Home Renovation Tax Credit

Its time to get that tool belt out! The Canadian Government is offering a great incentive for you handy home owners. Save up to $1350 on home improvements purchased before February 1st,2010.

This is a non refudnable tax credit based on eligable work done and materials purchased after Janauary 27th 2009 to February 1st,2010 this can be claimed towards your 2009 Tax Return.

When filing your tax return you do not have to submit all supporting documents however keep all contracts and receipts so the information is available if Revenue Canada Agency requests it.

Now there are some restrictions some improvements are not recognized and will not be able to claim such as: House cleaning, routine furnace repair,pool cleaning etc.

 What is recignized is:

-Renovation to kitchen,bath, or basement

-Building an addition to your home such as a deck, or shed

-New windows, doors, or flooring

-New roof

-New paved drive way

- And all associated costs for permits,professional services, equipment rental fees etc.

So take advantage of the great weather this summer, and get some improvments done aorund the house.

What is a Status Certificate???

You have purchased a Condominium, and you hear the words “Status Certificate”? Well what is that? and why does my lawyer have to read this stack of paperwork?

A Status Certificate is a document that explains the current status of Condominium Corporation. When purchasing resale is it important that your offer is conditional upon the review of the Status Certificate.

The Status Certificate provides important information about the condominium corporation, such as any arrears or increases in common expenses; Whether any major work needs to be done to the building; The amount of the reserve fund and whether the reserve fund is sufficient for any major work. The Status also provides information about any claims against the corporation and whether the corporation is involved in any proceedings. This is important because if there are high claims against the corporation and the corporation’s insurance does not provide coverage; the corporation can either increase the common expenses or levy a special assessment against the unit owners. When you are purchasing a condominium, you need to know of any potential or significant increase in your monthly common expenses which is very important.

The Status Certificate package also includes the corporation’s financial statements, declaration and by-laws. The financial statements gives good indication of a corporation’s financial stability and give a good indication to whether or not the corporation is healthy. The statements will demonstrate the trends in expenditures and receipts for previous years and provide comparisons of a corporation’s actual and expected costs to come. The budget for the current year will also be included, identifying both the income to the corporation, and the amount of the reserve fund. The declaration of the corporation (Condo Docs) outlines the rules and regulations of the corporation for example whether you can keep pets or weight restrictions,what colour window coverings can and cannot be.

Therefore when purchasing a Condominium, have a lawyer on your team so you can find out the inns and outs of the building. You never know what you can find in the condo docs, and could possibly be a deal breaker or winner!

How to get your home sold quickly!!!

Every Seller wants to get there home sold quickly! You want to make your home irrestiable

A well-staged home creates a vision of a beautiful life, So the picture has to be a happy one — clean, uncluttered and tranquil.Making small adjustments in furnishings and presentation can determine how quickly your house will sell and for how much.

To create this “Buy Me Feel” here are some tips you can follow:

- Hide pet toys and pet litter boxes

- Heat an apple pie in the oven. Studies show that the smell of baked goods makes people nostalgic for childhood

- Light candles in every room this creates an ambiance

- Put away tolietries such as medications, toothbrushes,hair brushes etc

- Remove a piece of furniture to create the look of more space

- Empty closets and make them organized,Box out of season clothing

- In the kitchen clear small appliances on the counter, try to clean them up as much as possible. This will reveal a clean working space

- Put a fruit bowl out. “In feng shui, the kitchen symbolizes prosperity, a bowl of fresh fruit in the kitchen sends a subliminal message that the buyer’s life will be both bountiful and abundant

Condo Buying Tips!!!

When buying a condominium whether its your first time or not there are some things you really should consider to assure your making a good buying decision.

1. Try to choose a nice exposure, looking into another building is not the greatest re-sale selling feature.

2. Don’t have a car but the condo comes with a parking spot? Rent it out and earn an extra little income.

3.Avoid units that overlook the garbage area, its tends to smell in the summer and can be very noisy

4. Try to purhcase the largest suite you can afford, studios and small one bedrooms are sometimes hard to sell

5. Keep a mental note of the conditions and aroma’s of the hallways, lobby and common areas

6. Try to visit the suites twice before you put in an offer, make sure you get that feeling when you walk in!

Get in contact with an agent, and keep these pointers in mind when your out looking at properties. You also have to look at the potential re-sale aspect when out searching because the reality is you will not live there forever! its a stepping stone to bigger better things.

The Toronto Waterfront-A great place to be and live

The sun is out, the weather is warm, a light breeze what a perfect day to go down to Toronto’s waterfront and go for a nice walk,run, bike ride, or roller blade. 

Not only is Toronto’s Waterfront a great place to visit, but its a great place to live! There are several buildings along the waterfront from low rise to hi rise. Imagine waking up in the morning and stepping out to your balcony and enjoying your morning cup of coffee while having a beautiful view of the water. Its relaxing and rejuvenating all at the same time.

There are some commercial on the ground level of some of these buildings that include convenience stores, dry cleaners, bistro’s and much more! All your necessities are in the area such as banking, grocery stores, drug stores. You have easy access to to the Gardiner expressway whether your going East or West, and Lakeshore Streetcar is short walk. Your a 5 min drive into the downtown core, 10 min drive to High Park and Bloor West Village.

So when your thinking of buying a condo, consider the Toronto Waterfront and buy into a place of paradise!