The government brought in a new rule in Budget 2022 which has effectively increased taxes on home-flipping. The change means the government will assume anyone who sells a home after possessing it for less than 12 months will be considered to be flipping the property. Profits from the sale would be considered business income, not a capital gain. Dan Rogozynski, co-director of the University of Waterloo's masters of accounting program, said the government hopes the measures will help slow rising housing prices in Canada. "They don't like this flipping, because what happens is it creates demand, it inflates prices," Rogozynski said. But the change comes with a number of exceptions, such as selling a home because of a death or divorce.

  How new Real Estate taxation changes in 2023 could affect you Article from https://www.cbc.ca/news/politics/tax-changes-2023-1.6696505 First Home Savings Account The FHSA allows certain homebuyers to save up to $40,000 toward a home purchase, with a maximum annual contribution of $8,000 over five years. Contributions to the FHSA are tax-deductible and withdrawals to purchase a home are tax-free. Hugh Woolley, a Vancouver-based chartered professional accountant, said it's important to note that the FHSA isn't just for first-time homebuyers. Those looking to buy a home who haven't owned one for four years or more are also eligible. "So this can also be for people who are re-entering the housing market, who've been out of the housing market for a number of years," Woolley said. Another new tax benefit related to housing is the Multigenerational Home Renovation Tax Credit. The refundable tax credit will provide up to $7,500 "in support for constructing a se...

Whether you want to pay off your home sooner or prepare for your children's future, here's an example of how purchasing just 1 investment property could help you reach your objectives.  Example: Let’s say you purchase a duplex with a $180,000 down payment and a $420,000 mortgage at a 5% fixed rate for a 5-year term. With estimated monthly expenses of $3,086 (including property tax, insurance, and snow removal) and rental income of $3,300, you can expect a debt paydown of almost $50,000 in 5 years. With an assumed 5% appreciation of the property value, your investment could be worth $765,768.94 after 5 years, resulting in a profit of $165,768.94 and equity of almost $215,000. That a lot of money This is just an example and the numbers may vary depending on the area you choose to invest in.  Also, in some areas, investing in a property for short-term rental purposes, such as through Air BnB, can also be a viable option to increase your return on investment. With a monthly rental...

  The Bank of Canada today published its 2023 schedule for the release of its policy interest rate decisions and quarterly Monetary Policy Report. The dates are as follows: Wednesday, January 25* Wednesday, March 8 Wednesday, April 12* Wednesday, June 7 Wednesday, July 12* Wednesday, September 6 Wednesday, October 25* Wednesday, December 6 The Bank of Canada can choose to increase, decrease or leave rates unchanged during these announcements that are scheduled 8 times per year.

Kitchener Waterloo listing update: The provincial market sales price: