1 Home Buyers’ Plan

Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time.

Canada Revenue Agency

www.cra.gc.ca Enter ‘Home Buyers’ Plan’ in the search box.

1.800.959.8287

2  GST Rebate on New Homes

New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is $350,000 or less. The rebate is equal to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. At $450,000 and above the rebate is nil.

Canada Revenue Agency

www.cra.gc.ca Enter ‘RC4028’ in the search box.

1.800.959.8287

3 BC Property Transfer Tax (PTT) First-Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000. At $450,000 and above the rebate is nil. 

BC Ministry of Small Business and Revenue www.sbr.gov. bc.ca/business/Property_Taxes/ Property_Transfer_Tax/ptt.htm

250.387.0604

4 First-Time Home Buyers’ Tax Credit (HBTC)

This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2011) x $5,000. For the 2012 tax year, the maximum credit is $750.

Canada Revenue Agency

www.cra-arc.gc.ca/tx/ndvdls/ tpcs/ncm-tx/rtrn/cmpltng/ddctns/ lns360-390/369/menu-eng.html

1.800.959.8281

5 BC Home Owner Grant

Reduces property taxes for home owners with an assessed value of up to $1,295,000. The basic grant gives home owners:

BC Ministry of Small Business and Revenue www.rev.gov.bc.ca/ hog or contact your municipal tax

• a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts;

• An additional grant of $200 to rural homeowners elsewhere in the province; and

• An additional grant of $275 to Seniors aged 65+, those who are permanently disabled and war veterans of certain wars.

6  – Property Tax Deferment Program for Seniors.

BC Property Tax Deferment Programs: Qualifying home owners aged 55+ may be eligible to defer property taxes.

– Financial Hardship Property Tax Deferment Program.

Qualifying low-income home owners may be eligible to defer property taxes.

– Property Tax Deferment Program for Families with Children.

Qualifying low-income home owners who financially

BC Ministry of Small Business and Revenue

www.sbr.gov.bc.ca/ individuals/Property_Taxes/ Property_Tax_Deferment/ptd.htm

Support children under age 18 may be eligible to defer property taxes.

7 Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Program (RRAP) Grants

www.cmhc-schl.gc.ca/en/co/

Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Program (RRAP) Grants. This federal program provides financial aid to qualifying low-income home owners to repair substandard housing. Eligible repairs include heating, structural, electrical, plumbing and fire safety. Grants are available for seniors, persons with disabilities, owners of rental properties and owners creating secondary and garden suites. prfinas/prfinas_001.cfm

1.800.668.2642 | 604.873.7408

8 Home Adaptations for Independence (HAFI)

A program jointly sponsored by the provincial and federal governments provides up to $20,000 to help eligible low-income seniors and disabled home owners and landlords to finance modifications to their homes to make them accessible and safer.

BC Housing

 www.bchousing.org/ Options/Home_Renovations

604.646.7055 or toll-free 1.800.407.7757 extension 7055

9  CMHC Mortgage Loan Insurance Premium Refund

Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase An energy efficient home or make energy saving renovations.

www.cmhc.ca/en/co/moloin/ moloin_008.cfm

604.731.5733

10  Energy Saving Mortgages

Financial institutions offer a range of mortgages to home buyers and owners who make their homes more energy efficient. Contact your mortgage provider for details.

11. BC Hydro Appliance Rebates

Mail-in rebates for purchasers of ENERGY STAR clothes washers, refrigerators or freezers.

www.bchydro.com/powersmart/ residential/rebates_savings/ appliance_rebates.html

1.800.224.9376

12. BC Hydro Fridge Buy-Back Program

This ongoing program rebates BC Hydro customers $30 to turn in spare fridges in working condition.

www.bchydro.com/powersmart/ residential/rebates_savings/fridge_ buy_back.html

604.881.4357

13 FortisBC Rebate Program

A range of rebates for home owners include a $75 rebate for upgrading to an ENERGY STAR clothes washer, $300 rebate on an Ener-Choice fireplace and a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system.

www.fortisbc.com/NaturalGas/ Homes/Offers/Pages/default.aspx

1.888.224.2710

14 FortisBC Rebate Program for Businesses

For commercial buildings, provides a rebate of up to $60,000 for the purchase of an energy efficient boiler, up to $15,000 for the purchase of a high-efficiency water heater and receive funding towards a new construction energy study

www.fortisbc.com/NaturalGas/ Business/Offers/Pages/default. aspx

1.866.884.8833

.

