The Benefits of Home Ownership

Buying a home is a major financial decision and because of that, many people don’t want to make the commitment of having a home, so they rent an apartment instead. However, renting long-term means that the money used to pay the rent is not creating any equity. Besides that, there are other benefits of buying a home instead of renting one.

Tax Deductions

While the cost of homes varies greatly across the country, the average amount that Canadians pay for a house is $495,000. While this is a lot of money, the good news is there are several tax breaks that homeowners in Canada can take.

Some of the most common tax breaks that homeowners may be able to take advantage of include:

  • First-Time Homebuyer Tax Credit (HBTC)
  • Home Accessibility Tax Credit (HATC)
  • Medical Expenses Tax Credit
  • GST/HST New Housing Rebate
  • Rental Income
  • Home Office

Homeowners who can reap the benefits of these types of tax credits may be able to get a few thousand dollars from the government. They can then use this money to make improvements to their home or make an extra mortgage payment.

Financial Investment

Another major benefit of buying a home is the major financial investment they are making. Not only are they creating equity, but in most situations, they can turn around and sell their home for more than they paid for it. This is especially true of homeowners who take good care of their property and keep up with maintenance.

One more way for homeowners to increase the value of their home is to make updates to it on a regular basis. Specific remodeling projects to focus on when trying to increase the value of a home include:

  • Add stainless steel appliances and quartz countertops to the kitchen to give it a modernized look
  • Add usable square footage to the home, such as finishing the basement or building a patio
  • Add a fresh coat of high-quality paint using a neutral color scheme

Due to the increasing senior population in Canada, it’s also a good idea to add accessibility features to the home, such as having a master bedroom and bathroom on the main floor, which will alleviate the need to frequently use the stairs. Bathroom contractors also recommend installing a walk-in or curbless shower, along with comfort-height toilets and a wider bathroom door.

Hot this week

Did David Wineland and Serge Haroche Steal Idea For The Nobel Physics Prize?

Dr. Omerbashich says the Royal Swedish Academy is a Crime Scene and he has the proof that Nobel laureates stole his discovery.

New Approaches to Disaster Relief Challenges

Disaster relief has always been a challenge. NASA, Google,...

3 Legitimate Money Making Methods to Supplement Your Income

In a perfect world, when your landlord raises your...

2016 Predictions by World Renowned Medium and Psychic Lindy Baker

World renowned medium and psychic Lindy Baker is interviewed by The Hollywood Sentinel, discussing psychic power, the spirit world, life after death, areas of concern in 2016, and much more.

Digital Coupon Customers Spending More Than Double At Stores

A new study shows that customers who use digital coupons go shopping more for groceries and other household goods more often and spend more on their shopping trips.

How DealHub’s AI-Powered CPQ is Redefining Revenue Operations

Most Configure, Price, Quote (CPQ) systems were designed for...

Quizzical President Trump’s Middle East Visit

Middle East Visit Eyebrows are raised and questions are asked,...

Morality And Bombing – 2003-To-2025

Morality and Bombing, what changed between 2003 and 2025 that stopped Israel protecting its people, but no longer does?

CEPM Is Redefining Cloud Efficiency—One Engineering Workflow at a Time

Cloud cost management has centered around dashboards, alerts, and...

RFK Jr. Announces U.S. Withdrawal from WHO, Calls for ‘New Era’ in Global Health Cooperation

RFK Jr. says U.S. will exit WHO, citing COVID failures and political bias, urges new global health body focused on transparency and chronic disease.

Forensic Science Breakthrough: Genealogy DNA Testing Identifies 39-year-old Skeletal Remains

In a groundbreaking case that merges genealogy and forensic science, the skeletal remains of a body known as John Doe were identified.

A Double Life – Makes a Docbusting Story

A Double Life is a documentary withTrue crime, Treachery, Tragic victim, Self-sacrificing hero, Omnipotent villain and International subterfuge.

Related Articles

Popular Categories