How to Use New Home Buying Incentives to Your Benefit!

Incentives for first time home buyers, or for home owners to make improvements on their homes were included in the 2009 Federal Budget. Here are some examples of what is being offered:

RRSP Home Buyers Plan Improved

First time home buyers have had an increase in the withdrawal amount allowed from their RRSPs, from $20,000 to $25,000.

Money withdrawn from the RRSP is to be paid back within 15 years. If it is not, it will lose its tax deferred status, and if scheduled annual payments cannot be paid in full, the unpaid amounts must be reported as income.

Tax Credits For Home Buyers

First time home buyers have also seen some relief on a tax credit that can provide up to $750 in tax relief on the purchase of their first home. To qualify neither the homeowner, their spouse or common law partner can have owned and lived in another home in the year of purchase or any of the four preceding years.

Green Grants

Home and property owners can apply for grants of up to $5000 for making eligible energy-efficient improvements, such as upgrading furnaces, increasing insulation etc.

Tax Credits for Home Renovations

Now through January 31, 2010, homeowners can claim a tax credit for up to 15% of renovation expenses between $1,000 and $10,000. Listed below are some examples of what does and does not qualify:

Eligible
*renovating a kitchen, bathroom or basement
*new carpet or hardwood floors
*building an addition, deck, fence or retaining wall
*a new furnace or water heater
*painting the interior or exterior of a house
*resurfacing a driveway
*laying new sod

Ineligible
*purchase of furniture and appliances (e.g. refrigerator, stove, and couch)
*purchase of tools
*carpet cleaning
*maintenance contracts (e.g. furnace cleaning, snow removal, lawn care, and pool cleaning)

For more information on housing related stimulus in the 2009 Budget, visit the Canada Revenue Agency website at www.cra-arc.gc.ca and search for “Home Buyers Plan.”

Save Money? And Help the Environment? Tell Me More!

Whether you have just bought a home and wish to upgrade appliances or you are looking to increase the value of your home before a sale or you simply wish to conserve water and reduce monthly bills…I have some good news for you!

On a daily basis each of the 2.9 million people living in Toronto require an average of 253 litres of residential water use per day…that’s about 77 million toilet flushes EVERY DAY! In an effort to curb water usage, the City of Toronto has a variety of programs and resources, from cash back rebates to retrofit packages, available to the public.

As an incentive to homeowners to replace inefficient models, the City is offering cash rebates on 2 water saving appliances. If you are thinking of replacing your toilet or washing machine you may be eligible to receive the rebate in addition to saving thousands of litres of water every year.

- Ultra low-flow toilets use only 6 litres of water per flush, where a typical model uses up to 20. They work just as efficiently, and savings will add up on your monthly water bills. Rebates of up to $75 are available.
- City-selected, high-efficiency front loading clothes washers use 40% less water and 60 % less energy. Washers are easily recognized by a sticker indicating they are approved by the City of Toronto and sold in local stores. Rebates of up to $60 are available.

Click here to find out if you qualify for these rebates or to find out more about the programs.

If you are not ready to make a large purchase, there are still many things you can do to help ease water usage, including picking up an indoor water efficiency retrofit kit. It costs only $10 and includes items such as a high efficiency shower head, kitchen swivel aerator, 2 bathroom aerators, installation instructions and more! Your water consumption and bills will both be reduced, and who doesn’t want to save a little? Click here to find out where these kits are available.

Money saving tips are always useful, but ones that benefit the environment as well? It’s a win/win situation!

Summer Home Maintenance Tips

The warm summer months are upon us and most of us have finished spring cleaning and de-cluttering of our homes. However, did you know that there are steps that homeowners should take to protect their investment? The summer months is the best time to get those tasks completed.
Below is a list of items that should be tended too.

1. Clean and check range hood filters over stoves on a monthly basis.

2. If necessary, use a dehumidifier to keep the humidity in the basement at or below 60%.

3. Check basement pipes for condensation or dripping.

4. Refill floor drain in the basement if it doesn’t have enough water.

5. Run water in fixtures that aren’t used on a regular basis (i.e. laundry tub, spare bathroom sink and tub or shower).

6. Deep clean carpets and vacuum the bathroom fan grille.

7. Clean the duct connected to the dryer by unplugging the dryer and disconnecting the duct connected to the dryer. Then take your vacuum and clean the duct.

8. Check windows, door hinges and garage door openers for smooth operation and lubricate if necessary.

9. Make sure water is not leaking into your house along the electrical conduits.

10. Check all paint and caulking.

11. Repair driveways and walkways as needed.

For more information on home maintenance or other free reports, contact Elli or leave a message on the blog.