Thursday, March 7, 2013

First-Time Home Buyers' Tax Credit

Did you know Canada..  I still have taxes on the brain, as many of you do I'm sure.  There are more credits not everyone knows about, like the First-Time Home Buyers' Tax Credit.

The First-Time Home Buyers' Tax Credit is part of Canada's Economic Action Plan to help Canadians purchase their first home (You must not have lived in a home owned by you or your spouse in the last five years).  This doesn't have to be a free standing home, it can also include townhouses, semis, apartments, mobile homes or condos like Sax condo.  It does have to be your principal residence though, something like a cottage would not count.

So what it is is a $750 rebate for everyone buying their first home.  After you buy your first home, the credit must be claimed within the year of purchase and it is non-refundable, claiming it on your personal income tax return on line 369.

While it won't sway a decision on purchasing a home or not, it's a nice bonus anyways.

What tax credits are you taking advantage of this year?

1 comment:

  1. Once you purchase your very first house, the actual credit score should be stated inside the 12 months associated with buy which is non-refundable, declaring this in your individual tax come back online.Westlake Village Insurance

    ReplyDelete

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