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Winter Storm Near Miss: Southern Ontario Could Still See Heavy Snow

  A major winter storm developing across the central United States is expected to track close enough to southern Ontario this weekend to bring the risk of significant snowfall. While the core of the system is projected to remain south of the border, its northern edge may still sweep across regions from Windsor to the Greater Toronto Area. Forecasters say the exact path remains uncertain, but current projections suggest that areas along and south of Highway 401 could see notable accumulations if the storm shifts even slightly north. Some models indicate the potential for 10–20 centimetres of snow, with locally higher amounts possible if lake‑enhanced bands develop. The storm threat comes as southern Ontario braces for a surge of bitter cold. Wind chills dipping into the minus twenties may precede the system, creating conditions that could intensify snowfall rates and make travel more difficult. Meteorologists continue to monitor the storm’s trajectory closely. Residents are enco...
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Can You Write Off Home Renovations in Canada?


When it comes to home renovations in Canada, the tax landscape can be a bit narrow for existing homeowners. However, there are still some key considerations to keep in mind:

  1. Principal Residence Exemption: This is the big one. When you sell your primary home, the principal residence exemption allows you to avoid capital gains tax. But beware! As of January 1, 2023, the Canada Revenue Agency (CRA) tightened the rules. Housing units sold after less than a year of ownership are now excluded, with certain exceptions like death and disability. So, watch out for those anti-flipping rules!

  2. Profit Shielding: Unlike the United States, Canada doesn’t cap the amount of profit shielded from taxes. Existing homeowners rely on their homes as a store of value for retirement, and any significant shift in tax policy would be a political nightmare.

  3. First Home Savings Account (FHSA): If you’re a future buyer, the FHSA is your friend. It’s like a slam dunk for first-time homebuyers. Contributions are tax-free on the way in (similar to an RRSP) and tax-free on the way out (like a TFSA). You can contribute up to $8,000 annually, up to $40,000 over a lifetime. Just remember, unused contribution room doesn’t carry forward indefinitely.

  4. Renovation Benefits: Unfortunately, for current homeowners thinking about renovating, the federal tax benefit buffet is pretty sparse. But don’t lose hope—there are other avenues to explore, such as provincial home renovation tax credits and specific programs.

In summary, while the tax breaks for home renovations may not be as generous as we’d like, strategic planning and understanding the rules can still make a difference. Whether you’re sprucing up your kitchen or adding that dream deck, keep these factors in mind as you navigate the world of home improvements.

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