Home Renovation Tax Credit - Tango Kitchens

The recently announced Home Renovation Tax Credit may be of interest to people considering the renovation or upgrade of their kitchen. The kitchen is not only the focal point for all your family gatherings but is the most identified feature about your property that buyers are looking at when considering your home as a purchase.

I recently came across a business, Tango Kitchens, in Woodbridge that is using the Home Renovation Tax Credit to their advantage. They are offering to match the Tax Credit as a rebate to those who are hesitating to spend money to improve their homes.

The Rebate is for a limited time only.

Tango Kitchen's has a spacious and well displayed showroom if their kitchen cupboards, styles and trim, in addition to many counter top (granite and others) selections. There is an exquisite example of old world craftsmanship with the bullnose edging on their island in granite display that just does not appear to its potential in a short "videotorial". The showroom is conveniently located at Highway 427 immediately at the Highway 7 exit.

I invite you to contact Jagdish Bajaj Tango Kitchens to have a quote for your new renovation and tax credit.

Creative people with innovative marketing programs will thrive in this economy.

Tax Preparation is NOT tax planning

Here comes that dreaded tax filing deadline – and maybe a late night of tax preparation along with it. But don’t confuse your last minute tax prep dash with real tax planning.

Tax planning means taking the right financial steps throughout the year to reduce the taxes you pay. And the time to start is now – using strategies like these:

Keep a record. Use home finance or tax preparation software to track finances for tax purposes. If you don’t have a computer, use a good filing system.

Plan now to make your maximum RRSP contribution for 2009 and beyond. A Registered Retirement Savings Plan (RRSP) is the biggest tax break available to most Canadians. The sooner you get your cash into your RRSP, the longer it has to grow.

Add a spousal RRSP. Whether married or common-law, if one of you is likely to generate more income in retirement, the other should consider contributing to a spousal RRSP – a strategy that can equalize income streams during retirement and lower your combined income tax bill.

Initiate an investment strategy that takes taxation levels into account. Some types of investment income, such as capital gains and dividends, receive preferential tax treatment, while others, such as interest, are taxed at normal rates. Hold heavily taxed investments in an RRSP, where they will grow on a tax-deferred basis. You should also consider investing in a Tax-Free Savings Account that allows your after-tax investment to grow without further tax liability being incurred.

Invest child tax benefit payments in the child’s name. The income earned will then be taxable in the hands of the child, who may not have enough income to generate a tax bill.

Consider borrowing for business or investment purposes. The interest may be tax deductible.
Set aside money to make quarterly personal income tax payments on time. Lateness can result in penalties and interest. Installments are due the 15th of March, June, September and December.

Don’t get a tax refund. A large refund means you’ve loaned your money to the government interest-free. Request a reduction in taxes withheld at source.

If you expect a refund this year and are confident the same thing will happen next year, you can apply to have your employer reduce the amount of tax deducted from your paycheque.

When you were first hired, your employer had you complete a Personal Tax Credits Return form (TD1) that included all the deductions and credits you normally claim in a year. If your circumstances have changed since then, making you eligible for additional deductions (child care expenses or spousal maintenance, for example), your taxable income and your tax bill will be lower now. So reduce the amount withheld from your paycheque each month by filing a T-1213 form. (Available from your local CRA office or from the CRA Website, www.cra-arc.gc.ca.

Are you turning 71 in 2009? If so, you must wind up your RRSP by December 31. Be sure to investigate your retirement income options well in advance, otherwise you could end up paying a huge tax bill.

Planning to move to a province with a lower tax rate? Make it by the end of the 2009 and you’ll pay taxes for the entire year to the province in which you live on December 31.

Tax planning reduces the taxes you pay. Financial planning makes it possible to achieve your life and retirement dreams. Discuss these and other steps with your professional advisor.

John Scholl B. Mathematics, CGA,
Wealth Management & Financial Planning
I strive to continually improve my wealth management practice to be worthy of the referrals received. I build my business one introduction at a time, and would consider it a great compliment to be introduced to one of your business associates, friends or family.
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Investors Group
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Fox and Fiddle, Etobicoke

So many of the structures in West Toronto and Etobicoke have been multi tasked and re-purposed over their life times.

The property at 4906 Dundas is just such and example.

C:1927 Etobicoke Township Hall, Once located at 4906 Dundas, the building has been a church, library, a Police Division, a gift shop and a pub. It is now the Fox n' Fiddle.

During a recent visit, I had the opportunity to meet with Restauranteur, Thana of the Fox and Fiddle, who reminded me again of the buildings heritage. This lively nightspot now has open air patio's on the front and rear.  The building adjoins the commercial retail shopping via a glass portico that encloses and joins the structure.

If you would like to make a submission for a building that you love in west Toronto and Etobicoke, feel free to contact me thru my email david@davidpylyp.com

Should you like information about living in this vibrant community, contact me at 647 218 2414.

Providing Value First.

10 Reasons I'm happy for a recession

1. Family Dinners in with friends
2. Shorter gas lines and better prices per liter
3. Less junk mail
4. More Time with your Family/Spouse
5. Better Prices on Everything you really need
6. Bargains on vehicles and houses
7. New Business Opportunities/ Relationships
8. Time to read a book or three
9. Everyone has a chance to take a breath and decide what's important
10. New perspectives on what creates true happiness

For everything there is a season,

The spring to sow,
The summer to make hay,
The Fall is to Harvest and Give Thanks,
The Winter to stay inside and plan for the future.

This simply also applies to the economy. During the winter time, the soil must rest, rejuvenate itself for the new planting season, the snow covers the fields to remoisturize the earth, cold makes us stay in and rest for the new working season.

When applied to Real estate, the cooler markets bring better prices but more importantly they level the playing field between neighbourhoods and different complex's. Those shopping have a better selection to pick from, Sellers are forced to be realistic in their asking prices relative to the last sale, and we all have time to be thoughtful and reflective about what we are spending our money on.

If you are considering entering the market I would be pleased to hear from you....
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Correction Not Crash for Real Estate

Correction, not crash for Canadian real estate market in 2009; Average house prices forecast to fall 3.0 per cent

- Historically low interest rates, stable local economies and increasing affordability should upport Canada's residential real estate market during transitioning period -

TORONTO, Jan. 6 /CNW/ - After experiencing a significant reset in 2008 -a reaction to continuous dire news surrounding the health of the global economy combined with a cooling from the previous years' fervid activity levels - Canada's resale real estate market should see only modest price and unit sales corrections take place across the country during 2009. Both national average house prices and the number of homes sold is expected to decline this year, according to the Royal LePage 2009 Market Survey Forecast released Jan 06,09.

Nationally, average house prices are forecast to dip by 3.0 per cent from last year to $295,000, while transactions are projected to fall to 416,000 (-3.5 %) unit sales in 2009. In spite of this cooling trend on a national level, price and activity gains are anticipated in some provinces.

Emotional reaction to recent economic and political instability did much to dampen consumer confidence during the latter part of 2008, causing a marked slowdown in house sales activity. However, as a more rational understanding of the issues gains ground, together with a wide range of announced corrective measures, consumer confidence is anticipated to recover, prompting real estate activity to pick up once again in the latter half of 2009. Further, Canada in
2009 enjoys a stronger economic foundation than most countries and that should temper the housing market correction. The combination of low inflation, reasonable employment levels and improving housing affordability, driven in part by low mortgage rates, are anticipated to stimulate demand in the coming months.

"While Canada's housing market is anticipated to continue to move through a period of adjustment over the next six months, we should expect modestly lower home prices, not a U.S.-style collapse, which was brought on by a structural failure of the entire American credit system," said Phil Soper, president and chief executive of Royal LePage Real Estate Services.

"Most consumers are not aware that nationally, Canadian housing market activity peaked in 2007 and has been adjusting lower since. We are well into this inevitable cyclical correction."

Added Soper: "While a grey cloud hangs over some markets, the sky is not falling. In recent years, Canada has been a difficult place to be a purchaser of real estate, particularly for first-time buyers. When real estate markets correct, inventory levels rise, providing buyers choices instead of frustrating bidding wars. In 2009, appropriately-priced homes will still sell
for fair value."

The housing market is expected to perform quite differently from region to region across the country. In many mid-sized cities where home prices remain below the national average, such as Regina and Winnipeg, prices are expected to increase moderately through 2009, as home ownership remains particularly affordable. The most significant price decreases are forecast for
Canada's most expensive city, Vancouver, which has experienced above average price increases for most of the decade. The correction is a natural cyclical reaction to an extended period of high price appreciation. Vancouver's fundamentals, including growing population figures and the positive economic spinoffs expected from the 2010 Olympics, remain very positive.

Read balance of News release Posted on CNW

David Pylyp; This very resoundingly echoes my own observation. I felt hesitation even last year in October 07, as people considered their debt loads and consumer confidence. The Canada Mortgage and Housing Forecast does call for a Price adjustments in different regions but overall discusses how the market will be more balanced over the next year.

The challenge it seems; is how to deal with the Buyer's Strike rather than a Buyer's Market.