Tax Tips

If you’re considering selling an investment property, keep in mind that capital gains on secondary properties are subject to tax. Planning ahead can help you offset this gain by using capital losses from other investments or timing the sale strategically to minimize the tax impact.

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If you are a first-time homebuyer or planning to purchase a home, consider using the Home Buyers’ Plan (HBP). This federal program allows you to withdraw up to $35,000 from your RRSP tax-free to help with your down payment, as long as you repay it over 15 years.

If you rent in Ontario, you might qualify for the Ontario Energy and Property Tax Credit, which helps offset property taxes and energy costs. Be sure to keep records of rent paid throughout the year.