Have you ever heard of the "Home Buyer's Tax Credit" Well, with tax season almost upon us, its a great time to find out what it is and whetheryou qualify for it if you bought a house in 2012..
Asper the Canada Revenue Agency, "you can claim an amount of $5000. for the urchase of a qualifying home made in 2012, if BOTH of the following apply:
1. You or your spouse or common-law partner acquired a qualifying home, and,
2. 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 (first time home buyer)."
SO WHAT IS A "QUALIFYING HOME?"
- single family houses
-Apartments in dupleses, triplexes, fourplexes, or apartment buildings
-Must be registered in you and /or your spouse or common-law partners's name
-Must be located in Canada
-Includes existing homes under construction
-Your (or a disabled relative - see below) must move into the property no later that one year after it is purchased
It needs t obe pointed out, as well, that there are two cases where you do not have to be a first-time buyer to qualify:
1. You are eligible for he disability amout; or
2. You bought the property for a relative who will be living there and is eligible for the disability amount.
How do I claim the tax amount?
-Enter $5000. on live 369 of your Schedule 1, "Federal Tax"
-Claim can be split between you and your spouse, but the combined total cannot exceed $5000.
If you have any questions, please don' hesitate to contact the Canada Revenue Agency or any income tax accountant - they should hve all the up-to-date information for you.
If you're thinking of buying or selling choose CENTURY 21 Network Realty - visit our website: www.c21network.ca or give us a call at 519-633-5900