First-Time Home Buyers’ Tax Credit (HBTC) - FEDERAL INCOME TAXES

Source: https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/budget-2022-plan-grow-economy-make-life-more-affordable/first-time-home-buyers-tax-credit.html     Did you buy your first home in the last tax year?     First-time home buyers who acquire a qualifying home can claim a non-refundable tax credit on their income taxes.   Find out what are the current rules and find out more information:   Read the current information on Revenue Canada website linked here and discuss with your accountant to be sure you claim this credit if you qualify.

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Strata Tip | Earthquake Insurance and Calculating the Earthquake Deductible

strata corporations are not required to obtain earthquake insurance. That being said, purchasing a unit in a strata corporation that does not have earthquake insurance can pose significant risks, so it’s important to advise consumers accordingly.   It’s also important for your clients to be aware of how much they may be on the hook for, were an earthquake to happen and cause significant damage. By doing so, your clients will be able to make an informed decision on whether, or not, to obtain additional homeowner insurance, to mitigate their risks.   To calculate a strata lot’s earthquake deductible:   1. You need the following info: The strata’s current insurance policy, and from there: The Insured Value of the strata corporation, and The Earthquake Deductible, shown as a percentage (e.g. 15%). The strata lot’s Unit Entitlement. To calculate this, you’ll need: Schedule of Unit Entitlement (filed with the Land Title Office and known as a Form V, or if the strata was built pre-2000, this will be part of the Strata Plan). 2. You use the following formula: HINT: When using the formula, the earthquake deductible percentage should be expressed as a decimal (e.g. 15% should be entered as 0.15)     Disclaimer: The information provided is for general purposes only. It is not intended to provide legal advice or opinions of any kind. No one should act, or refrain from acting, based solely upon the materials provided, any hypertext links or other general information without first seeking appropriate legal or other professional advice.  

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Strata Tip of the Week | The Impact of Strata Document Reviews

Does Condo Clear Dissuade Buyers? The Impact of Strata Document Reviews   One concern you might have, and a question we sometime get is: “Will having a strata document review done by Condo Clear just discourage my buyers from going ahead with the purchase?” As real estate professionals, we understand the complexity and significance of purchasing a property. Our primary objective at Condo Clear is to provide a thorough and balanced review of strata documents, highlighting both positive and potential negative aspects of the properties we evaluate.   1. How many people go through with the purchase?   With all this in mind, we still wanted to find out how many buyers go trough with the purchase. So, we decided to investigate. As of November 28, 2023, we started sending out a voluntary feedback survey to every buyer who’s had a strata document review completed by us. One of the questions we ask is: “Did you end up purchasing the unit in the strata corporation we reviewed?” Based on the responses we’ve received so far, the vast majority have said yes: 80.0% proceeded with the purchase 12.5% did not proceed with the purchase 7.5% answered “not yet”   2. We’re always available, at no extra cost!   To ensure buyers understand the information and contextualize our findings, we are not just available, but encourage buyers (and their Relators) to book a meeting with us, to discuss the review and ensure they gain a well-rounded perspective of the information presented. We are available by phone or email as many times as needed, at no additional charge! That’s it for this week. If you have any suggestions for other topics you’d like us to cover, please let us know at info@condoclear.ca. Disclaimer: The information provided is for general purposes only. It is not intended to provide legal advice or opinions of any kind. No one should act, or refrain from acting, based solely upon the materials provided, any hypertext links or other general information without first seeking appropriate legal or other professional advice.

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