Did you know that you can deduct eligible moving expenses from employment or self-employment income you earn at your new location if you move and establish a new home to be employed or carry on a business?
I’ve been told by some accountants and tax advisers, that many people forget that they can claim these deductions or, they are unclear as to how they apply.
According to Canada Revenue Agency (CRA) website, you can also deduct moving expenses if you move to study courses as a full-time student at a college, university, or other institution offering post-secondary education. However, you can only deduct these expenses from the part of your scholarships, fellowships, bursaries, certain prizes, and research grants required to be included in your income.
The rules say that your new home must be at least 40 kilometers closer to your new place of work or educational institution. You must establish your new home as the place where you ordinarily reside. For example, you have established a new home if you have sold or rented (or advertised for sale or rent) your old home.
The website has a useful link on the front page that you can follow to establish your eligibility for these deductions.
Saturday, August 22, 2009
Thursday, August 20, 2009
July MLS Sales Highest in 5 Years
The number of Listings Sold in July 2009 has increased 17% over the number of sales in the same month last year. There were 544 new listings in July '09 compared to 668 in July '08. At the close of the month there were 2177 active MLS listings compared to 1948 in July of last year.
Consumer confidence appears to have returned to the Peterborough housing market, fueled no doubt by low interest rates resulting in increased affordability. Sales in Peterborough Co for July were the highest in the last five years. First time home buyers led the charge with the residential sales of homes listed between $150,000 -$250,000 accounting for over 50% of the increase. The number of new listings has decreased from last year so sellers who are well priced should have an increase in activity and a shorter timeperiod on the market.
Consumer confidence appears to have returned to the Peterborough housing market, fueled no doubt by low interest rates resulting in increased affordability. Sales in Peterborough Co for July were the highest in the last five years. First time home buyers led the charge with the residential sales of homes listed between $150,000 -$250,000 accounting for over 50% of the increase. The number of new listings has decreased from last year so sellers who are well priced should have an increase in activity and a shorter timeperiod on the market.
Saturday, August 8, 2009
WHY BUYERS NEED A BUYERS AGENT
As I sit ruminating this evening about real estate in our wired world, I ask myself, why do prospects need Buyer’s representatives anymore?
With the constantly evolving technology of our highly accessible MLS® system, savvy Buyers, can seek out and find listings at the touch of a computer or cellphone keyboard, which meet their criteria in their quest for their perfect abode. Indeed, they know what they’re looking for even better than we do, as they in fact, live with their hopes and dreams every moment of every day. We, on the other hand, do not.
So then, the question I put to you is: where do we, as real estate professionals, fit in with respect to Buyer representation?
We are happy to search the MLS® database for listings - we look at them constantly throughout the day as it is, but technically you don’t NEED us for that job. What you do need is representation, and this is a far more important role than that of listings-researcher.
You, as a Buyer, need us to help you through the legal and sometimes frustrating process of buying a home - that place to call your very own - or not. That’s right; sometimes we’re going to tell you that a house is not right for you.
Early on in the offer process, we’ll pull together pricing information for you. We’ll establish what other homes of similar size, age, amenity and utility have sold for recently, in order to make a comparison with the home you wish to buy. This is critical information for you to have so that you don’t overpay for the house.
Part of your offering-price strategy will include understanding the factors that affect property values. We’ll give you location information so that you’re clear on the various nuances of your chosen neighbourhood or area – whether it’s good, bad or has future potential.
When we find the right place, we’re there to write an airtight contract and then to negotiate it on your behalf, face to face if we can, with the Seller and his/her representative. We give a voice and often a verbal picture to your side of the offer and the negotiating table. That’s what we do many, many times in a year, so we’re good at it. Really good. Then, when that magical meeting of the minds takes place between buyer and seller, aided in no small part by your buyer representative’s tenacity and skills, and you get an accepted offer on the home of your dreams, we’ll rejoice with you. But not for long, because our work is far from complete.
Next, we’re there at the ready with advice that is focused on what is ultimately the best outcome for you. We’ve got experience and education in financing issues, in insurance issues, in inspection issues, in condominium issues, just to name a few. Wells don’t shock us - we shock them. We’ve seen more things go down a toilet then you can imagine, and we’ve got the `poop` on septics. We’ll insist on a home inspection, and possibly a WETT inspection, and then we’ll help you determine what things are worrisome, what things are critical, what things aren’t even worth discussing and what things are blowing smoke. We’ll steer you away from harmful structures. We’ll fight for you (and sometimes with you) if it’s the right thing to do, for you. We’ll see you through to closing and we’ll pass along tips and advice that we’ve gathered for decades.
In Ontario, we have a form to establish this relationship in writing - to clearly set out the terms. But what it all boils down to is this: when you buy one of the most financially valuable assets you’ll likely ever own, you need a buyer’s representative to be in your corner: right where you need us - and right where we should be.
With the constantly evolving technology of our highly accessible MLS® system, savvy Buyers, can seek out and find listings at the touch of a computer or cellphone keyboard, which meet their criteria in their quest for their perfect abode. Indeed, they know what they’re looking for even better than we do, as they in fact, live with their hopes and dreams every moment of every day. We, on the other hand, do not.
So then, the question I put to you is: where do we, as real estate professionals, fit in with respect to Buyer representation?
We are happy to search the MLS® database for listings - we look at them constantly throughout the day as it is, but technically you don’t NEED us for that job. What you do need is representation, and this is a far more important role than that of listings-researcher.
You, as a Buyer, need us to help you through the legal and sometimes frustrating process of buying a home - that place to call your very own - or not. That’s right; sometimes we’re going to tell you that a house is not right for you.
Early on in the offer process, we’ll pull together pricing information for you. We’ll establish what other homes of similar size, age, amenity and utility have sold for recently, in order to make a comparison with the home you wish to buy. This is critical information for you to have so that you don’t overpay for the house.
Part of your offering-price strategy will include understanding the factors that affect property values. We’ll give you location information so that you’re clear on the various nuances of your chosen neighbourhood or area – whether it’s good, bad or has future potential.
When we find the right place, we’re there to write an airtight contract and then to negotiate it on your behalf, face to face if we can, with the Seller and his/her representative. We give a voice and often a verbal picture to your side of the offer and the negotiating table. That’s what we do many, many times in a year, so we’re good at it. Really good. Then, when that magical meeting of the minds takes place between buyer and seller, aided in no small part by your buyer representative’s tenacity and skills, and you get an accepted offer on the home of your dreams, we’ll rejoice with you. But not for long, because our work is far from complete.
Next, we’re there at the ready with advice that is focused on what is ultimately the best outcome for you. We’ve got experience and education in financing issues, in insurance issues, in inspection issues, in condominium issues, just to name a few. Wells don’t shock us - we shock them. We’ve seen more things go down a toilet then you can imagine, and we’ve got the `poop` on septics. We’ll insist on a home inspection, and possibly a WETT inspection, and then we’ll help you determine what things are worrisome, what things are critical, what things aren’t even worth discussing and what things are blowing smoke. We’ll steer you away from harmful structures. We’ll fight for you (and sometimes with you) if it’s the right thing to do, for you. We’ll see you through to closing and we’ll pass along tips and advice that we’ve gathered for decades.
In Ontario, we have a form to establish this relationship in writing - to clearly set out the terms. But what it all boils down to is this: when you buy one of the most financially valuable assets you’ll likely ever own, you need a buyer’s representative to be in your corner: right where you need us - and right where we should be.
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