Denise's Blog Spot

Check out my last 2 posts for the Canada Revenue Agency information regarding home tax credits you may qualify for. 

One is for first time home buyers who purchased a home in 2009 - you can get up to $750 back on your taxes!  For those of you thinking of buying a home - they are continuing this credit for 2010.

The second tax credit is for renovations.  You can get back up to $1350 when you spend between $1000 and $10,000 on permanent imporovements to your home between January 27th, 2009 and January 31st, 2010.  It has not been announced yet if they will be carrying this on for the 2010 tax year.

from:  http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html

1. What is the home buyers' tax credit (HBTC)?
2. How is the new HBTC calculated?
3. Am I eligible for the HBTC?
4. What is a qualifying home?
5. Who is considered a person with a disability for purposes of the HBTC?
6. If I buy a house, can my spouse or common-law partner claim the HBTC?
7. My friend and I intend to jointly purchase a home, and we both meet the conditions for the HBTC. Can we both claim the credit?
8. Do I have to register the acquisition of the home under the applicable land registration system?
9. How will I claim the HBTC?
10. Do I have to submit any supporting documents with my income tax return?
11. Is the HBTC connected to the existing Home Buyers’ Plan?
12. Where can I get more information about the new HBTC?

1. What is the home buyers' tax credit (HBTC)?

For 2009 and subsequent years, the HBTC is a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009 (i.e., generally means that the closing is after this date).

2. How is the new HBTC calculated?

The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit will be $750.

3. Am I eligible for the HBTC?

You will qualify for the HBTC if:

• you or your spouse or common-law partner acquire a qualifying home; and
• you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years.

If you are a person with a disability or are buying a house for a related person with a disability, you do not have to be a first-time home buyer. However, the home must be acquired to enable the person with the disability to live in a more accessible dwelling or in an environment better suited to the personal needs and care of that person.

4. What is a qualifying home?

A qualifying home is a housing unit located in Canada acquired after January 27, 2009. This includes existing homes and those being constructed. Single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings all qualify. A share in a co-operative housing corporation that entitles you to possess, and gives you an equity interest in, a housing unit located in Canada also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify.

As well, you must intend to occupy the home or you must intend that the related person with a disability occupy the home as a principal place of residence no later than one year after you buy it.

5. Who is considered a person with a disability for purposes of the HBTC?

For purposes of the HBTC, an individual eligible for the disability tax credit (DTC) is one for whom an amount can be claimed under the DTC for the year in which the home is acquired, or could be claimed if costs for attendant care or care in a nursing home were not claimed for the [Medical Expense Tax Credit].

6. If I buy a house, can my spouse or common-law partner claim the HBTC?

Either one of you can claim the credit or you can share the credit. However, the total of your combined claims cannot exceed $750.

7. My friend and I intend to jointly purchase a home, and we both meet the conditions for the HBTC. Can we both claim the credit?

Either one of you can claim the credit or you can share the credit. However, the total of your combined claims cannot exceed $750.

8. Do I have to register the acquisition of the home under the applicable land registration system?

Yes. Your interest in the home must be registered in accordance with the land registration system applicable to where it is located.

9. How will I claim the HBTC?

Beginning with the 2009 personal income tax return, line 369 is incorporated into the Schedule 1, Federal Tax to allow you to claim the credit in the year in which you acquired the qualifying home.

10. Do I have to submit any supporting documents with my income tax return?

No. However, you must ensure that this information is available, should it be requested by the Canada Revenue Agency (CRA).

11. Is the HBTC connected to the existing Home Buyers’ Plan?

No. Although some of the eligibility conditions for the HBTC and the Home Buyers’ Plan are similar, the two are not connected. Your eligibility for the HBTC will not change whether or not you also participate in the Home Buyers’ Plan.

12. Where can I get more information about the new HBTC?

The CRA encourages taxpayers to check its Web site often—all new forms, policies, and guidelines are posted there as soon as they become available.

As taken from the Canada Revenue Agency website: http://www.cra-arc.gc.ca/hrtc/

Only available for the 2009 tax year.

