This will take you to our sister site Canadian Business.
Romana King on how your home can save you at tax time. For more, head over to Romana’s Home Owner blog.
1) Although gains are tax free – losses are not capital losses – and therefore the full loss in the event of a decline in real estate must be taken.
2) HBP has nothing to do with tax savings. Indeed, many home owners are unable to repay their HBP contributions and because they are likely in the same (or even higher tax bracket) this is either tax neutral or a larger tax liability. Further, these monies need to be considered in the context of a housing investment. If that money would have made 10% in the stock market (as it would have last year) and if house prices decrease, the actual loss on these funds can be greater than 110% (assuming a house price decline of 20% with a 20% down payment).
3) I await to see the rest on your blog.