A slight majority (51%) of Canadian millennials own their own home and, of those who rent, 76% expect to buy within the next five years, finds a survey by BMO.
Canadian millennials are optimistic about the future, including their homeownership prospects, according to a poll by RE/MAX.
If your client's assessed value seems too high, she may be paying too much tax.
Helping millennial clients
Advisors may want to save tax by having their lower-income spouse own part or all of their buildings. But they should consider what will happen if the spouses separate.
One of the biggest investments your client’s made is his or her home. While most advisors know clients can claim mobility-related renovations as medical expenses for tax purposes, there are other provincial programs and incentives available.
Vintage details and health-related amenities are only some of the new offerings.
The Conservatives would let first-time buyers take $35,000 from their RRSPs to pay for homes if they’re re-elected.
Wealthy Canadians’ primary residences are currently worth upwards of $1.5 million, on average.
Renovations are the most popular use of a home equity account.