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1️⃣ Home Buyer's Plan (HBP): Picture this – you can now withdraw up to $35,000 from your RRSP tax-free to make your dream home a reality. That's money you've been diligently saving, now working for you! 2️⃣ First-Time Home Buyer Incentive (FTHBI): Ready for some serious help with your down payment? The FTHBI offers an interest-free loan of up to 10% of your home's purchase price. Let's turn that dream address into your actual address! 3️⃣ Land Transfer Tax Rebates: You can now wave goodbye to hefty land transfer taxes! Many provinces offer rebates, making it easier for you to step into your new home without breaking the bank. 4️⃣ First-Time Home Buyer Tax Credit: Tax season just got a whole lot sweeter! With a non-refundable tax credit of $5,000, you can save big on your income taxes and put that money towards making your new house feel like home. 5️⃣ Provincial Programs: Each province has its own unique set of programs and incentives tailored to first-time buyers. Whether it's down payment assistance or low-interest loans, there's something out there to fit your needs. Ready to take the first step towards homeownership? Let's chat about how these benefits and programs can open doors for you! Drop a 🏡 in the comments if you're ready to make your homeownership dreams a reality! #HomeownershipDreams #FirstTimeHomebuyer #EmpowermentJourney #HomeOwnership #FinancialTips #SingleMomStrong #BlackHomebuyers #HomeBanx

The First Home Savings Account (FHSA) helps Canadians save up to buy their first home. You can claim a tax deduction for the money you put into this account, which can lower the income tax you have to pay. Each year, you can add money to your FHSA from January to December. If you put money into your FHSA, you can't use that to get a tax deduction for the previous year. For example, if you contributed in the first 60 days of 2024, you cannot claim those contributions on your 2023 tax return. Also, if you take money out of your FHSA for the first time to buy a home, any money you put in after that can't be used for a tax deduction. Plus, there's a lifetime limit of $40,000 that you can put into your FHSA. If you add more than this amount, you can't use the extra as a tax deduction, and you might have to pay a tax of 1% per month on any amount that goes over your limit until you fix the excess. If you have an FHSA, you'll get a tax form called T4FHSA that shows how much you've put in and taken out. You'll need this to fill out your tax return and work out your tax deduction. Contact us today and let’s get started on your mortgage journey! C: 604-836-0835 www.skyreachcapital.ca #realestateinvesting #mortgage #firsttimehomebuyer #mortgageprofessionals #mortgageprocess #mortgagetips #vancouverrealestate #mortgagerates #mortgagebroker #mortgageloan #financing #surrey #vancouver #fraservalley #surreymortgagebroker #fraservalleyrealestate

The First Home Savings Account (FHSA) helps Canadians save up to buy their first home. You can claim a tax deduction for the money you put into this account, which can lower the income tax you have to pay. Each year, you can add money to your FHSA from January to December. If you put money into your FHSA, you can't use that to get a tax deduction for the previous year. For example, if you contributed in the first 60 days of 2024, you cannot claim those contributions on your 2023 tax return. Also, if you take money out of your FHSA for the first time to buy a home, any money you put in after that can't be used for a tax deduction. Plus, there's a lifetime limit of $40,000 that you can put into your FHSA. If you add more than this amount, you can't use the extra as a tax deduction, and you might have to pay a tax of 1% per month on any amount that goes over your limit until you fix the excess. If you have an FHSA, you'll get a tax form called T4FHSA that shows how much you've put in and taken out. You'll need this to fill out your tax return and work out your tax deduction. Contact us today and let’s get started on your mortgage journey! C: 604-836-0835 www.skyreachcapital.ca #realestateinvesting #mortgage #firsttimehomebuyer #mortgageprofessionals #mortgageprocess #mortgagetips #vancouverrealestate #mortgagerates #mortgagebroker #mortgageloan #financing #surrey #vancouver #fraservalley #surreymortgagebroker #fraservalleyrealestate

