Buying your first home can be a huge stress on families, but with Megan's help and experience she will go above and beyond to be an exceptional real estate professional for you with solid advice.
The Key to Megan's success is that she believes in "family to the core" so it stands to reason that she makes it her priority to treat and care for each client as if they were a member of her own family.
First-Time Home Buyers' Tax Credit
Through Canada’s Economic Action Plan, the federal government introduced the First-Time Home Buyers’ Tax Credit (HBTC) to help with the purchase of a first home.
http://www.cra-arc.gc.ca/hbtc/ November 2015
About the Initiative
The Home Buyers Tax Credit assists first-time home buyers with the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes, which are a particular burden for first-time home buyers, who must also save for a down payment. The $5,000 non-refundable HBTC amount applies to qualifying homes acquired after January 27, 2009, and provides up to $750 in federal tax relief.
An individual is considered a first-time home buyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the year of the home purchase or in any of the four preceding calendar years. Special rules apply for the purchase of homes that are more accessible or better suited to the personal needs and care of an individual who is eligible for the Disability Tax Credit. In these situations, the HBTC can be claimed, even if the first-time home buyer requirement is not met.
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A qualifying home is generally considered to be a housing unit located in Canada that the individual or individual’s spouse or common-law partner intends to occupy as their principal place of residence no later than one year after its acquisition.
Any unused portion of an individual’s HBTC may be claimed by the individual’s spouse or common-law partner. When two or more eligible individuals jointly purchase a home, the credit may be shared but the total credit amount claimed cannot exceed $5,000.
Claimants should ensure that documentation supporting the purchase transaction is available if requested by the Canada Revenue Agency. Claimants are also responsible for making sure that all applicable eligibility conditions are met.
First-time home buyers purchasing a home may claim the HBTC on their income tax returns, starting with the 2009 taxation year.
The tax credit is based on a maximum of $5000.00 and is 15% for a total of $750. ($750.00 is the maximum amount you may claim) Non-refundable tax credit.
How to qualify for your first time home buyers’ tax credit.
- The home you purchase must be in Canada
- The home may be any of the following: new or already built, Condo, Apartment, Town Home, Detached or semi-detached, a mobile home or a co-op (as long as you own it)
- Registered in one of your names (one spouse must be a first time buyer)
- Friends who buy together for a total Combined credit of $750.00
- If you have not purchased a home in the current year you are purchasing or in the preceding 4 years
- People with disabilities can apply if the home will offer them rescources that will help live with the disability
- Care givers who purchase a home for persons with disabilities may apply
For more information, please refer to the Government of Canada’s website at http://www.cra-arc.gc.ca/
Please Note: the information provided in this document is meant to be used as a guideline. It is always wise to confirm all information with the appropriate agencies. Information may change without notice.