For the 70 per cent of Canadians who own a home, it is a place to live, raise our family, and it connects us to our community. Due to Canada’s tax system’s Principal Residence Exemption, when we sell our homes, any increased value or “capital gains” are not taxed. This generous tax break matters to Canadian homeowners. Collectively, we have about $3 trillion in home equity and our homes are often our largest financial asset. However, starting with our 2016 income tax returns, there are some changes in how homeowners qualify for the Principal Residence Exemption. Until now, the Canada Revenue Agency has not required Canadians to report on a home sale when during tax season. If you sold your home in 2016 or later, you will need to complete a Schedule 3, Capital Gains of the T1 Income Tax and Benefit Return in order to report your sale. The good news is that, in terms of taxes, nothing has changed. The same tax benefit is available to anyone who sells their home, provided the...

The process of buying a home can be emotionally and physically challenging for many people. During the euphoric stage of making an offer, it’s easy to overlook potential home problems. Especially when you’re consumed with more important issues, such as whether or not the dining table will fit. During this sensitive time, only seek guidance from trustworthy home inspection professionals with years of experience. And feel free to use the following home inspection checklist to identify any potential red flag areas in what you hope to be your new home. Foundation Issues Most experts will tell you that cracks are the red flag to watch for when it comes to foundation issues. We’d agree. While smaller cracks found in concrete generally point to foundation settlement, larger cracks often indicate a more serious problem concerning the structural integrity of your home. Freshly Painted Walls Just as we’re recommending you add freshly painted walls to your home inspection checklist, th...

You’ve likely landed on this page because you’re either thinking of making an offer on a home or you’ve just made one. As a potential new homeowner, you owe it to yourself and your pocket book to understand what you’re really getting yourself into. Protecting your investment is the number one reason why you need a home inspection. When performed by a certified professional like Inspect it All , a home inspection offers an incredible wealth of information. The primary purpose of a home buyer’s inspection is to examine the condition of your potential new home. The job of your home inspector is to point out any relevant details and potential problems a new homeowner may be concerned with. Additionally, your home inspector should offer helpful advice regarding specific home care as well as general maintenance. If you have questions during your home inspection, ask your inspector! Although the exact length of your home inspection will vary based on the type and size of your residence...