15 LiveSmartBC Small Business Program

Business Energy Advisors (BEAs) delivers free energy assessments. Help business owners tap into available product incentives and cash rebates for lighting, hot water, heating and ventilation improvements. Help business owners coordinate product installation. NOTE: this program expires March 31, 2014.

www.livesmartbc.ca/incentives/ small-business/index.html

1-866-430-8765

16 City of Vancouver Rain Barrel Subsidy Program

The City of Vancouver provides a subsidy of 50% of the cost of a rain barrel for Vancouver residents. With the subsidy, the rain barrel costs $75. Buy your rain barrel at the Transfer Station at 377 W. North Kent Ave., Vancouver, BC. Limit of two per resident. Bring proof of residency. There is a also a limited time offer for short rain barrels for small yards. Cost $50. Other municipalities have similar offers.

http://vancouver.ca/engsvcs/ watersewers/water/conservation/ programs/rainbarrel.htm

604.736.2250

17 Local Government Water Conservation Incentives

Your municipality may provide grants and incentives to residents to help save water. For example, the City of Coquitlam offers residents a $100 rebate and the City of North Vancouver, District of North Vancouver, and District of West Vancouver offer a $50 rebate when residents install a low-flush toilet. Visit your municipality’s website and enter ‘toilet rebate’ to see if there is a program.

18 Local Government Water Meter Programs

Your municipality may provide a program for voluntary water metering, so that you pay only for the amount of water that you use. Delta, Richmond and Surrey have programs and other municipalities may soon follow. Visit your municipality’s website and enter ‘water meter’ to find out if there is a program.

Angela Calla Mortgage Team 604-802-3983 callateam@dominionlending.ca contact us today to help you with your mortgage.

Its important to review you mortgage and outside debts to see if there is better structure that can have you saving money monthly to become debt free while planning for retirement.

http://m.theglobeandmail.com/globe-investor/personal-finance/paying-down-debt-remains-top-financial-priority-of-canadians-poll/article16183098/?service=mobile

To see if we can help you find the money in your mortgage contact The Angela Calla Mortgage Team at 604-802-3983 or callateam@dominionlending.ca

High-income earners may be better off holding fixed income outside their tax-sheltered accounts, for now.

http://www.moneysense.ca/invest/asset-location-do-low-interest-rates-change-the-rules

Looking for options for a downpayment and want to review the best mortgaeg structure for your income tax bracket? Contact the Angela Calla Mortgage Team at 604-802-3983 or callateam@dominionlending,ca

Woman are a powerhouse, according to the new stat’s from CMHC (as if we needed confirmation 🙂 Amoung people whom live alone, 65% of them are single woman!

To see the full story and recent stat’s click here :http://business.financialpost.com/2013/12/18/canada-condo-market/

To review your options to purchase and get the lowest cost of homeownership contact The Angela Calla Mortgage Team 604-802-3983 or callateam@dominionlending.ca

 Starting in 2010, lenders had to ensure that borrowers getting variable or 1- to 4-year fixed mortgages could afford payments at the 5-year posted rate. That rule applied to mortgages with less than 20% equity.

In 2012, OSFI asked federally regulated lenders to apply the same rule to all variable and 1- to 4-year fixed mortgages, regardless of equity. But some lenders, which are provincially regulated, were not bound by this guideline.

As a result, some lenders today let conventional borrowers (20 % down payment or higher) qualify for variable-rate mortgages using significantly lower rates. That makes it easier to get approved when your debt ratio is above average.

How much easier?

Consider a qualified borrower making $70,000 a year. As of today, that person can get a variable-rate mortgage as high as $483,000 at some lenders. With an insured mortgage, he or she would be capped out at roughly $413,000.

Questions on the best mortgage? Contact the Angela Calla Mortgage Team 604-802-3983 or callateam@dominionlending.ca

The Bank of Canada should keep its key interest rate on hold until economic data persuades it otherwise, Central Bank Chief Stephen Poloz said on Tuesday, adding that he was not worried about calls from some international players to tighten policy.

 His comments follow controversial remarks by Canada’s finance minister on Sunday suggesting there would be pressure to raise interest rates in 2014.

“For us, minimizing the risks of making a big mistake here is what we’re trying to do, and that tells us that we should be holding rates where they are until the data flow changes our mind,” Poloz said in an interview with CBC television.

