Assisting our sellers and buyers in selling and purchasing their property is our profession. Our objective is to provide the highest service possible. To go "above and beyond" we provide you with information you might find helpful. For any question, please don't hesitate to call!

First Time Home Buyers (FTHB) often face the problem of the down payment. Most Buyers do not know that they may be eligible to use their RRSP's for their down payment, $20,000 for each spouse. Isn't that a great start to keep your mortgage payments a bit lower! For more information please check out http://www.cra-arc.gc.ca/tax/individuals/topics/rrsp/hbp/menu-e.html.

In some instances first time home buyers are exempt from paying property transfer tax. If you are a citizen or resident, have lived in BC for more than 1 year, the property you are buying is smaller than 1.24 acre and less than $375,000 in value, you're going to use the property as your principal residence and you have never owned property, you most likely are exempt from paying PTT. For more information please visit http://www.sbr.gov.bc.ca/.

When you buy a property in BC you have to pay Property Transfer Tax. The total amount is calculated as follows: 1% on the first $200,000 of the purchase price and 2% on the remainder. With average home values in the Shuswap of just over $350,000, the Property Transfer Tax is often about $5,000. Although in some instances a buyer could be exempt of paying PTT, there is a 99% chance that you wouldn't. But here is the good news: if you are moving because of a change of jobs, the CRA sometimes considers the PTT a moving expense (according to one of my clients who was audited by the CRA and was allowed to deduct the PTT). Although we don't guarantee this deduction will apply to you, at least it is worth looking into it!

Are you 55 or older, a surviving spouse or are you receiving a disability allowance or benefit, then you may be eligible to defer payment of your annual property taxes. It allows you to spend hundreds of dollars each month on fun things instead of paying taxes. For more information call our office or visit http://www.salmonarm.ca/ or http://www.rev.gov.bc.ca/.

In today's market real estate selling costs could become very costly. Before you sign a listing contract you should interview a so called discount real estate company as well. You may think they discount their services, but most likely you will be pleasantly surprised by the services they provide. Please give us a call and we will show you how much you can save! (250-832-0111 and http://www.4shuswaphomes.com/).

Please drop us a line if this information was helpful to you. If you are aware of more saving possibilities, please add your comment and help us helping others to save money!