Tax deductions and credits for homeowners

Every year,  tax payers overpay their taxes simply because they fail to claim some of the common deductions and credits they are entitled to.

Before you submit your return this year, check the following list as it represents some available tax deductions and credits for homeowners that are frequently overlooked.

First-time home buyer’s tax credit

If you are buying a home for the first time, you can claim a non-refundable tax credit of up to $750. This  tax credit is based on a percentage of $5,000 and you, your spouse or common-law partner can claim this credit.

GST/HST tax rebate (new housing rebate)

If you buy a new home as your principal residence, and if it’s less than $450,000, you may be able to claim the GST/HST new housing rebate.  In Ontario residents may also claim a portion of the HST if they buy, build a new home or do a major renovation on their principal residence.

Home Buyer’s Plan

The Home Buyer’s Plan allows you to withdraw up to $25,000 from your registered retirement savings plan (RRSP) to help with the purchase or construction of a home. Certain conditions apply.

Medical expenses tax credit

People who have  mobility impairments can claim renovation expenses that will make their home more accessible.   The government provides an extensive list of eligible medical expenses that you can an cannot claim. 

Moving expenses

If you are employed and move within Canada,  and your new location is at least 40 kilometres closer to your workplace,  your moving expenses may be an allowable tax deductible.  Starting a business would qualify, as would moving away from home for your first job. If the deductions are greater than earned income, they can be carried forward for one year to receive the full tax benefit.
Expenses may include hiring movers or renting a van for use to move yourself, storage of furniture, meals and lodging while traveling, legal fees and real estate commissions if you have a home to sell.

Work from home expenses

Is your house part of your business? — a home office for example — you can claim a deduction for the part of the home that is used to conduct your business. If you are a homeowner you can claim a portion of your mortgage interest & property taxes. If you are a renter you can claim a portion of your monthly rent.  Include in your deduction a percentage of the utilities, insurance or home maintenance for the reserved business use area.

Rental income

If you own a property that you rent and claim rental income you may be able to claim allowable expenses such as advertising, insurance and interest on money you borrow to buy or improve the property.

Child care tax credit

In most cases, child care expenses for an eligible child can be claimed by the parent with the lower net income for tax purposes.  If parents are separated and share custody, each parent may usually claim a portion of the child care costs.
Eligible child care expenses include day-care centres,  day nursery schools, some individuals providing child care services, day camps & sports schools.

See more information on what you can deduct, click here.



Richard Thyssen, Broker of Record
Colleen Thyssen, Sales Representative
Direct 519-495-1541
Office 519-438-8000
Email richardthyssen@kw.com
www.thyssengroup.com

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Richard Thyssen, Broker of Record
Colleen Thyssen, Sales Representative
Direct 519-495-1541
Office 519-438-8000
Email richardthyssen@kw.com
www.thyssengroup.com

How Much in a New Home Can You Afford?

If you’re thinking of shopping for a new home, one of the first considerations
is price range. You want to know what you can reasonably afford.

How do you figure that out?

First of all, you need to determine the initial out-of-pocket costs you will need to cover. There are often more costs associated with purchasing a home than its actual price. You need to take into account such additional expenses as moving costs, legal fees, and a home inspection, not to mention the costs of prepping your current property for sale. Experts say you should budget 2-5% above the purchase price for these items.

Another factor to consider are the potential proceeds from the sale of your current home. We can help you determine how much your property will likely sell for in today’s market.
Any existing mortgage will need to be subtracted from that amount
to determine how much cash will be left.

Of course, you should speak to a mortgage broker or lender who can
compute how much of a mortgage you qualify for. Remember, qualifying for
a big mortgage doesn’t necessarily mean you should have one. You also
need to consider your personal finances and desired lifestyle – and whether
or not having a large mortgage is a good idea for you.

Once you have gathered all of your information, you can add any potential
sale proceeds to the amount of mortgage you qualify for, add other sources
of cash available for this purpose and subtract 2-5% for initial expenses,
and you’ll have an idea of the price range you should be considering.

Finally, it’s important to take the time to decide what kind of home you want.
Do you want a large backyard with trees? A quiet, family-oriented
neighbourhood? Four bedrooms and a finished basement? Once you
decide what you want most in a new home, it becomes much easier to find
one that’s in your price range.

Need help deciding how much you can afford when shopping for a new home?

Call us today!!

Richard Thyssen, Broker of Record
Colleen Thyssen, Sales Representative
Direct: 519-495-1541
Office: 519-438-8000
Email: richardthyssen@kw.com
www.thyssengroup.com

113 FRONT Street East STRATHROY, ON N7G1Y8

Property Site: http://tour.circlepix.com/home/A3BNEU

Heritage home with modern conveniences. The 'Pincombe House' is one of Strathroy's original grand homes. Hardwood floors throughout; large, bright principle rooms, custom kitchen with cherry cabinets, skylight, pantry, and granite countertops. This home features 4 large bedrooms with ample closets, central vac, and full attic. The property is on a mature, landscaped lot with a big, fenced yard and sprinkler system - close to all amenities.

Bedrooms: 4

Bathrooms: 2.00

Price: $399,900

For more information about this property, please contact Richard Thyssen, Broker of Record at 519-495-1541 or richardthyssen@kw.com. You can also text 2631148 to 67299.

See more listings at: http://www.thyssengroup.com

MLS ID: 557997

3 Easy Improvements to Help You Sell Your Home

SPRING!!!  Not only a time to clean away the winter and look forward to green grass and colourful garden blooms....traditionally the most popular time of the year to sell homes.

In this market, homeowners can up the odds that a home sells as quickly and as profitably as possible by giving it a face lift.  

Sellers should focus on home improvement projects that either add value to the home or that attract buyers' eyes and pique their interests. Make them forget any other houses they viewed and want your house instead.

Don't randomly select home improvement projects based on your own tastes or suggestions from friends. You won't be the one living in the home, after all. Research houses in your area and compare features to get a better idea what people want.

Here are 3 easy improvements to help you sell your home quickly and for the most money.

1.Boost Your Curb Appeal

You'll never get a second chance to make a first impression.

When potential buyers drive up to your home, if they don't like what they see immediately, they may not get past the exterior to find the great things inside.

It's not about planting expensive trees, installing fountains or other fancy upgrades. In fact, some of the most value-added outdoor home-improvement projects cost little to nothing, except for your time. The National Association of Realtors® (NAR) suggests some of the following property improvements:

Get out your pruning shears: If your home is on the market, keeping the lawn mowed is a given. Keeping plants and flowers watered is also essential. Pruning trees, shrubs and other greenery is more easily overlooked, but it is one of those touches that will make your home stand out. Follow a pruning guide, like the one provided by Better Homes and Gardens, to get the most out of your efforts.

Dig into some mulch: Mulching is another often overlooked landscaping project with a tremendous impact. It helps conserve moisture, protects roots, discourages weeds, and other benefits. You can choose between all-natural mulches and decorative mulches, such as stone. You can even use compost that you create yourself or mown grass and fallen leaves.

Show off your green thumb: Purchase outdoor containers that complement your home's style and plant something unusual or interesting. Place plants on the patio or around the home's entrance to immediately create a more appealing exterior. Plant bright flowers and foliage to provide a splash of color.

Clean up your home's exterior: Spend a weekend cleaning your gutters, windows and especially your siding, among other exterior items. Rent or purchase a power washer for a very affordable price to really make your home shine.

2. Add a Coat of Paint

Like a wash and wax for your car, a new coat of paint makes anything look better and brighter. To improve your home's value and attract buyers, consider a fresh paint job, inside and out.

The "safe" advice is to choose neutral colors, such as beige and off-white, and to avoid vibrant or gender-specific hues such as orange, purple or red. However, safe isn't always the best bet.  Most buyers lack the ability to visualize the home differently,  don't be afraid to add splashes of color and a touch of texture for a bit of style. Consider painting an accent wall in your living room with a contrasting color, or add some texturizing product instead. Adding hand-painted borders in the bathroom, by using stencils that run vertically or horizontally, is another classy touch.

Before painting, outside or in, ensure that the surface is clean and properly prepared. Use a primer to cover previously unfinished areas or bare wood, to better cover over dark or bold colors, or to block out stains. Inside your home, sand surfaces slightly if you don't use a primer, to help paint adhesion.

3. Update the Kitchen or Bathroom

Everyone appreciates a well-put-together and comfortable bathroom or kitchen. Renovations to these two rooms usually generate buyer interest and offer a high rate of return on investment when it comes time to sell.

Updates don't always require a large expenditure and a messy, lengthy remodeling period either. Some of the simplest things can change the entire feel of the room. Do as much, or as little, as you choose.

Replace sink and bathtub fixtures: Switch out generic faucets and handles for newer, better-quality hardware. Think about using brass for a startling contrast, or select a style completely different from the current one.

Install a new sink: As long as you're replacing faucets, why not replace the bathroom or kitchen sink.

Refinish the cabinets: Solid wood responds well to sanding and refinishing with stain and a polyurethane top coat, or even paint.

Upgrade your counter tops: Replace laminate with stone, tile or even a concrete counter top. If you have old ceramic tile, clean or re grout to refresh the look.

Add lighting and accessories: Think in layers when it comes to lighting. Adding accent lights or task lights in any room of the house makes it more visually appealing. Other little touches include changing door knobs, light switch and outlet covers, or installing ceiling fans. Consider swapping old light switches with dimmer switches or energy-saving, programmable lighting controls.

Each of these projects will increase the value of your property and help you sell your home faster and for the most money.

Call 519-495-1541 and let us make recommendations for your home!

Richard Thyssen, Broker of Record
Colleen Thyssen, Sales Representative
Direct: 519-495-1541
Email: richardthyssen@kw.com
www.thyssengroup.com

Avoiding Moisture Problems in the Home

There are many hidden sources of moisture in your home that can lead to
serious problems, such as mold. To keep moisture levels in check, and avoid
moisture problems in your home consider these tips:

* Bathrooms are an obvious source of moisture build-up. Contractor
and TV personality Mike Holmes recommends keeping the fan going
for at least a half hour after a shower.

* Check regularly for water infiltration around window and door sills, as well as other intakes into the home, such as dryer vents and cable wiring.

* Determine the humidity level in your home. A good rule of thumb is to keep with humidity level at 30% in the colder months and 50-60% in the summer. (Keep in mind that humidity may vary greatly from room to room.)

* Regularly inspect caulking around sinks, tubs and showers. Even a
tiny break can cause water to leak gradually into the wall or floor,
causing damage you may not notice for months.

* Clean up wet spills as soon as possible. On hardwood floors
especially, water can seep through and become trapped.

* Repair leaking faucets, toilets and pipes immediately. A drip can
quickly become a shower.

Being mindful of moisture today can help you avoid potentially high repair
bills later on.

Call us today for market statistic in your area!

Richard Thyssen, Broker of Record
Colleen Thyssen, Sales Representative
Direct: 519-495-1541
Office: 519-438-8000
Email: richardthyssen@kw.com
www.thyssengroup.com

Home Buyer/Seller March 2015