Asked about the potential for higher rates in 2014, Finance Minister Jim Flaherty told CTV television on Sunday there would be some pressure to tighten because of the US Federal Reserve scaling back its bond-purchasing program.

Click here to read more from the Financial Post.

Questions on your Mortgage? Contact the Angela Calla Mortgage Team 604-802-3983 callateam@dominionlending.ca

A lawyer and respected real estate veteran is offering a fresh warning for those enlisting the help of family members for a down payment – a word of caution brokers should share with all first-time buyers and, indeed, their parents.

“If the parents try to transfer the 1 per cent back to the kids without telling the lender, this will actually cause the mortgage to go into default,” Mark Weisleder wrote in a column for the Toronto Star. “That’s because the standard terms of a mortgage typically state that the mortgage comes due at the option of the lender, if someone sells their interest.”

It is worth noting that even if the parents transfer their 1 per cent share, he said, they are still responsible if the kids don’t make the mortgage payments, since they signed the mortgage originally.

“It’s always great to help your kids if you can, but you have to think carefully about what you’re doing,” Weisleder writes. “This will ensure everyone knows whether it’s a loan or a gift and their obligations going forward.”

Essentially, if it’s a gift, there are no strings attached, he said, but if it’s a loan, there will likely be a second mortgage registered on title to protect the parents

“The bank will have to know about it and approve,” Weisleder said.

Parents can offer to be a guarantor if their child buyer’s income doesn’t meet the necessary thresholds. However, lenders will often require the parent’s name to appear on the deed as well. And an important consideration – and one that may often be overlooked – is to figure out how to transfer the percentage owned by a parent back to the child.

One workaround, Weisleder notes, is to have the parent leave the rest of the property to their child in their will.

“It was suggested that the parents leave their 1 per cent share to the kids by just doing an amendment to their will, so the kids would end up with it later,” Weisleder writes. “Without a will, problems could arise later if other beneficiaries do not wish to co-operate and want to sell the home to get their share of the estate.”

At the Angela Calla Mortgage Team we look at all aspects of helping you with the best mortgage. As some lenders do not allow non residing applicants on a mortgage, or even to structure mortgages between spouses for certain tax benifits this is one of the many considerations we advise you on to ensure the lowest cost of homeownership. Cotact us today at 604-802-3983 or callateam@dominionlending.ca

The Angela Calla Mortgage Team reported on this back in April and here it is again in The Globe & Mail.

The story in the link provided below contains great details and a side by side comparison where there is over a $3,000.00 difference in savings. This goes to show you there is more behind choosing a lender then the rate. Even when comparing the same rate side by side, this term & lender policy would cost you thousands if you didn’t know better. Every borroers circumstances are different and if you can be approved by a lender that can save you money, that’s the first option provided to you from our team so you understand your options.

http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/the-hidden-trap-of-mortgage-penalties/article15774375/

The Angela Calla Mortgage Team looks at the lowest overall cost in homeownership when considering your options for a mortgage. Contact us directly at 604-802-3983 or callateam@dominionlending.ca to get us to help you.

As heard on this weeks Mortgage Show on CKNW with Angela Calla. To get pre approved for this property or any other purchase email us at callateam@dominionlending.ca or call 604-802-3983

This weeks deal of the week has been brought to you by:

http://rboies.mlslink.mlxchange.com/?r=83500299&id=32313935343534.366

Robert Boies Royal LePage Coronation West cell: 604 341 3009 t: willingtwo E-mail: robboies@royallepage.ca www.willingsellerwillingbuyer.com

Please note that properties like this move quickly and getting set up with Rob Boies directly robboies@royallepage.ca will keep you abreast of all of these types of oppertunities meeting your speciafications

Thanks for visiting

Angela Calla, AMP

Jim Flaherty says interest rates are heading higher regardless of central bank actions

Interest rates are going to go up over the long term regardless of what central banks do at the moment, Finance Minister Jim Flaherty said on Thursday after the European Central Bank unexpectedly trimmed rates.

Flaherty told reporters in Toronto that people “should anticipate over the long term, interest rates will go up regardless of what central banks do now.”

http://business.financialpost.com/2013/11/07/jim-flaherty-says-interest-rates-are-heading-higher-regardless-of-central-bank-actions/

This is one of the many reasons it’s important that you have the right mortgage strategy in place to protect you from payment shock in the future. To ensure you have the best possible mortgage strategy please contact us directly at 604-802-3983 or callateam@dominionlending.ca

Angela Calla

Dominion Lending Cetres