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Real Estate

New Home Buyers / Buying a Home or Other Real Estate

Buy a home (From our Free in 30! pages)

Using Your RRSP or FHSA to Help Buy Your First Home

Tax-Free First Home Savings Account (FHSA) - new for 2023

Home Buyers' Plan (HBP)

Make sure you report repayments to RRSP Home Buyer's Plan!

Federal and Provincial Programs for Home Buyers / Home Owners

Federal First-time Home Buyers' (FTHB) Tax Credit

First-Time Home Buyer Incentive (FTHBI) - help with a down payment - deadline for new or updated submissions is March 21, 2024.

GST rebate for new housing purchases and substantial renovations and for new residential rental property.

BC Home Owner Mortgage and Equity (HOME) Partnership program for First Time Home Buyers - 25-year loan that is interest-free and payment-free for the first 5 years. Applications were accepted starting January 16, 2017, for purchases that closed on or after February 15, 2017. The program came to an end on March 31, 2018 due to its low participation rate.

Federal and Provincial Home Renovation Tax Credits

BC First-Time New Home Buyers' Bonus - Refundable - was only available up to March 31, 2013

Nova Scotia First-Time New Home Buyers HST Rebate

Ontario Seniors Homeowners' Property Tax Grant - can reduce property taxes by up to $500 per year. This is on the Ontario website.

Ontario Land transfer tax refund of up to $2,000 ($4,000 for purchases after Jan 1, 2017) for first-time home buyers - on Ontario Ministry of Finance website.

Taxes on Real Estate

"Crackdown" on Short-Term Rentals - proposal to allow no tax deductions

Residential Property Flipping Rule - Property Held Less Than 12 Months - new for 2023

Canada's Underused Housing Tax - new, deadline now April 30, 2024! Affects non-residents AND MANY Canadians! The minimum penalty for not filing (even if exempt from the tax) is $1,000 for individuals and $2,000 for non-individuals.

BC Speculation and Vacancy Tax

City of Vancouver Empty Homes Tax

Ontario Taxes on Property - Ontario has a foreign buyers' tax and some Ontario municipalities have Vacant Home taxes.

BC Property Taxes, Property Purchase Tax, Home Flipping Tax, Foreign Buyer Tax, Homeowner Grant - Home Flipping Tax New for 2025

Farm Status in British Columbia - Understanding the Regulation

Ontario Foreign Buyers Tax, Municipal Vacant Home Taxes Toronto & Ottawa

Real Estate - Tax Issues

Can I deduct interest expense on money borrowed to purchase real estate? - Includes information on vacant land adjusted cost base.

Purchase and sale of rental property

Rental Property Issues and Expenses

Change in Use of Real Estate - What Happens if I Move into my Rental Property, or Start Renting out my Home?

Interest expense paid to a non-resident

Buying real estate from a non-resident - if you buy from a non-resident without realizing it, this could be very costly!

Specified Investment Business - Corporate income from property

Tax implications of owning a cottage or second home

Tax Tips:

Before purchasing property for rental purposes, talk to a professional accounting/tax advisor, and know the tax rules!

Investing in stocks is MUCH easier than being a landlord, and the investments can be sold a bit at a time, probably staying under the $250,000 re the capital gains inclusion rate!