🌟 Exciting News on Mortgage Interest Tax Credit! 🌟 Great news for homeowners! The Mortgage Interest Tax Credit has been updated to include the increase in interest paid in 2023 over the interest paid in 2022. Now, the amount qualifying for relief is at the standard tax rate of 20%, up to a maximum tax credit of €1,250. 🏡💰 But that's not all! You can also get tax back on several other expenses, including: Medical Expenses 🩺 Rent Tax Credit 🏠 Flat-rate expense allowance 📚 College Tuition Fees Tax Relief 🎓 Working from Home Tax Relief 💻 Home Carers Tax Credit 👨👩👧👦 Tax Credits for Coeliac and Diabetic Specialised Food 🍞🍏 If you're looking to maximize your tax return and need assistance, we're here to help! Applying online is easy and only takes a minute. Plus, with our No Refund, No Fee policy, you've got nothing to lose. www.rebates.ie Don't miss out on your chance to claim what you're entitled to. Apply now and start saving! 💼✨ #TaxCredits #MortgageInterest #TaxRelief #applynow

Tax refunds are excellent financial source for someone planning to buy their dream home.🏡🏡🏡 Now is the time to take action to achieve Your Dream Home.💪🏻💪🏻💪🏻 Here are a few ways how Tax refunds assist You to achieve it NOW:✨✨✨ 👉🏻 Down Payment Assistance One good way of quickly providing a down payment on Your home of choice is using Your Tax Refunds. 👉🏻 Closing Costs Coverage Expenses for appraisal fees, attorney fees, title insurance, and more can lessen the financial burden by using Your tax refunds during the Closing of Your property. Tax refunds can be allocated not only for the down payment but also for the Closing. 👉🏻 Debt Consolidation You can use Your tax refunds to make it easier to secure financing and buy Your dream home. Pay off or reduce outstanding debts using Your tax refunds can improve credit scores and increase the chances of qualifying for a mortgage with favorable terms 👉🏻 Home Improvement Funds If You are planning to make Your home Your dream home with some home improvements or renovations, tax refunds are one You can choose. Enhancing Your home's condition or functionality can help increase its value and satisfaction to own it! It is important to collaborate with professionals to understand the best way to leverage tax refunds to achieve Your homeownership goals.😎😎😎 #RealEstateInvesting #PropertyInvestment #CashFlow #Leverage #Appreciation #makethebestdecision #bestdecision #bestdecisionofmylife #buildwealth #wealthtips #wealthbuilding #investment #investmentproperty #realestateassets #realestateinvesting #realestateinvestor #realestatetips #realestateadvice #realtortips #realtoradvice #calltoaction #realestate

💡 On the second day of exploring the diverse tax advantages linked to owning a commercial property for your business... 🏢💰 Unlock Tax Savings with Your Commercial Mortgage! 💼✨ Are you a business owner exploring ways to maximize tax deductions and boost your bottom line? 🤔 Let's talk about the often overlooked, yet powerful opportunity: deducting your commercial mortgage interest payments. 💡 Tax Tip Alert: Just like with your home mortgage, commercial mortgage interest payments are tax-deductible! 📉 That's right—by leveraging this deduction, you can potentially offset taxes owed on profits earned from your commercial property. 🔍 Worried about high-interest rates? Here's the silver lining: your mortgage interest payments may be high enough to significantly reduce your tax burden. 💸 But wait, it gets better! Deducting mortgage payments is one of the simplest ways to save on taxes. 📆 Multiply your monthly interest payment by 12, deduct that number when tax time rolls around, and voilà—you've made your first deduction! It's that easy. At XchangeCRE, we understand the importance of maximizing tax benefits while growing your business. 🚀 Let's explore how deducting your commercial mortgage can help you save big and achieve your financial goals. Drop a comment or send us a message to learn more! 💬🔑 #TaxSavings #CommercialRealEstate #MortgageDeductions #BusinessFinance #XchangeCRE Logan D. Freeman Catie Sullivan-Cobb

Owning rather than renting your own home has a number of tax benefits, both during your lifetime, and when you pass your property on. Speaking to financial adviser or mortgage specialist could reveal tax reliefs that you may not be aware of, even if you’ve been a home owner for a long time. Your home is probably the biggest single purchase you’ll ever make – and it’s often your most valuable asset. But being a homeowner also has key tax benefits – both in the long and short term – for you and your family. #financialfreedom #financialindependenceforwomen #pensiongap #financialindependence #jargonbuster #financialplanning

