The Government of Ontario offers several incentives for first-time homebuyers to help them achieve their dream of homeownership. Here are some of the key incentives available:
First-Time Home Buyer Tax Credit: This is a non-refundable tax credit that provides up to $750 in tax relief for first-time homebuyers. It can be claimed on your personal income tax return in the year of purchase.
Closing costs can vary depending on the location and specific circumstances of the real estate transaction, but here is a general breakdown of the closing costs you can expect to pay when buying a house in Brampton, Ontario, for $800,000:
Land Transfer Tax: In Ontario, you are required to pay a land transfer tax (LTT) when you purchase a property. The amount of LTT you pay depends on the purchase price of the property. For a property worth $800,000, the LTT would be approximately $11,475.
Real estate rental properties can be a great investment if managed properly. One of the most important aspects of managing a rental property is ensuring positive cash flow. Positive cash flow is when the income generated from the property is greater than the expenses associated with owning and managing the property. In this blog, we'll discuss some strategies for achieving positive cash flow with your real estate rental properties.
