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Podcast – How to Find Strength & Perseverance No Matter What is in Our Way

May 15, 2023 3:47 pm Published by Carla Corsi Leave your thoughts

Thank you David Greenspan #MindShare101 for having me on your podcast! I was honoured to be amongst so many other... View Article

Anyone who is looking to buy their first home needs to know about this account. In addition to the RRSP Home Buyers Plan (HBP), both accounts can provide up to $75,000 of tax-free room (and up to $150,000 for couples) to save for a down payment! Key points: You must be a first-time home buyer, at least 18 years old and can’t have owned a home in the past 4 years. You can contribute $8000 dollars a year to a lifetime limit if $40,000 for individuals or $80,000 for spouses. If you can’t contribute, you can carry forward a maximum $8000 to future years if you have opened the FHSA account. Over contributions will be taxed at 1 percent every month. Contributions to the FHSA will be tax deductible against your income (like an RRSP). You can carry forward your deduction indefinitely to a future tax year. The account works like a TFSA, your investment gains are tax-free and when your investments (stocks, bonds, mutual funds, ETFs, GICs) grow you can take out more for your first home purchase. You must reside in Canada when making the withdrawal. Use the home as your primary residence for a valid withdrawal. You must have a written agreement to buy or build a home in Canada by October first the year following the withdrawal. Once withdrawn, the funds can be used for a down payment, closing costs or even home expenses such as furniture. If you withdraw funds for non-qualifying reasons, withholding tax will apply treating gains like taxable income. If funds are not being used, you can transfer funds for FHSA to an RRSP or a RRIF on a tax-free basis. These transfers will not reduce or limit an individual's contribution room. Also, these transfers will not reinstate an individual's lifetime contribution room. FSHA account will close at 71 years of age or 15 years after opening and funds will be moved to RRSP or RRIF. Reach out to me for more information or to get a referral to one of my preferred tax & mortgage partners.

✨TAX FREE First Time Home Buyers Savings Account (FHSA)✨

March 16, 2023 2:42 pm Published by Carla Corsi Leave your thoughts

Anyone who is looking to buy their first home needs to know about this account. In addition to the... View Article

What is the Vacant Home Tax & Does it Apply To You?

January 6, 2023 5:48 pm Published by Carla Corsi Leave your thoughts

The goal of the VHT is to increase the supply of housing by discouraging owners from leaving their residential properties... View Article

Foreign Buyers Officially Banned From Purchasing Real Estate In Canada

January 1, 2023 8:55 pm Published by Carla Corsi Leave your thoughts

Starting January 1, 2023, foreign commercial enterprises and people will be banned from purchasing residential properties in Canada for two... View Article

Let There Be Light!

December 21, 2022 4:41 pm Published by Carla Corsi Leave your thoughts

Skylights are a great way to bring natural light and ventilation into any space. Especially at this time of year,... View Article

Are YOU taking advantage of the biggest real estate opportunity we seen in years?

November 18, 2022 6:37 am Published by Carla Corsi Leave your thoughts

Yes, interest rates have gone SO WHAT?? If you look at a home that was purchased earlier in the year... View Article

Focussing on Headlines or Seeing Opportunity?

November 3, 2022 11:35 am Published by Carla Corsi Leave your thoughts

Headlines are terrifying but keep perspective and don’t let it derail you after all the efforts you’ve made up until... View Article

Best Houseplants for Your Home

September 6, 2022 10:34 am Published by Carla Corsi Leave your thoughts

🪴 𝐁𝐞𝐬𝐭 𝐏𝐥𝐚𝐧𝐭𝐬 𝐟𝐨𝐫 𝐘𝐨𝐮𝐫 𝐇𝐨𝐦𝐞 🪴 Did you know that having indoor plants can help improve your health?... View Article

Setting Expectations – Needs vs Wants when Home Buying

September 2, 2022 3:35 pm Published by Carla Corsi Leave your thoughts

✨Setting Expectations ✨ Needs vs Wants ✨ Once pre-approval is obtained, the next step in the home buying process is... View Article

Renting a Home in Ontario? Listen Up!

September 2, 2022 2:50 pm Published by Carla Corsi Leave your thoughts

Ontario is more than doubling the maximum rate a landlord can raise a tenant’s rent next year marking the highest... View Article

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Categories for Uncategorized

Podcast – How to Find Strength & Perseverance No Matter What is in Our Way

✨TAX FREE First Time Home Buyers Savings Account (FHSA)✨

What is the Vacant Home Tax & Does it Apply To You?

Foreign Buyers Officially Banned From Purchasing Real Estate In Canada

Let There Be Light!

Are YOU taking advantage of the biggest real estate opportunity we seen in years?

Focussing on Headlines or Seeing Opportunity?

Best Houseplants for Your Home

Setting Expectations – Needs vs Wants when Home Buying

Renting a Home in Ontario? Listen Up!

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