Don't Forget To Claim Your Cost Associated with Purchasing a HOme

Did you buy your first house in Canada? Wonderful !! Do you know you can claim cost associated with purchasing  a home when you file your tax return ? 

It is a time to file you tax return and so don't forget ..... READ BELOW..

First-Time Home Buyers' (FTHB) Tax Credit

The costs associated with purchasing a home, such as legal fees, disbursements and land transfer taxes, can be a particular burden for first-time homebuyers who must pay these costs, as well as save money for a down payment. To assist first-time homebuyers with the costs associated with the purchase of a home, the Government of Canada introduced a FTHB Tax Credit in 2009 — a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. For an eligible individual, the credit will provide up to $750 in federal tax relief starting in 2009.

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Best regards,

 

Ritesh Joshi
Your Next Door Realtor

www.riteshtherealtor.com

647-281-3424

Home Inspection..What should you look at ?

Home inspections are imperfect because in most cases the inspector is not able to look behind walls or under the floors which means many potential problems are hidden. But a professional home inspector, can identify plenty of potential trouble spots. These include:

 • Obsolete knob and tube wiring. This is found in homes built prior to the 1950s in most of the original City of Toronto. It is hard to get insurance if your home has knob and tube wiring.

 • A 60-amp electrical service when the norm today is either 100 or 200. Again this will lead to higher insurance premiums.

 • Old galvanized plumbing. It rusts, can leak and plug up, slowing water flow. Old lead pipes are a health risk.

 • Any roof over 20 years old should probably be partially or completely replaced.

 • Old foundations will gradually deteriorate, causing leaks, and are expensive to repair.

 • Windows can be expensive to replace, if in poor condition.

Most of inspector uses thermal imaging technology and, for an additional fee, can identify problems with the structure, moisture leakage or air leakage in a home. They can also better identify when there is insufficient insulation, plumbing leaks or poor construction, which can lead to problems down the road.

So always insist for home inspection when you buy either brand new house or a resale one. 

Best regards,

Ritesh JoshiYour Next Door Realtor

www.riteshtherealtor.com

647-281-3424

Helping new Canadians get a home of their own

Helping new Canadians get a home of their own    New Canadians are making their numbers felt in the housing market, as they get settled and make the transition from renter to owner, with mortgage brokers helping to make that transition as easy as possible.  The most important considerations for new Canadians are credit history and downpayment. If you are new to Canada and do not have any established credit, you can qualify for a mortgage with three months of employment history and by demonstrating credit worthiness to your lender in other ways: Proof of timely rent payments confirmed by your landlord (non-family member) and bank statements Bank statements showing pre-authorized payments for 12 months for regular payments such as utilities, telephone, cable, insurance premiums, along with a bank reference letter A credit report from your country of origin Even though it is not required, it is a good idea to start establishing credit in Canada as soon as you can.  A downpayment of five percent is the minimum, although a larger down payment may be required. If you are a new Canadian, we can streamline the mortgage process for you, from counseling on credit, to obtaining credit references from foreign banks, to confirming foreign income. We'll advise you on the paperwork you need to assemble to apply for a mortgage, and then present your financial history to the lender or lenders that can best meet your needs.