Got some tax tips! Here are 6 awesome tax advantages of owning a home: → Mortgage Interest Deduction: Deduct interest on up to $750,000 of mortgage debt if filing jointly ($375,000 if separately). → Real Estate Taxes: Deduct state and local property taxes up to $10,000 per year ($5,000 if married filing separately). → Mortgage Points: Deduct paid discount points on your mortgage. → Moving Expenses: Armed forces members can deduct moving expenses due to a station change. → Capital Gains: Exclude up to $250,000 of profit from taxes if single, or $500,000 if married, after living in the home for two out of the last five years. → Tax-Deductible Mortgage Insurance: Deduct private mortgage insurance, VA loan funding fees, USDA loan guarantee fees, and FHA loan up-front mortgage insurance premiums. Check current tax rules as these deductions might change. Consult a tax professional for more tax breaks. Stay savvy! ❤️ like this post and 💾 save for future reference. Share with anyone you know who might benefit from this info. #HomeownerTips #TaxBenefits #MortgageAdvice #RealEstateSavvy #HomeOwnership #TaxDeductions #RealEstateTips

6 TAX ADVANTAGES OF OWNING A HOME   Did you know owning a home comes with some amazing tax perks? Share this with anyone you know who might benefit from this info. Here are 6 tax advantages you don’t want to miss: Mortgage Interest Deduction: If you’re filing jointly, you can deduct interest on up to $750,000 of mortgage debt. That’s a big deal! Real Estate Taxes: You can deduct up to $10,000 per year in state and local property taxes. Every little bit helps! Mortgage Points: Paid discount points when you got your mortgage? You can deduct those too! Moving Expenses: Members of the armed forces moving due to a change of station can deduct moving expenses. Thank you for your service! Capital Gains Exclusion: When you sell your home, you can avoid taxes on the first $250,000 of profit if you’re single, or $500,000 if you’re married, as long as you’ve lived there for two of the last five years. Tax-Deductible Mortgage Insurance: You might be able to deduct private mortgage insurance and other fees, though this one can change, so check with a tax pro. Remember, there are more tax breaks where these came from, so always consult a tax professional to make sure you’re maximizing your savings! Like this post and   save for future reference. Follow → @yourhandle for all things real estate!   #HomeOwnership #TaxBenefits #TaxSavings #HomeownerTips #FinancialWisdom #SmartInvesting #HomeOwnershipPerks #MortgageTips

🏠 Understanding Stamp Duty Rates for a Single Property Purchase 💷 Navigating Stamp Duty Land Tax (SDLT) for your sole residential property? Here’s what you need to know: 🔹 Stamp Duty Rates for Sole Ownership:  • If the property you’re buying will be the only residential property you own, these are the SDLT rates:  • Up to £250,000: 0% (Zero)  • £250,001 to £925,000: 5% on this portion  • £925,001 to £1.5 million: 10% on this portion  • Above £1.5 million: 12% on this portion 🔹 Additional Property Surcharge:  • If you own another residential property, you’d usually pay an additional 3% on top of these rates. 🔹 First-Time Buyers Special Relief:  • Fantastic News for First-Time Buyers: If you’re purchasing your first home, you can enjoy a significant SDLT relief.  • No SDLT up to £425,000: This special relief applies if the property’s purchase price is up to £425,000. This means zero SDLT on this portion, offering substantial savings. 🔹 Key Takeaway:  • The rate you pay depends on the purchase price of the property.  • It’s a tiered system, so different portions of the price fall into different rate bands. 👉 Budget Planning:  • Factor in SDLT when calculating the total cost of purchasing a property. 👩💼 Professional Insight:  • A mortgage advisor or financial planner can help you understand the total costs involved, including SDLT, and how the first-time buyers relief can benefit you. Stamp Duty: An essential part of your property purchase calculations, with special perks for first-time buyers! 🔍 #StampDutyRates #PropertyPurchase #FirstTimeBuyer #UKHousingMarket #FinancialPlanning Your home may be repossessed if you don't keep up repayments on your mortgage. Mondo Mortgages is a trading style of Fort Advice Bureau which is regulated and authorised by the FCA to conduct Mortgage and Protection business, FRN: 972730