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Your daily horoscope: December 21, 2024

  HOROSCOPES IF TODAY IS YOUR BIRTHDAY Do you stay in your present location, where things are safe and predictable, or do you take a major risk by heading off in a new direction? If you don’t take that risk you may look back from the future and regret it. Get moving this year. ARIES (March 21 - April 20): The sun moves into the area of your chart that governs your place in the wider world this weekend, making this the ideal time to look ahead and identify your long-term ambitions. Set your sights as high as they can possibly go. TAURUS (April 21 - May 21): As the sun moves into the most adventurous area of your chart this weekend you will be more optimistic about your prospects than you have been in a very long time. Dare to dream and dare to make those dreams come true. GEMINI (May 22 - June 21): If someone lets you in on a secret you must not share it with strangers. You may be chatty by nature but there are some things that are best kept in a close-knit circle of friends an...
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Can You Write Off Home Renovations in Canada?


When it comes to home renovations in Canada, the tax landscape can be a bit narrow for existing homeowners. However, there are still some key considerations to keep in mind:

  1. Principal Residence Exemption: This is the big one. When you sell your primary home, the principal residence exemption allows you to avoid capital gains tax. But beware! As of January 1, 2023, the Canada Revenue Agency (CRA) tightened the rules. Housing units sold after less than a year of ownership are now excluded, with certain exceptions like death and disability. So, watch out for those anti-flipping rules!

  2. Profit Shielding: Unlike the United States, Canada doesn’t cap the amount of profit shielded from taxes. Existing homeowners rely on their homes as a store of value for retirement, and any significant shift in tax policy would be a political nightmare.

  3. First Home Savings Account (FHSA): If you’re a future buyer, the FHSA is your friend. It’s like a slam dunk for first-time homebuyers. Contributions are tax-free on the way in (similar to an RRSP) and tax-free on the way out (like a TFSA). You can contribute up to $8,000 annually, up to $40,000 over a lifetime. Just remember, unused contribution room doesn’t carry forward indefinitely.

  4. Renovation Benefits: Unfortunately, for current homeowners thinking about renovating, the federal tax benefit buffet is pretty sparse. But don’t lose hope—there are other avenues to explore, such as provincial home renovation tax credits and specific programs.

In summary, while the tax breaks for home renovations may not be as generous as we’d like, strategic planning and understanding the rules can still make a difference. Whether you’re sprucing up your kitchen or adding that dream deck, keep these factors in mind as you navigate the world of home improvements.

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