Wednesday, May 25, 2022
Just Listed | 800 Sheppard Avenue West #104
Tuesday, May 24, 2022
How Exactly Do You Pay Off The Home Buyers' Plan?
The Home Buyers' Plan (HBP) allows first-time homebuyers to withdraw up to $35,000 from their RRSP without having to pay taxes. Afterwards, buyers are expected to repay the funds that were withdrawn under this plan. However, they don't have to start repaying until two years after they took out the funds. For instance, if the funds were withdrawn in 2022, repayments will being in 2024. From there, you have up to 15 years to repay the full amount.
First, you should find out what your account balance is and the amount owing by logging into your CRA account and selecting "Go to RRSP and TFSA details". From there, you ca view your HBP repayment details, which includes how much you withdrew in total, how much you've repaid so far, how much you owe this year, and the total balance remaining.
To repay, simply make a contribution to your RRSP at any time during the tax year. When it's time to file your taxes, you must designate all or part of your contribution as a repayment under the HBP.
It's important to note that any repayments you make under your HBP cannot be claimed as a deduction on your income tax. The good news is these repayments are not affected by your RRSP deduction limit, meaning if your deduction limit is zero, you can still make repayments to your HBP without penalty.
You are allowed to repay more than the amount that's required every year, but you would still have to pay the minimum amount required in the following years. If for some reason you are unable to make your payments or you paid less than what was required for the year, you would have to claim the unpaid amounts as RRSP income when you file your taxes. This could reduce your tax refund or increase your balance owing.
Wednesday, May 18, 2022
Just Listed | 488 University Avenue #5215
Monday, May 16, 2022
Checklist For Selling Your Home This Summer
If you're thinking of selling this summer, this is the ideal time to start the process. The earlier you get ready, the more successful your sale will be. It will likely go a lot smoother, too.
So, with those benefits in mind, here is a quick checklist that will guide you in preparing to list this summer.
- Financials - find out how much your home will likely sell for in the current market. That calculation is made by looking at what comparable homes in the area have sold for recently.
- Decluttering - the more neat and spacious your home looks to buyers, the more appealing it will be to them. So, be relentless when decluttering.
- Fixing - if anything needs to be repaired or replaced, this is the best time to get that work done. You don't want to have to scramble to find a contractor later on.
- Staging - is the art and science of setting up a room so that it looks attractive to buyers. Well-staged homes tend to sell faster and for a higher amount. You can stage your home yourself or get professional assistance.
- Scheduling - when you list in the summer, you want to make it as convenient for buyers as possible to book appointments to see your home. So, make sure you have plenty of scheduling flexibility.
- Targeting - are you also buying a new home? If so, then start the process now. Decide what type of home you're looking for specifically and narrow your focus to those neighbourhoods you want to get into.
Monday, May 9, 2022
Products for Spring & Summer
- Portable fire pit: Imagine an outdoor fireplace that you can take with you and set up almost anywhere, including on a wooden deck. It's also claimed to burn "smoke-free".
- Battery-operated mosquito repellant: Portable, refillable, and rechargeable with a USB connection, it's claimed to be effective within a proximity of approximately 15-20 feet.
- Shish-ka-bob prep tray: It looks somewhat like an ice-cube tray, until you add ingredients and slide in the skewer.
- Collapsible food tents: They open like mini-umbrellas to protect hot-off-the-grill foods from flies and bees. They can also be used in the garden to deter insects and squirrels from attacking young plants.
- Plug-in outdoor wi-fi extender that also serves as a programmable timer: It's compatible with popular smart hubs like Google Home and Alexa, so you can verbally command exterior lighting, etc.