There wasn’t anything very exciting about this year’s federal budget but there were some savings and incentives impacting both estate planning and assistance to the elderly to stay in homes longer.
- For those over 65, the new Home Accessibility Tax Credit (HATC) provides a 15% tax credit on home improvements of up to $10,000 to retrofit your home. The credit is also available to caregivers and for those qualified for the disability tax credit. It can even be claimed in addition to medical expense credits for the same renovations.
- Selling a qualified Canadian Farm or Fishery? The capital gains exemption has increased to One Million Dollars for sales after April 20, 2015.
- Good news for charities and philanthropists. For those who donate property to their favourite charity the new budget reduces capital gains and triggered tax payable on donations of property allowing full donation tax credit to offset against other income.
- Good news for those who own property outside of Canada. The rules for Foreign Asset Reporting are being simplified for the 2015 reporting year for assets worth less than $250,000.
For further details and personal tax advice please contact me. I’ll be happy to introduce you to my trusted advisors.
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The Neal Estate Team is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions.