Edmonton Century Park Master Planned Condominium Community - Construction Update on Century Park Condo High-Rises & LRT Expansion

Century Park Club & Residences Newsletter Update

Beautiful condos – Community living – Modern luxury – Location and style – Access, access, access, Close to University, Club Century Park – Convenience – Exciting Community – Excellent Location – Close to LRT – Great Quality. This is Edmonton Century Park Club and Residences, a master planned community marketed by Rennie. Club Century Park: At Century Park Club & Residences Edmonton pre-construction condos, ownership has its privileges. While membership at most private clubs costs a fortune, at Century Park it’s a lifestyle benefit. Club Century Park Edmonton offers an amazing array of activities and amenities to all owners/residents at this wonderful community. Some of the great amenities at the Club Century Park Edmonton property includes a modern reception and lobby, food and juice bar with lounge, multimedia theatre, bar and grill, games room, gymnasium: play basketball, badminton and volleyball, racquetball courts, swimming pool and whirlpool, sauna and steam rooms, change rooms, locker rooms and showers, fitness and weight room, aerobics and yoga studio.

Central Living at Century Park Club & Residences

Edmonton’s most spectacular new pre-construction condo residential development, featuring wolrd-class architecture and interior design by internationally renowned James KM Cheng Architects. This beautifully appointed collection of resort style Edmonton condominiums is surrounded by 43 acres of tranquil gardens with a recreational lake, paths and park. Century Park Club & Residences is a fully integrated, sustainable community offering exquisite design and state of the art technology. Enjoy carefree living, convenient transportation and LRT, signature restaurants, shops and cafes – plus exclusive access to Club Century Park, your own private fitness centre and retreat! Central Condos at the Edmonton Club Century Park. Location, location location. Lcoated in southwest Edmonton, the pedestrian friendly Century Park Central condo pre-construction properties locale with onsite new LRT station and public transportation means you are just minutes away from everything, including South Edmonton Common, the largest retail in the city. Central Condos Edmonton is ideally situated adjacent to Club Century Park, overlooking the spectacular setting. Recreation at your door. The resort style atmosphere features convenient in house fitness facilities and exclusive access to your own private Club Century Park at the Edmonton Central condos with a spectacular swimming pool and collection of luxury amenities. Your pre-construction condo Edmonton home is a tranquil oasis, surrounded by jogging, cycling and walking trails intermingled with courtyard and public gardens, public art, recreational and green spaces, including a lake. Conveninece at the Central at Century Park Edmonton condos is a lifestyle. Live carefree. Book a session with your trainer at the Club Century Park or make a dinner reservation from the comfort of you home via a personal electronic concierge. There’s no maintenance to worry about, no lawn to cut. Everything is taken care of for you at the Central Condos at Century Park in the Edmonton real estate market.

Construction Update

At Century Park Edmonton Club & Residences, construction is proceeding rapidly and it’s an exciting time on site. The full community development real estate is phased over 10 years and we are currently working Phase 1 and Phase II. Century Park Phase One – South Building – completing roof, floor 4 installing steel studs and floor 2 installing mechanical and electrical while the North Building – floor 2 is completing concrete. Edmonton Century Park Regent Condos – South Building – parking level 1 – completing concrete and North Building at the same point. Century Park pre-construction condos availability includes: Regent pre-sales Edmonton Condos from Unit 603N at $407,000 facing E, 1 bed plus den and 775 sq ft with N views to Unit 402S at $557,000 facing NW with 1121 square feet, 2 bedroom Plan N. The Central Condos at Century Park Edmonton pre-sales includes units from PH4 at $1,595,000 with 2 bed plus den plus family room with 1978 square feet of living space and SW views to Unit 806 at $368,900 at 1 bedroom, 679 sq ft and S views. More information about availability and the various condo developments are located online at centurypark.ca or you can call 780.410.1738 or visit the Century Park Presentation Centre at 2395 111 St. SW, Edmonton which is open daily 12 pm to 6 pm and closed Fridays.

RRSP can be use as a tool to invest in Edmonton, Alberta real estate

It’s true that you can also use RSP to as an investment tool to invest in Edmonton properties. I’ll look at the benefits of how to do this in a series of upcoming articles and the best ways to tap into this form of investing versus investing in the traditional stuff such as mutual funds, GIC, stocks, etc.

What is a RRSP?

Investing in Alberta real estate with RSP is easy once you understand the basic. Let first look at what is a RRSP. RRSP is Registered Retirement Savings Plan and is one of the few tax benefits that are still available to individual Canadian taxpayers. I called this a tax benefit because you invest in RRSP with before taxes dollars. This is done by using a special investment account that is registered with CRA (Canada Revenue Agency). The amount invested into RRSP is based on before taxes dollars and allows you at the same time to also reduce your taxes for that year based on the amount that you contributed. This amount is calculated by CRA and can be found in your last year taxes return. If you have not contributed before or have not contributed to your maximum you therefore, have an unused contribution room. In any given year you are entitle to contribute to the maximum that you can afford and reduces your taxes at the same time. You might also borrow money to invest in RSP as well up to your annual contribution limit.

Annual Contribution Limits for RRSPs for your 2008 Alberta’s taxes Return

The maximum one can contribute in a year is called the “RSP deduction limit.” It is also known as the “annual contribution room” or “deduction room.” Your RRSP deduction limit is found on your Notice of Assessment or Notice of Reassessment from CRA. For example your 2008 limit would be on your 2007 Notice of Assessment. The annual limits in a nutshell are as follows:

Annual Contribution Limits
Year RRSPs
2007 $19,000
2008 $20,000
2009 $21,000
2010 $22,000

The Canadian government allow us taxpayer to deduct for example, in this case in your 2008 return $20,000 from your “earned income”. If this number is higher in your 2007 Notice it just mean that you have not contributed to your maximum RSP deduction room from your other previous years and this extra cap room can be use in your 2008 to help you save some money when you do your filings for your Alberta’s tax return by the April 30th deadline.

Why is the Canadian government so generous?

You might asked why is our Canadian government being so generous and giving us a tax break if we invest with them by buying RRSP? This is because the government know that the more people put away the less they will have to pay us down the road when we retired. Also the government might not have enough funding to pay everyone if we all decided to calculate CPP or Canadian pension plan when we retired. Depending on when you retired this money might not be so available by the time you retired as it might be used up by others such as the baby boomers when they retire over the next 10 to 15 years. This is especially the case if you’re just currently entering the workforce. And this is more likely so as Edmontonians have such a young workforce! To give us more incentive the Canadians government have long came up with a plan to allow us to save taxes and at the same time save for our future. This to them is a win-win philosophy and that is why there is always such a big push to put money into RSP around the February 28th taxes deadline times.

An example of Tax Savings using RSPs

For most Canadians investing in RRSPs is an excellent ways to save money for their future rather they retired at age 65 or earlier. Lets use a simple example here of how substantial this taxes savings can be for you in your next 2008 Alberta tax returns. Suppose you are one of those hard working Albertans and make over $100,000 a year and decide to contribute $20,000 to your RSP this year.

Earned Income - $100,000
Less RSSP contribution - (20,000)
New Earned Income or Taxable Income - $80,000

Providing this is your only deduction for your 2008 Alberta’s filing this year, this can equate to a tax savings of $7,800 just base on your contributing your maximum RRSP for 2008. Here is a simple