Six Tax Credits Available for 2012

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Six Tax Credits Available for 2012

The government of Canada introduced some more tax credits last year for Canadians. Below is a brief summary of what is available.

  1. First Time Home Buyer’s Tax Credit – Save up to $750
  2. Children’s Arts Tax Credit – Save up to $75 per child*
  3. Volunteer Firefighter’s Tax Credit – Save up to $450*
  4. Children’s Fitness Tax Credit – Save up to $75 per child
  5. Public Transit Tax Credit – Save up to 15%
  6. Tradeperson’s Tools Deductions – Deduct up to $500 from income

For more information on these we suggest you visit the website for Revenue Canada at www.cra.gc.ca/taxcuts.

On the interest rate front, rates held steady for the last month. We are still waiting to see what will happen in Europe, in particular Greece, as this will set the tone for economic recovery here in the West.

Important Reminder Regarding Your Mortgage Renewal

If your mortgage is up for renewal and you are being contacted by your lender to early renew before the maturity date please call or email us before signing the renewal. We are able to give you a quick recap of rates in the market to make sure you aren’t signing for a rate/term that isn’t beneficial for you. Often times your lender will tell you that you only have a very limited time to sign the renewal to pressure you into taking the rate they want. Get in touch with us for a quick 2nd opinion!

If you require any further information regarding this article or any other mortgage matters please contact our office at 604‐556‐3893. Also, as a reminder to anyone looking for a mortgage, we offer 4 month pre-approvals at no cost to you. This means that you can get a rate hold for up to 4 months to protect yourself in case rates rise.

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About the Author:

Alex Kotai

Alex Kotai has worked in the mortgage lending business for over 10 years. His career started at HSBC Bank Canada where he spent most of his time in senior management roles which involved training and managing the sales staff at his branch. After leaving HSBC, Alex decided to open his own mortgage brokerage firm, Your Mortgage Source. Through his company, Alex has access to many lenders across the country with a very expansive list of products.