If you purchased a home in 2013 you may qualify for a $5,000 income tax credit

If you purchased a home in 2013 you may qualify to claim a $5,000 tax credit if you and the home you bought “qualify.” Check this short video or read on below it to find out if you and the home qualify.

Do you qualify?

You or your spouse or your common-law partner must have purchased a qualifying home in 2013.

You must not have lived in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years.

Does the home qualify?

The home must be located in Canada and it must be registered to you, your spouse or your common-law partner. You or a disabled relative must move into the home within one year of purchase. The home can be new or used. Types of homes that qualify include:

  • Single-family houses
  • Semi-detached houses
  • Townhouses
  • Mobile homes
  • Condominium units
  • Apartments in duplexes, triplexes, fourplexes, or apartment buildings

I qualify! How do I make the claim?

Enter $5,000 on line 369 of Schedule 1 of your federal income tax return.

More on the tax credit from the Government of Canada.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here now.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatchewan government delivers on affordable housing in 2012-13 budget

The government’s plan to reduce corporate income tax on profits generated through the development of new rental properties are being met with praise from the real estate industry. The 2012-13 provincial budget will provide a ten percent tax break to builders who construct multi-family projects of eight or more units over the next ten years.

From yesterday’s Regina Leader Post:

“We think the government is ‘bang on’ here,” said Alan Thomarat, CEO of the Saskatchewan branch of the Canadian Home Builders’ Association. “Any of the money that they’ll have forsaken with respect to revenue collection from taxation, they’re going to get back at least threefold as far as we’re concerned — in job creation, in the consumption taxes and the project development and in our ability to continue to make sure that there’s housing for the growing labour force we need here.”

“Rental housing now starts to make sense — where it hasn’t in the past,” said Al Didur, chair of the government affairs committee of the Association of Saskatchewan Realtors, who called the program “exciting” and said developers can “stack” it onto other incentive plans.

The budget makes additional allowances for affordable housing including;

• a $2 million funding increase for the Rental Construction Incentive and Affordable Home Ownership program;

• $10.2 million in new expenditures by Saskatchewan Housing Corp., including $1 million for Habitat for Humanity build homes for 20 low-income families;

• $9.2 million for the Rental Development Program to develop an additional 200 rental units in communities with long-term housing needs;

• the previously announced Saskatchewan First-Time Homebuyers Tax Credit, which provides a tax credit of $1,100 for an eligible home purchase.

Read: Government expands plan for affordable housing – Government of Saskatchewan
Read: Tax break for rental housing construction unveiled – CTV
Read: Budget 2012: Business gives enthusiastic reception to Sask. apartment plan
Read: Apartment plan ‘bang on’ – Leader Post

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

NDP unveils a comprehensive Saskatchewan housing strategy

Last week, I wrote a brief post providing details on the Saskatchewan Party’s plan to provide a tax credit to first-time home buyers that would save then up to $1,100 when purchasing their first home.

I’ve just been reviewing the housing strategy for the New Democratic Party (NDP), which is substantially more comprehensive. According to their platform brochure, the NDP plans to implement the following housing initiatives should they end up forming a government following the November 7 election.

  • Rebating the PST on construction materials for new houses to be priced under $280,000; and
  • Rebating the PST on the first $10,000 in repairs to homes more than ten years old.
  • Investing $20 million into co-operative and community organizations to buy land for housing.
  • Providing first-time homebuyers a $2,000 grant to cover closing costs and other related expenses for homes purchased for under $280,000.
  • Offering interest-free loans to co-operatives and community organization building new housing stock.
  • Ending unfair rent increases through next-generation rent control. We will  introduce rent control that makes allowances for new construction and non-corporate landlords.
  • Investing $230 million to create 2,500 new public rental units, with 1,000 units dedicated to student accommodation, and to upgrade existing units by working with community organizations and co-operatives.
  • Making a commitment to end homelessness with $20 million targeted to a “Housing First” approach, based on the belief that a stable place to live is a basic right and a critical building block to helping individuals gain stability in their own lives.
  • Adding 750 new subsidized affordable assisted-living units, with special attention paid to building these onto long-term care homes so that couples who require different levels of care can stay together.
  • Providing a property tax rebate of $500 per year to senior homeowners and renters.
  • Introducing the Credit for Caring refundable tax credit of up to $1,000 per year to individuals providing care to elderly or disabled relatives or friends.
  • Guaranteeing Saskatchewan residents the lowest-cost bundle of utilities in the country.

Read the NDP’s platform brochure here.

Read the Saskatchewan Party’s platform brochure here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Sask Party promises tax credit for first-time home buyers

From the Star Phoenix website today:

“The Saskatchewan Party says a new tax credit for first-time homebuyers would make home ownership a little more affordable.

On the campaign trail in Regina on Thursday, Premier Brad Wall pledged to introduce a non-refundable income tax credit to all first-time homebuyers that would result in an income tax savings of $1,100.”

Read more.

How do you feel about this campaign promise?

Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon program to provide down payment assistance to middle income renters

City council, this week, approved a new program that would provide down payment assistance to middle income renters. The objective of the program is to free up units in our low vacancy rental market while opening the door to home ownership for some who have the financial capability of servicing a mortgage but have not yet saved the required minimum down payment.

Billed as “the first program of its kind in Canada,” the Equity Building Program will be available to those who earn too much to benefit from social housing programs. This $3-million program will provide down payment loans to home buyers earning between $45,000 and $70,000 per year, who are currently renting a home in Saskatoon. As part of the arrangement, the home buyer agrees to pay back the loan, at a low interest rate, over a five-year period of time.

City planner, Alan Wallace is quoted in a story published in the Star Phoenix on February 9. “House prices have risen dramatically. We think there are a number of households out there that are in rental situations that will find it extremely difficult to fund the down payment.

“What we’re concerned about is if incomes aren’t able to keep pace with house prices…people have a tendency to slide backwards on the housing continuum. We want them to move up.”

Interested parties can obtain full details on conditions and qualifiers from the Affinity Credit Union in Saskatoon.

Read the Star Phoenix story here.
A television report from Global News is here.
More details on the Affinity Credit Union website are here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate