{"id":5533,"date":"2015-04-23T12:11:55","date_gmt":"2015-04-23T16:11:55","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=5533"},"modified":"2020-02-17T20:47:26","modified_gmt":"2020-02-18T01:47:26","slug":"budget-highlights-from-a-real-estate-perspective","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/budget-highlights-from-a-real-estate-perspective\/","title":{"rendered":"Budget highlights from a real estate perspective"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5534\" src=\"http:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2015\/04\/Facebook-Blog_Budget_150422.png\" alt=\"Facebook-Blog_Budget_150422\" width=\"1200\" height=\"627\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2015\/04\/Facebook-Blog_Budget_150422.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2015\/04\/Facebook-Blog_Budget_150422-300x157.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2015\/04\/Facebook-Blog_Budget_150422-1024x535.png 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p>by Romana King, <a href=\"http:\/\/www.moneysense.ca\/property\/canadian-real-estate-market-outlook-2015\">MoneySense magazine <\/a><\/p>\n<p>The 2015 federal budget wasn\u2019t very enticing, but it did offer a couple of tax and saving incentives for those considering estate planning using real estate or looking to stay in their home a bit longer. Here are a few budget highlights from a real estate perspective:<\/p>\n<p>\u2013&gt; Anyone 65 or older will benefit from the new Home Accessibility Tax Credit (HATC), explains Don Carson, spokesperson for Canada\u2019s Chartered Professional Accountants. Under this new tax credit, you can retrofit your home, up to a cost of $10,000, and get a 15% tax rebate. \u201cIf a walk-in tub costs $5,000, this 15% tax credit will mean the net cost for that modification is $4,250,\u201d says Carson. The credit is also open to caregivers of anyone over 65 and those who already qualify for the disability tax credit. Better still, this tax credit can be claimed in addition to the medical expense credits for the same renovation costs.<\/p>\n<p>\u2013&gt; For those considering donating to their favourite charity you may want to consider signing over the cottage. The budget offered\u00a0new rules that will\u00a0reduce the tax you pay on donations of property, explains <em>MoneySense<\/em> tax columnist Evelyn Jacks. For example,\u00a0if you donated your cottage worth $100,000 (no cost base) you\u2019d have to pay $25,000 in capital gains tax, under the new rules. A big hit that\u2019s offset by the $46,000 donation credit you\u2019d receive, says Carson. But under the new rules, you wouldn\u2019t have to pay capital gains tax and you\u2019d still receive a donation credit of $46,000, \u201cwhich can be used to offset other income,\u201d says Carson.<\/p>\n<p>\u2013&gt; Canadians who\u00a0own a farm or fishery will also benefit from this budget as the capital gains exemption has increased from the current $813,600 to $1 million on the sale of farms and fisheries. Keep in mind, however, that the exemption can only apply to sales after April 20, 2015.<\/p>\n<p>\u2013&gt; Finally, if you own a rental property outside of Canada you\u2019ll be happy to learn that the foreign asset reporting rules will be simplified in the 2015 tax filing year, as long as the asset is worth less than $250,000 (up from the current threshold of $100,000), says Jacks. \u201cCurrent rules will continue to apply to property valued at $250,000 or more,\u201d says Jacks.<\/p>\n<p><strong>About the Author: <\/strong><\/p>\n<p>Romana King is a Toronto-based writer, editor, blogger and realtor. Romana currently writes a regular column and\u00a0<a href=\"http:\/\/www.moneysense.ca\/columns\/home-owner\" target=\"_blank\">blog<\/a>\u00a0for\u00a0<em>MoneySense Magazine<\/em>\u00a0focusing on homeowner and real estate issues. Over the years she has contributed to\u00a0a variety of business and lifestyle publications as well as\u00a0<em>CBC.ca<\/em>,\u00a0<em>The Toronto Sun<\/em>\u00a0and\u00a0<em>The Toronto Star<\/em>.<\/p>\n<p><a href=\"https:\/\/twitter.com\/rkhomeowner\">Follow @RKHomeowner on Twitter<\/a><br \/>\n<a href=\"https:\/\/www.facebook.com\/RKHomeOwner\">Like Romana King\u2019s Home Owner on Facebook <\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>by Romana King, MoneySense magazine The 2015 federal budget wasn\u2019t very enticing, but it did offer a couple of tax and saving incentives for those considering estate planning using real estate or looking to stay in their home a bit longer. Here are a few budget highlights from a real estate perspective: \u2013&gt; Anyone 65 [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[33],"tags":[],"class_list":["post-5533","post","type-post","status-publish","format-standard","hentry","category-real-estate-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Budget highlights from a real estate perspective | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"by Romana King, MoneySense magazine The 2015 federal budget wasn\u2019t very enticing, but it did offer a couple of tax and saving incentives for those\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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