Canadian First Time Home Buyer's Tax Credit
Posted by Yoofi Gerard Hagan on Monday, December 28th, 2009 at 10:15am.We’re quickly approaching that time of the year where people all over the world will be filing taxes and countless people will be trying to write off everything but the kitchen sink on their returns. Is this really necessary with the new First Time Home Buyers Tax Credit (HBTC)? I suggest people take long, hard look at this non-refundable tax credit because you could very well qualify for this little nest egg.
There are quite a few stipulation involved; however, an additional $750 is also involved and you will definitely know if you’re eligible once you take a long, hard look at the qualifications.What do you have to lose? Actually nothing; but you do have an additional $750 to gain. I advise all Canadians to take a good look at the First Time Home Buyers Tax Credit program because it won’t take long to find out if you’ll be pocketing an extra $750.
Some of things to keep in mind when applying for the credit are:
- You or your spouse or common-law partner acquires a qualifying home; and you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years.
- If you are a person with a disability or are buying a house for a related person with a disability, you do not have to be a first-time home buyer. However, the home must be acquired to enable the person with the disability to live in a more accessible dwelling or in an environment better suited to the personal needs and care of that person.
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