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Land Transfer Tax Refund Program |
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The McGuinty government is giving all first-time homebuyers a break on land transfer tax by proposing to expand the Land Transfer Tax Refund Program to include purchases of resale homes. Effective December 13, 2007, first-time buyers of resale homes, as well as newly constructed homes, would be eligible for a refund from the provincial government of up to $2,000 of the Land Transfer Tax paid.
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Toronto Land Transfer Tax |
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The City of Toronto passed the land transfer tax with a number of amendments which will take an estimated $150 million out of home buyers pockets next year and much, much more in years to come. The City also passed an amendment to grandfather all agreements of purchase and sale entered into prior to December 31, 2007, regardless of the closing date, through a rebate. |
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Real estate investing - an RRSP alternative |
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Retirement funds are very important because you should be able to save enough money to last your entire lifetime after you have retired from active employment. Some prefer to invest in Registered Retirement Saving Plan (RRSP) because of the convenience it offers. Many individuals also take advantage of the tax advantages of the RRSP. An RRSP is a private retirement plan that allows individuals to deduct the contributions (up to a certain limit) from his taxable income. This gives the individual to save for retirement and at the same time earn from tax savings. The tax is deferred until the money including interests is withdrawn upon retirement. |
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How to choose the parties to help you build your real estate portfolio |
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When engaging in any form of business endeavor or transaction you have to be sure you are guided only by trust-worthy and efficient experts. This is important especially if you’re new to the business and still uninformed about many processes. A good entrepreneur will always do his homework and study thoroughly any business opportunities he is looking into. This will give him a fairly good chance of not failing because information is the key to success. |
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Things to be wary of when buying real estate |
Buying real estate properties whether for investment or personal purposes is a real commitment. It doesn’t matter if you’re paying with your own cash or have taken out a loan for the property, you must always proceed with caution. Because just as there are many trustworthy and good real estate agents, there are also sharks out there lurking and waiting for their next easy prey. Even if you are working with a trusted agent, there are still things you should avoid when purchasing real estate. The more careful you are with your real estate transactions, the lesser problems you will have in the future. Here are some of the thing you must be wary of when purchasing a new property.
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