'Tis the Season - Home Buyer's Tax Credit - Claim up to $5000.00

 

 

 

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

-semi-detached houses

-Townhouses

-Mobile homes

-Condominium units

-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

 

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