Save up to $750 with the First-Time Home Buyers Tax Credit
Did you purchase your first home in 2013?
If so, you could be entitled to claim the First-Time Home Buyers Tax Credit (HBTC), a non-refundable tax credit for eligible home buyers who buy a qualifying home. The HTBC is available for the tax year in which the home was purchased and, if eligible, could save you up to $750 in income taxes.
The two main conditions for qualifying are:
- you or your spouse or common-law partner acquired 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.
To determine whether you qualify, consult with your account or tax adviser. You can also get further information from the CRA website.
Thanks for reading and Happy Taxes.
John Freeland Smith
Posted by John Freeland Smith
on February 19, 2014