The Home Renovation Tax Credit is a non-refundable tax credit based on eligible expenses for improvements to your house, condo or cottage. It can be claimed on your 2009 income tax return. It applies to work performed or goods acquired after January 27, 2009, and before February 1, 2010 under an agreement entered into after January 27, 2009.

Important Notice
Eligible expenses for goods acquired during this period, even if they are installed after January 2010, will still qualify. If an eligible expense involves work performed by a contractor or a third party, and the work is not completed by the end of the eligible period, only the portion that is completed before February 1, 2010 will qualify even if a payment has been made.

The HRTC applies to eligible expenses of more than $1,000, but not more than $10,000, resulting in a maximum non-refundable tax credit of $1,350 [($10,000 - $1,000) × 15%].

Topics for Home Renovation Tax Credit

Looking for a great place to drive to check out the Christmas lights but you've been to the Winter Wonderland at the Ex Grounds already....

Check out Lindenwoods.  There is Candy Cane Lane on Foxmeadow, Polar Bear Lane on Hennessey, Nutcracker Lane on Park Royal, Snowflake Lane on Thurston and Reindeer Run on Deer Run and check out 93 Shore Crest but roll down your window to hear it too!

Have fun... don't forget about those less fortunate than us this year!

WINNIPEG - October 2, 2009 – The Winnipeg Fire Paramedic Service (WFPS) is teaming up with the National Fire Protection Association (NFPA) for Fire Prevention Week 2009, which takes place from October 4 to 10, 2009. Together with its partners, the WFPS is reaching out to citizens of all ages, particularly young people, to raise awareness of the importance of fire prevention.

WFPS staff will be participating in a number of community events in connection with Fire Prevention Week this year. These include:

• school events: a kick-off with the students of John Henderson Junior High School on Monday, October 5; and the “Great Canadian Fire Drill” at all schools and fire stations on Friday, October 9;
• public events: on Tuesday, October 6, and Thursday, October 8, the WFPS will have burn prevention booths at Winnipeg Canadian Tire locations; on October 7, firefighter volunteers will be handing out food at all Winnipeg McDonald’s locations, in support of the Fire Fighter’s Burn Fund; and,
• Open House: an open house for all citizens, at local fire stations, on Saturday, October 10.

The theme of this year’s Fire Prevention Week is “Stay Fire Smart! Don’t Get Burned.” This year’s campaign focuses on ways to keep homes safe and prevent painful burns. As well, fire safety educators will be teaching local residents how to plan and practice escape from a home, in case a fire occurs.

More information on individual events being held to mark Fire Prevention Week 2009 will be released as the week continues at www.winnipeg.ca

See you Saturday at the Fire Station near you!

September MLS® Sales Up 3%; Dollar Volume Rose 11%

WINNIPEG – It took nine months to set a new monthly MLS® sales record this year but they say patience is a virtue so it is worth waiting for. Third quarter MLS® sales in 2009 were almost on par with the same period in 2008. This result shows the Winnipeg real estate market has returned to its former glory with healthy market activity. Even more impressive is the continued dollar volume rise as evident from an 11% increase from 2008 to 2009 in the third quarter. Year-to-date dollar volume is now less than 3% off the record dollar volume pace set last year and just $25 million away from reaching the $2 billion mark for the third consecutive year. It is quite conceivable that with a solid fourth quarter performance 2009 will usher in a new WinnipegREALTORS® dollar volume record. Last year’s total MLS® sales eclipsed $2.4 billion.

Don't forget to mark everything clearly "free" when you put it out on the curb and tuck items away in your yard that are not for giveaway.  The other important thing to remember is to bring in anything that was left on the curb on Sunday before dusk.  Check this website for a list of things to not giveaway and for a list of ideas on how to dispose of items.   Call 311 if you are unsure.

http://www.winnipeg.ca/waterandwaste/recycle/giveawayWeekend.stm

Thank you to all who attended! It was great to see you all and have an opportunity to chat with everyone. The food was awesome! Thanks to dad for the awesome beef and pork and Thanks to Stacy for the amazing cakes! Thanks to everyone who helped get things ready and to those who helped clean up.  Thanks to my clients for all your business and my team for all your support.