(NC)—Owning your own home is an exciting proposition
and an achievable goal for most Canadians. The number one reason many
become homeowners is pride of homeownership and the stability and
security that comes with it.
Buying a home can also be a solid investment and provide tax benefits.
In Canada, you are not taxed on any investment gains
made on the sale of your primary residence. So, for example, if you buy
your home for $200,000 and sell it 5 years later for $250,000, you do
not have to pay income tax on the $50,000 you earned from the sale.
Another advantage is each time you make a mortgage
payment, you are putting a portion towards the principal balance of your
mortgage, which builds equity in your home. This is a better use of
your money than giving rent to a landlord and is a good long-term
investment.
Owning a home also means that you can make your own
decisions on decorating, home improvements, location, etc. In a recent
survey conducted by Genworth Canada, 91 per cent of first-time
homebuyers said that homeownership may mean more work but the effort is
well worth it.
When it makes financial sense, buying a home is often a wise, secure and emotionally satisfying move to make.
For more information on buying a home visit Genworth.ca
www.newscanada.com
philromano@vhme.ca
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