First time home buyers tax credit

First time home buyers tax credit...lets get you some money back!

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.

About the Initiative

The HBTC 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.

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.

For more info on this or if you are planning to be a first time home buyer soon and would like some assistance in finding a great 1st home contact me today:

The Welcome Home Team
Century 21 Assurance Realty Kelowna
Cell: (250) 859-5990
Office: (250) 869-0101
Fax: (250) 869-0105
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