3 Credits for First-time Home Owners

Thinking of buying your first home?  In this short post we’ll discuss some credits for first-time home-owner, including: medical expenses tax credits, tax deduction and home mortgage interest deduction.

Below are 3 credits for first-time home owners:

Medical Expenses Tax Credits

Persons with mobility impairments can claim renovation expenses to make their home more accessible under medical expenses deductions in Canada. The government provides an extensive list of eligible medical expenses as well as medical expenses that you cannot claim. Source: TurboTax.Intuit.ca

 

Tax Deductions

There exist other tax deductions that are available on a province by province basis, such as builders in Ontario and B.C. being able to recover the HST on the lumber and materials purchased to build or renovate a home, or the Manitoba homeowner’s home tax credits.

Inquire about all the tax deductions available to you and you may be surprised at how much money you can recover just by being a homeowner.  Source: ComFree

 

Home Mortgage Interest Deduction

“The IRS allows you to deduct for the interest you pay your lender,” says Greene-Lewis. Home mortgage interest is one of the biggest deductions for those who itemize, and can make a huge difference for filers. You should be advised of interest paid to your lender on a 1098 form sent out annually in January and/or early February. Source:  Investopedia

 

Contact:
Gary Wong, MBA
Macdonald Realty,
2105 West 38th Avenue,
Vancouver,
V6M 1R8
Phone: 778-862-9787
Office Phone: 604-263-1911
info@www.garywongrealty.com

What Our Clients Say

“I think Gary’s a very professional Realtor, that’s not just coming from me as a Mentor, it’s because I’ve worked with him, he truly cares about the client… You want to work with someone who is caring.”

I know so much realtor, but he’s the best one. Once I talk to him about the investment, he’s thinking, “Okay, this is the only person I trust.” Usually I just refuse to have any connecting with a salesperson or a realtor, but he’s only the exceptional one. Make friends with him.”

“It’s because of [Gary’s] knowledge, his insight, the way that he analyzes and he’s able to put real estate in perspective… he really is genuinely interested in me and what i’m looking for, that blew my mind… because he knows the market and he specializes in the luxury market he’s really able to provide that insight”

“The word professional sums up Gary, extremely knowledgeable… extremely honest, he didn’t sugar coat things… Gary will get it done, he’s done it for me, he’s done it for lots of people I know.”

Let Me Help You Achieve Your Real Estate And Financial Goals

Real Estate investing can be a long and arduous task. But it doesn’t have to be.

With my help, and my team, we’ll make sure the process is smooth, straightforward, and as simple as possible for you. As an award-winning REALTOR®, my team and I work with diligence to help you achieve your goals. We’ll deliver exceptional results with attentive care.

So whatever your real estate goals are, 
Let’s Make it Happen.

It’s what we love to do.

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