Times are tough and despite the government’s efforts to support individuals with housing costs, the cost of living and homeownership continue to rise. Addressing affordability is essential to ensure all Canadians have access to safe and affordable housing options. Maybe one of these could help you!
The First Home Savings Account gives prospective first-time home buyers the ability to save to buy or build their first home on a tax-free basis.
The Home Buyers’ Plan allows first-time home buyers to withdraw up to $60,000 – an increase from the previous $35,000 limit – from their RRSPs to buy or build a qualifying home for themselves or a specified person with a disability, as long as they meet all the conditions at the time of each withdrawal.
The Multigenerational Home Renovation Tax Credit can help reduce renovation costs for constructing a secondary suite to accommodate a senior or an adult who is eligible for the disability tax credit, to live with a qualifying relation. If you are eligible, you can claim renovation expenses, which can result in a refund up to a maximum of $7,500, for each eligible claim.
The government is providing a 100% rebate of the GST, or the federal portion of the HST, on new purpose-built rental housing, and will support the construction of new apartment buildings, student housing, and seniors’ residences designed for long-term residential rental.
For more information, go to Housing – Canada.ca
Information source from Canada Revenue Agency (CRA)
