Ah, tax season—the annual ritual of income reporting, tax calculations, and, if you're lucky, claiming refunds. While it may not be the most thrilling task, it's undeniably vital. If you're eager to make the most of your tax returns in 2024, consider these four key strategies.
Multigenerational Home Renovation Tax Credit
Have you recently renovated your primary residence to accommodate additional family members? If so, you may be eligible for the Multigenerational Home Renovation Tax Credit. This credit aims to incentivize renovations that facilitate multigenerational living arrangements. To qualify, the renovated space must be self-contained with a separate entrance, kitchen, bathroom, sleeping area, and comply with local regulations. Additionally, the occupant of the renovated space must be either over 65 years of age or qualify for the disability tax credit. Eligible homeowners can receive a tax credit of 15% of eligible expenses, up to a maximum of $50,000 spent, resulting in a potential credit amount of up to $7,500.
Residential Property Flipping Rule
Introduced on January 1, 2023, the Residential Property Flipping Rule has significant implications for homeowners looking to sell their properties within a short timeframe. Under this rule, profits generated from the sale of a property owned for less than 365 days are categorized as business income rather than capital gain. However, certain exceptions apply, such as sales prompted by unavoidable circumstances. If you find yourself in such a situation, ensure you claim the appropriate tax benefits. Alternatively, consider holding off on selling the property for at least 365 days to avoid adverse tax consequences.
Home Office Expenses for Employees
With the rise of remote work, many homeowners now have the opportunity to claim home office expenses on their tax returns. These expenses may include office supplies, phone/internet expenses, and the portion of home space used for work. However, recent changes have altered the method of claiming these expenses. The temporary $2-per-day flat rate during the COVID-19 pandemic is no longer applicable. Instead, employees must now use the detailed method and complete Form T2200, obtained from their employer and signed by the employer, to accurately report home office expenses.
First Home Savings Account (FHSA)
For those aspiring to homeownership, the First Home Savings Account (FHSA) offers a valuable opportunity. This program allows tax-free savings, up to certain limits, specifically tailored to facilitate the purchase or construction of a qualifying first home. Contributors to the FHSA can claim up to $8,000 in contributions made by December 31, 2023, as a deduction from their tax return, providing a tangible financial benefit.
A Final Note
While these strategies offer promising opportunities for tax savings, it's essential to seek guidance from financial professionals, such as accountants or tax specialists. They can provide personalized advice, ensuring optimal utilization of available tax credits and deductions while maintaining compliance with relevant regulations. By leveraging their expertise, you can maximize your tax returns and navigate the complexities of homeownership taxation with confidence.
Selling or Buying a Home During a Divorce A Supportive Real Estate Guide for Guelph Families
How to Get Pre-Approved for a Mortgage in Guelph If you're thinking about buying a home in Guelph, one of the smartest first steps you can take is getting pre-approved for a mortgage. It’s more than just a number — it’s a key to unlocking your home search with confidence, especially in a competitive market like Guelph’s. Here’s a step-by-step guide to help you get pre-approved and ready to shop for your new home. 1. Understand What Pre-Approval Really Means Getting pre-approved means a lender has reviewed your financial situation and is willing to lend you a certain amount of money for a home purchase. It’s not a guarantee of financing, but it’s a strong signal to sellers that you’re a serious, qualified buyer. A pre-approval will give you: A clear price range for your home search An estimate of your monthly payments Confidence when making an offer A competitive edge in a multiple-offer situation 2. Gather Your Financial Documents To get started, you’ll need to gather the following: Recent pay stubs (or proof of income if self-employed) Two years of T4s and/or tax returns Bank account statements A list of current debts and monthly payments Government-issued ID Having these documents ready can speed up the process significantly. 