very generous tax break and it is occasionally misused by those involved in speculative house flipping in order to evade taxes on their profits. In these cases, people were claiming the exemption for homes they owned, but may never have lived in. Reporting these sales allows the government to make sure that only eligible homeowners get the benefit that they are entitled to.
So, if you sold you home in 2016, make sure to report the sale when you file your 2016 tax return. You will still get the same tax break and you will help prevent the misuse of this important homeowner tax benefit.
Canada: Residential sales reached a new record in September
Seasonally adjusted home sales rose 0.9% in September to a monthly record of 56,422 units. Sales in Ontario missed Augusts record by a hair due to a 5.3% monthly decline in Toronto. Records were nonetheless registered in Ottawa and Hamilton. In the Province of Quebec, sales were at a record level in the Quebec CMA and in Gatineau, and close to August records in Montreal. In B.C., transactions reached a record outside the three main markets of Vancouver, Fraser Valley and Victoria. There were also sales records in Nova Scotia and New Brunswick. The active-listings-to-sales ratio indicates that the Canadian home resale market was favorable to sellers in Ontario Quebec, the Maritimes Provinces and marginally so in B.C. The market was balanced in the four other provinces.
PROMISES, PROMISES AND MORE PROMISES
Canadas Parliament re-convened today with a ceremonial Speech from the Throne delivered by the Governor General.
Canadas continued response to the COVID-19 pandemic took centre-stage, while providing a lens for a plethora of broader promises: an extension of the wage subsidy, expanded employment insurance, investments in childcare, reaffirmed commitments to universal pharmacare, and green infrastructure investments among many others.
Given the exhaustive list of priorities, this Speech is unlikely to bring the minority government down as it provides plenty of hooks for negotiations in the lead-up to a Fall update where details will be laid out.
It clearly signals more fiscal spending ahead for Canada leaving the question not if but how much. But this was largely channeled ahead, so the market reaction has been mutedor more likely, it is eclipsed by broader US and global developments.
There is little beyond lip service by way of fiscal restraint. This will be left to the Finance Minister to make inevitable trade-offs in her first budget this Fall, particularly as she may need to reserve some firepower for second waves.
Source: Scotiabank https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.fiscal-policy.fiscal-pulse.federal.federal-budget-analysis.federal-throne-speech--september-23--2020-.html
