House Maintenance Tip!

There has been a lot in the news lately about house fires. Most of us would agree that a house is not a just a home- it holds many memories, and it is quite possibly your largest single investment.

With Spring just around the corner (I hope!) now is a great time to make sure that each floor in your home has at least one smoke detector. One at the top of each stairwell, and in any hallway leading to bedrooms. Remember to keep detectors away from drafts at vents, windows and doors. Also test your smoke dectectors monthly!


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Tories Reveal New Tax-Free Savings Account for Canadians

Are you looking for a new way to save your money?

If so, Finance Minister Jim Flaherty hopes that you will take advantage of the new Tax-Free Savings Account (TFSA) he revealed in his third budget late last month.

Here's how the Tax-Free Savings Account will work:

• Starting in 2009, Canadian residents age 18 or older will be eligible to contribute up to $5,000 annually to a TFSA, with unused room being carried forward.
• Contributions will not be deductible.
• Capital gains and other investment income earned in the TFSA will not be taxed.
• Withdrawals will be tax-free.
• Niether income earned within a TFSA not withdrawals from it will affect eligibility for federal income-tested benefits and credits.
• Withdrawals will create contribution room for future savings.
• Contributions to a spouse's or common-law partner's TFSA will be allowed, and TFSA assets will be transferable to the TFSA of a spouse or common-law partner upon death.
• Qualified investments include all arm's-length Registered Retirement Savings Plan (RRSP) qualified investments.
• The $5,000 annual contribution limit will be indexed to inflation in $500 increments.

For more information on the TFSA, visit http://www.budget.gc.ca/2008/plan/chap3b-eng.asp

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Canada's House Price Growth Accelerates in January

Housing price growth accelerated in January for the second straight month, Statistics Canada said Tuesday.

The agency said stronger housing markets in Atlantic Canada and the Prairies pushed contractors' selling prices up by 6.5 per cent between January 2007 and January this year, a faster pace than the 12-month increase of 6.2 per cent seen in December.

Statistics Canada said the December and January accelerations followed 16 months of slowing increases in house prices.

Prices posted a 12-month increase of 4.2 per cent in Toronto, and two per cent in Ottawa-Gatineau.


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Location Fixation

Deciding where to live can be a little overwhelming. While the single largest investment you'll likely make- your family home- is not a decision to take lightly, you don't want to be intimidated by the process, either. For some, the question of where to buy is easy. It's determined by proximity to work, school, and/or friends and family. For others looking for the perfect community, the question becomes more complex and significant.

Click here to read more from this New In Homes article.


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Land Transfer Tax Refund Program Expanded to Include First-time Buyers of Resale Homes

In an effort to help more Ontarians buy their first home, the Ontario government recently announced the expansion of the Land Transfer Tax Refund Program to include purchases of resale homes.

Effective, December 13, 2007, first-time buyers of resales homes, as well as newly constructed homes, would be eligible for a refund from the provincial government of up to $2,000 of the Land Transfer Tax paid.

"Expanding this Land Transfer Tax refund is an important part of our government's commitment to helping Ontarians buying their first home," said Finance Minister Dwight Duncan.

For more information on this program, visit: http://www.fin.gov.on.ca/

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