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| Real estate investment and the impact on your tax income return |
Tax season is just around the corner. Remember that individuals have until the April 30 deadline to submit their income tax returns. Here are some important ideas you might want to consider when you are doing your taxes:
- You could be granted a 5.000$ tax credit if you have acquired your first house in 2009 after January 27. Line 369 of the Schedule 1, of the Federal Tax return will allow you to claim this credit if you qualify under the eligibility conditions.
To learn more about the First-Time Home Buyers’ Tax Credit (CIAPH), click here.
- For homeowners who have benefited from the HBP (Home Buyers’ Plan) in 2009 by making new RRSP contributions, it is important to keep in mind that these contributions could save you money. This reduction in taxable income could lead to tax savings and could also make you eligible for different social tax benefit programs. For example you could:
- Be eligible for a GST/ HST return
- Obtain a municipal tax reimbursement
- Obtain a tax credit for health expenses
- Benefit from the work premium payment
- Double your Canadian tax services for your children and increase your Quebec child assistance payment.
To learn more about the Home Buyers Plan (HBP), click here.
Calculate your rights to these programs even if you were not eligible in past years. You could qualify this year thanks to your RRSP contribution.
Get informed! After all, your money is at stake!
Michel Quoibion
Financial Planner
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| Rate as of: february 16 2010 |
| Preferred rate: 2.25 % |
| Term |
1 year |
3 years |
5 years |
7 years |
10 years |
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| Posted rate |
4.35 |
4.35 |
5.50 |
6.60 |
6.95 |
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| Multi-Prêts' rate: |
2.333 |
3.25 |
3.89 |
4.95 |
5.20 |
| Some conditions apply, subject to change without prior notice. |
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Home Renovation Tax Credit (HRTC)
Only available for the 2009 tax year.
The Home Renovation Tax Credit is a non-refundable tax credit based on eligible expenses for improvements to your house, condo or cottage. It can be claimed on your 2009 income tax return. It applies to work performed or goods acquired after January 27, 2009, and before February 1, 2010 under an agreement entered into after January 27, 2009.
Important Notice
Eligible expenses for goods acquired during this period, even if they are installed after January 2010, will still qualify. If an eligible expense involves work performed by a contractor or a third party, and the work is not completed by the end of the eligible period, only the portion that is completed before February 1, 2010 will qualify even if a payment has been made.
The HRTC applies to eligible expenses of more than $1,000, but not more than $10,000, resulting in a maximum non-refundable tax credit of $1,350 [($10,000 - $1,000) × 15%].
For more information visit The Canada Revenue Agency web site at www.cra.gc.ca
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