The proposed Healthy Homes Renovation Tax Credit in the Province of Ontario would be a new permanent, refundable Personal Income Tax credit to assist with the cost of permanent home modifications that improve accessibility or help a senior be more functional or mobile at home.

The credit would be worth up to $1,500 each year, calculated as 15 per cent of up to $10,000 in eligible home renovation expenses that would help seniors stay safely in their homes. It could be claimed by senior homeowners and tenants, and people who share a home with a senior relative.

Some examples of eligible expenses would include:

• certain renovations to permit a first-floor occupancy or secondary suite for a senior
• grab bars and related reinforcements around the toilet, tub and shower
• hand rails in corridors
• wheelchair ramps, stair/wheelchair lifts and elevators
• walk-in bathtubs
• wheel-in showers
• widening passage doors
• lowering existing counters/cupboards
• installing adjustable counters/cupboards
• light switches and electrical outlets placed in accessible locations
• door locks that are easy to operate
• lever handles on doors and taps, instead of knobs
• pull-out shelves under counter to enable work from a seated position
• non-slip flooring in the bathroom
• a hand-held shower on an adjustable rod or high-low mounting brackets
• additional light fixtures throughout the home and exterior entrances
• swing clear hinges on doors to widen doorways
• creation of knee space under the basin to enable use from a seated position (and insulation of any hot-water pipes)
• relocation of tap to front or side for easier access
• hands-free taps
• motion-activated lighting
• touch-and-release drawers and cupboards

What expenses would not be eligible?

Expenses would not be eligible if their primary purpose were to increase the value of the home. Examples of ineligible expenses would include:

• general maintenance – such as plumbing or electrical repairs
• repairs to a roof
• aesthetic enhancements such as landscaping or redecorating
• installing new windows or regular flooring
• installing heating or air conditioning systems
• replacing insulation

For more information go tohttp://www.rev.gov.on.ca/en/credit/hhrtc/index.html

  There is a lot of confusion for consumers when they are seeking financing for a purchase of a home in Canada.

   Advice from mortgage brokers, real estate sales people, mom and dad, Uncle Ted, your bank teller, your spouse, your loan shark and especially, financial talk show hosts add to the confusion.

   The Finacial Consumer Agency of Canada has  a great website with un-biased information concerning mortgages, credit cards, RSP's, insurance and 100's more of great information.

  There latest Money Tools site is great with up to date questions to ask when getting a mortgage, buying a home, a car or investing your hard earned money.

 I believe that a buyer or seller of real estate should be informed, have knowledge of the options and I have found that the more informed my clients were with the correct information and not here-say, they saved money, time and a few stressful moments!

  Check it out, it is easy to navigate and well worth your time!

At first glance, reverse mortgages appear to be a good thing but for some seniors, is it? A conundrum for more boomers who hit retirement age as reverse mortgages are growing in popularity.A reverse mortgage is when a lender advances you money in either a lump sum or in stages and you make no monthly payments. A conventional mortgage is when you borrow a certain amount and gradually pay it back monthly.

Is it for you? Do you qualify? What are the pros and cons? If you Google reverse mortgages you will find a slew of professionals with advice on the pros and cons and how to qualify.

My personal experience in real estate and with those who have gone with a reverse mortgage or sought alternative funding is to weigh the pros and cons with local professionals and seek advice from a trusted financial advisor, your banker and real estate professional.

You got this far in life, make sure the remaining years are as finacially stree free as possible.

I finished watching the documentary Inside Job which unravels the causes of the 2008 financial meltdown, the collusion with regulators and the sad irony is that it is continuing even today.

You will see how banks, insurance companies and rating agencies colluded to jack up revenues which in turn is causing the rest of the world have financial challenges.

A word of caution. Do not bury your head in the sand! Academics colluded, mortgage lenders colluded and maybe even your neighbour!

Most of us in the real estate business have seen first hand the sad turn of events for families, there has been a lot of tonque wagging about who is to blame and the 'not me' adage.

Now you know

Canadians had better start following the growing fears of a double-dip U.S. recession. The health of our economy in Ontario is more closely tied to the overall U.S. economy than most provinces or for that matter, most U.S. states.

If the world's largest economy tanks (U.S.), trade dependent Ontario falls harder than places not as reliant on U.S. growth.

Below is how dependent Ontario, other key U.S. trading partners and other provinces are on the U.S. growth for their own economic growth.

• Ontario 80.8%
• Quebec 75.3%
• Michigan 68.7%
• Ohio 68%
• New York 59.1%
• British Columbia 57.6%
• Alberta 56.8%
• Pennsylvania 55.8%

This is pretty worrisome for manufactures and should be for all of us. The sky is not falling, however, buy North American products, vacation in North American and invest in North America!

You have just decided to purchase a home or your mortgage is up for renewal and you have a decision to make. Do I get a variable or a fixed mortgage?I get asked this all the time as a REALTOR® and my first question to you is what is your comfort zone? I cannot predict the future but I can help you prepare for the future by finding out what is most important to you regarding your financial health.

Some people are risk adverse and want to know what their payments are going to be consistently for the next 5 - 10 years. Others like risk (or think they do) and willing to chance the next 6 months or at most 12 months. Who is right? What is the right thing to do?

I read daily and listen to reports(as I am sure you do to) that interest rates are going to do this, go there, housing bubble there, oil this, embargo this, when pigs can fly or whatever! If economists, our financial regulators, the money guys are all guessing, or preaching,  am I or you any smarter?

I am sure you are all smarter than me, however, I have seen 21% interest rates, 10% and 2.78% rates and it all comes down to sleeping at night, being consistent and doing and thinking about what it is that you do and how you wish to live.

I have gone variable and I have gone fixed, it always depended where I was financially in my life. I have tossed and turned and I have slept like a log, I prefer a quiet night.

PS: I am known as a risk taker. I love risk when I have some control or the odds are in my favour.

Financial Assistance for Homeowners in Canada, do you need help? The Canada  Mortgage and Housing Corporation(CMHC) has many programs available to help those who qualify.

These programs are available for low-income households, seniors, and persons with disabilities and are cost-shared and delivered by Provinces and Territories in most jurisdictions.

 Financial assistance takes the form of forgivable loans or non-repayable contributions, and can be used to fund repairs, renovations, accessibility modifications, the creation of low-income rental units, and home adaptations. 

Go here to find out more. There are many more programs available from both the civic and provincial governments.