Toronto tops survey of world’s most ‘resilient’ cities

Toronto, Vancouver and Calgary have topped a survey that ranked 50 international cities according to their “resiliency.”

Toronto came in first, with Vancouver and Calgary following in second and third place. No other Canadian cities were on the list.

The findings were part of a research report by Grosvenor, an international real estate development company. Chicago, Pittsburgh and Stockholm also rated well, following in 4th, 5th and 6th place overall.

The cities were ranked by their “vulnerability” and “adaptability,” which led to an overall ranking of most resilient cities. The survey measured factors such as climate, environment, infrastructure, governance, predicted population growth and resources.

“Canadian cities have a strong combination of low vulnerability and high adaptive capacity,” the report stated. “There is a high level of resource availability, and Canadian cities are well governed and well planned.”

Vancouver ranked in the top five in each category except climate vulnerability, where it ranked near the bottom due to its low-lying coastal location.

The report noted that in response to these vulnerabilities, British Columbia’s Environment Ministry has undertaken research into sea-levels. It also noted Vancouver’s “Greenest City 2020 Action Plan” that aims to make the city the greenest in the world.

“Vancouver also scores well in terms of funding structures, with a favourable country credit rating and good access to financial services within the city,” the report said.

Cities that received the lowest rankings included Dhaka, Jakarta and Cairo. The report said the cities’ weaknesses are a result of inequality, poor infrastructure and environmental degradation.

The report also said that London, which ranked 18th, suffers increasingly from social tensions due to lack of affordable housing.

 

 

Source: CTVNews.ca Staff 
Published Friday, April 11, 2014 9:08PM EDT

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Home Tax Deductions & Credits in Canada

Canadian homeowners have several home tax deductions that they can claim. They include:

First-time home buyer’s tax credit

If you are buying a home for the first time, you can claim a non-refundable tax credit of up to $750. This new non-refundable tax credit is based on a percentage of $5,000. You or your spouse or common-law partner can claim the home buyer’s tax credit.

Medical expenses tax credit

Persons with mobility impairments can claim renovation expenses to make their home more accessible under medical expenses deductions in Canada. The government provides an extensive list of eligible medical expenses as well as medical expenses that you cannot claim.

GST/HST tax rebate (new housing rebate)

If you buy a new home as your principal residence, and if it’s less than $450,000, you may be able to claim the GST/HST new housing rebate too. Ontario and B.C. residents may also claim the provincial portion of the HST if they buy, build or do a major renovation on their principal residence. Other home tax deductions exist for homes that are built by the owner as well as for residential rental properties.

Home Buyer’s Plan

The Home Buyer’s Plan allows you to withdraw up to $25,000 from your registered retirement savings plan (RRSP) to help with the purchase or construction of a home. Certain conditions apply. Submit a request by completing the T1036 tax form that is available.

Rental income

If you rent a property you own or that you have use of, use the T776 tax form to report rental income and claim allowable expenses such as advertising, insurance and interest on money you borrow to buy or improve the property.

Taxpayers who work from home

If you work from home, there are a number of expenses that you can deduct if you are either self-employed, a commissioned employee or a professional.  Examples of the type of expenses that you can claim include heating, home insurance, electricity and cleaning materials.

Selling a home

Generally, the GST/HST does not apply when you sell your home, but there are cases where it does. For example, if you built the home, you may have to pay the GST/HST. If the home you sell is not your principal residence, you have to report the capital gains.  Also, there are a number of moving tax deductions available to you.

New homes bought in Ontario and B.C.

With some exceptions, as of July 1st, 2010, if you buy a new home or one that has been extensively renovated, the sale is subject to the HST.  Purchasers can use holdbacks and progress payments on the provincial portion of the HST. Builders are also subject to HST on the lumber and materials they purchase to build or renovate a home and they may be eligible to recover the HST.

Provincial credits

Manitoba homeowners benefit from two other home tax credits: Education Property tax credit and the School Tax Credit for homeowners. In Ontario, homeowners can apply for the Ontario property tax credit and the Senior Homeowner’s Property tax credit.

For more information, please consult the CRA website

source : Turbotax

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