Reduce Property Taxes Up To 75% With Green Grants In Windsor | Justin Trudeau Creates Tax Free Real Estate Account For Families

Justin Trudeau’s Tax Free First Home Savings Account & First Time Home Buyers Tax Credit

Justin Trudeau has introduced a new tax free real estate investment vehicle for families looking to buy their first home. Budget 2022 unveiled A Plan to Grow Our Economy and Make Life More Affordable, including a Tax-Free First Home Savings Account (TFFHSA). 

This account will allow families to save up to $40,000 to use as a down payment with a mortgage. Money put in this account will not accrue income taxes, and any capital gains made through investment of the money will also be tax free.   

The budget also doubles the First Time Home Buyers Tax Credit to $10,000 and aims to make rent to own homes more available. All of these factors make it the perfect time to save for, or purchase a new home.

Did You Know? If you have owned a home in the past, but not for the last 3 years, you also qualify for the First Time Home Buyer Tax Credit.

How To Reduce Your Property Taxes Up To 75% With Green Grants In Windsor - Essex Ontario

If your goal is to economically purchase a property, home, commercial or mixed use property in Windsor - Essex you must consider the green grants that are available. Inside the city limits it would be tough to qualify for these grants. However if you choose to live in the countryside of the Essex Region, you could potentially reduce your property taxes almost to $0.

One of the greatest green grant type of programs in Canada is The Managed Forest TaxIncentive Program (MFTIP). MFTIP is a green ecological sustainability tax incentive that offers qualifying properties across Ontario the opportunity to reduce their property taxes by 75%.

Keep reading to learn if your property qualifies.

Manage A Private Forest For Green Tax Credits & Grants In Essex Region Of Ontario

MFTIP was developed to promote the sustainable management and conservation of private forests and lands in Ontario. The program incentivizes people to create and follow sustainable forest management plans that are approved by experts and registered with the Province. You can have a house, cottage, farm, office or other building on the lot and still qualify for MFTIP.

To qualify for the MFTIP program a property must be at least 10 acres in size, on single contiguous lot in Ontario, located within the boundary of a single municipality. If the 10 acres does not have trees at a sufficient density, you will be required to plant more.

There are restrictions on the use of the managed forest for the MFTIP green tax program. The limitations exist to ensure the uninterrupted succession of the forest to ensure ecological sustainability. 

Basically you are not allowed to do things that would prevent the lifecycle of the forest as a whole to continue. For instance, large animals like pigs and cows cannot pasture in the managed forest because they will destroy the baby trees in the undergrowth.

The MFTIP program still allows you to hike, hunt, sustainably harvest trees for firewood & most other uses. The only uses that are banned are those incompatible with the continued life cycle of the forested portion of the lot.

Conservation Land Tax Incentive Program & Farm Tax Program 

Another often overlooked green grant type of ecological sustainability tax incentive is The Conservation Land Tax Incentive Program. This green incentive only covers the exact small portions of your lot that are most ecologically important, but it gives those parts a 100% tax exemption. That’s pretty special right! You don’t get much tax free these days.

Professional farmers probably already know about the Farm Tax Program that reduces farm property taxes by 75%. Most people probably do not though. As long as the owner is a Canadian making more than $7,000 on the farm and has a farm business registration, they seem to qualify! 

Make money farming in Essex & reduce your taxes by 75%

Get Professional Help Buying A Home With The Lowest Taxes Possible In Windsor - Essex

If you live in the Windsor-Essex region and you are looking to buy or sell a property that may qualify for one of these excellent green grant tax savings programs, please give me a text or a call at 519-300-6464. I can give you professional advice about the property you have, or are looking to buy.

The Windsor - Essex region of Ontario is a beautiful place to call home, whether you are in the city or the countryside. I live in LaSalle, a nice suburban place where people treat each other like neighbours, but the lots don’t qualify for any of these great tax incentive programs. I bet in the countryside a little further out, there are lots of people who do qualify, but don’t know it yet.

Send this blog to your family. Let them know they could be saving in a tax free account to purchase real estate in Essex with its property taxes reduced by up to 75%.

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