3. Check Your Credit Score In Canada, lenders typically want to see a credit score of at least 600–680 to qualify for a mortgage with a good interest rate. You can check your credit score for free through services like Equifax, TransUnion, or Borrowell. If your score is lower than expected, consider taking a few months to improve it before applying. 4. Connect With a Mortgage Professional In Guelph, you can choose between working with: A bank or credit union , which often offer bundled services and products if you’re already a customer. A mortgage broker , who can shop around with multiple lenders to find you the best rate and terms. A good local mortgage broker or advisor can guide you through the pre-approval process and help explain any terms you don’t understand. 5. Complete the Pre-Approval Application Once you've chosen your lender or broker, you’ll fill out a mortgage application. This includes details about your employment, income, assets, debts, and the kind of home you’re hoping to buy. Most applications can be done online and processed in just a couple of days. 6. Get Your Pre-Approval Letter If your application is approved, you’ll receive a pre-approval letter outlining: The amount you can borrow The interest rate (typically locked in for 90–120 days) Any conditions or next steps This letter is gold when you're ready to put in an offer — it shows sellers you’re prepared and qualified. 7. Stick to Your Budget Just because you’re approved for a certain amount doesn’t mean you should max it out. Work with your realtor to find a home that fits your budget and lifestyle comfortably — including extra costs like property taxes, home insurance, and utilities. Final Thoughts Getting pre-approved is one of the most important — and empowering — steps in your home buying journey. In a market like Guelph, where homes can sell fast and competition is strong, being prepared can make all the difference. Need help connecting with a trusted local mortgage broker or want to talk about your home search goals? I'm happy to help!
🕰️ Should You Wait to Buy a Home? What to Consider in Today’s Market It’s the question nearly every potential buyer is asking: "Should I wait to buy a home, or should I make a move now?" With interest rates still high, talk of a potential market shift, and affordability concerns top of mind, it’s no surprise that buyers are feeling cautious. But the right decision isn’t one-size-fits-all. Let’s break down what’s happening in the Guelph (and Ontario) housing market in mid-2025—and whether waiting is the smart move for you . 📉 Interest Rates: Still High… But for How Long? As of now, interest rates remain elevated compared to pre-2022 levels. But the Bank of Canada has signalled potential rate cuts by late 2025 or early 2026 , depending on inflation trends and economic growth. Waiting could mean: ✅ Lower monthly payments if rates drop ❌ More buyers re-entering the market = more competition and higher prices 🧠 Tip: Some buyers are using short-term fixed rates now, then planning to refinance once rates improve. 🏠 Prices Have Stabilized In many markets, including Guelph, home prices have cooled off from their early-2022 highs. While they’re not cheap, prices have levelled , and there’s more balance between buyers and sellers. Buying now could mean: ✅ Less competition ✅ More time to negotiate and include conditions ❌ A slightly higher monthly payment (but possibly a better price) If prices begin to climb again in 2026—as many experts expect— waiting could cost more in the long run , especially if rates don’t drop significantly. 📦 Inventory Is Higher, Giving You Options More listings are sitting longer, and buyers have more time to think. It’s a welcome change from the frantic pace of recent years. Today’s market lets you: Take time for inspections Include financing and sale-of-home conditions Avoid bidding wars in many segments 🏷️ In short: You’re buying in a calmer, more thoughtful environment right now. 💡 So… Should You Wait? Here’s how to decide: ✅ Buy Now If... You’ve secured a rate you can afford You’re tired of renting or want to build equity You’ve found a home that fits your lifestyle and budget You want to lock in a price before demand rises again ⏳ Wait If... Your job or income situation is uncertain You’re not emotionally or financially ready for the commitment You’re hoping to make a very competitive or cash-heavy offer in the near future You want to build your down payment a little more 🏁 Final Thoughts There’s no perfect time to buy—but there is a right time for you . The key is to weigh the pros and cons based on your personal goals, finances, and lifestyle. 📩 Still unsure? Let’s have a no-pressure conversation. I can walk you through what’s happening in the Guelph market right now, help you understand your buying power, and explore options that make sense—whether you’re ready today or next year.
