Joe Godara's blog

The recent resignation of Prime Minister Justin Trudeau and the prorogation of Parliament until March 24, 2025, has introduced significant uncertainty regarding the proposed changes to Canada’s capital gains tax inclusion rate.

The CRA's Approach Amid Legislative Uncertainty

Although this proposal has not been enacted into law, the Canada Revenue Agency (CRA) has been administering the increased inclusion rate since June 25, 2024, following standard practices for proposed tax legislation. The Department of Finance has confirmed that the CRA will maintain this approach during...

Toronto's latest phase of short-term rental regulations takes effect today, January 1, 2025, marking the final step in a series of updates aimed at balancing the city's housing needs with the growing short-term rental market.

The new bylaws introduce several key changes for short-term rental operators in Toronto:

1. Registration fee increase: The cost to register or renew as a short-term rental operator has risen to $375, a significant jump from previous rates.

2. Rental type designation: Operators must now choose between registering as either an entire-unit or partial-unit short-term...

As we enter the new year, the Fraser Institute has released its highly anticipated rankings of Ontario secondary schools. This annual report, released on January 7, provides invaluable insights into schools' academic performance across the province. For families looking to buy a home, these rankings can serve as a critical resource in making informed decisions about where to live.

The Fraser Institute's rankings evaluate schools based on standardized test scores, offering a clear picture of academic excellence and areas for improvement. While academic performance isn’t the only factor...

The Bright Side Rear Lane Townhomes is an exciting new development located in Brampton, Ontario, specifically at the intersection of Bramalea Road and Countryside Drive. Developed by Remington Homes, this community is designed to cater to families and individuals looking for modern living spaces in a vibrant neighbourhood.

Premium Features Highlights:

The comprehensive package showcases the remarkable features of these freehold townhomes:

Parking Advantages:

• Double-car garage with driveway

• Provides 4-car parking 

Ceiling Design:

• 9-foot ceilings on the main and second floors

The housing market in the Greater Toronto Area (GTA) is expected to undergo significant changes in 2025 due to various economic factors and shifting demographics of buyers. Here are the Predictions and key trends anticipated for 2025:

1. Price Increases

• Home Prices on the Rise: After a challenging period, home prices are anticipated to increase again. Experts forecast a rise of approximately 5% across Canada, and the GTA is expected to align with this trend.

• Single-family homes & suburban properties: Single-family (low-rise) homes are expected to see price increases compared to...

Tax Credits for First-Time Home Buyers 

Buying your first home is an exciting milestone, but it can also be financially daunting. Fortunately, if you're a first-time home buyer in Toronto, there are tax credits available to help ease the financial burden. Here’s a straightforward breakdown of what you need to know about these credits.

1. First-Time Home Buyers’ Tax Credit (HBTC)

The First-Time Home Buyers’ Tax Credit is a federal initiative designed to assist new homeowners by providing a non-refundable tax credit. Here’s how it works:

Amount: As of 2022, the credit amount is based on a...

The Clove Condos: A Perfect Blend of Modern Living and Suburban Charm

The Clove Condos in Etobicoke represent a vibrant new community that seamlessly blends modern living with the warmth of suburban life. Developed by Mattamy Homes and QuadReal, this exciting project is a cornerstone of the transformation of the Cloverdale area, promising a unique and enriching lifestyle for residents.

Prime Location with Excellent Connectivity

Situated at East Mall and Dundas Street West, The Clove Condos boast a prime location with unparalleled connectivity. Highways 427, 401, and the Gardiner...

The RRSP Home Buyers' Plan (HBP) is a valuable program for first-time homebuyers in Canada, allowing them to access their retirement savings to help finance a home purchase. Here’s a straightforward overview of how it works, its benefits, and what you need to know to take advantage of it.

The Home Buyers' Plan allows eligible individuals to withdraw up to $60,000 from their Registered Retirement Savings Plan (RRSP) without paying taxes on that amount. For couples, this limit doubles to $120,000. This program is designed specifically for first-time homebuyers, meaning those who have not...

In Ontario, a first-time homebuyer is defined as someone who has not owned a home in the past four years. This definition applies to both the individual and their spouse or common-law partner if they are purchasing together. If either party has owned a home during this period, they do not qualify as first-time buyers.

Key Criteria for First-Time Homebuyers 

Ownership History:

• Must not have owned a home anywhere in the world in the last four years.

• If you have previously owned a home but have separated from your spouse, you may still qualify if you have not owned a property since the...

The First Home Savings Account (FHSA) is a new savings tool designed to help Canadians save for their first home. Launched in 2023, this account offers a unique combination of tax benefits similar to both the Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Account (TFSA). Here’s what you need to know about the FHSA, including how to open one in 2024.

The FHSA allows eligible Canadians aged 18 and older to save up to $40,000 towards the purchase of their first home. Here are some key features:

• Tax-Deductible Contributions: Just like an RRSP, contributions made to an...