And the series of Tax Tips continues…this week’s information will be helpful to those individuals who purchased a home for the first time. This tax credit was introduced in 2009 and is completely independent from the Home Buyer’s Loan program by CRA.
If you are a first-time homebuyer, a person with a disability, or an individual buying a home on behalf of a related person with a disability, you may be able to claim a non-refundable tax credit of up to $750 for the acquisition of a qualifying home acquired after January 27, 2009 (closing after this date).
Are you eligible? Find out more information on CRA’s Home Buyer Tax Credit (HBTC)
We would be interested to hear whether you find these types of government programs helpful.
Copyright: paulmichaelhughes / 123RF Stock Photo
Tax Tip #5 – First Time Home Buyer’s Credit
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Juliet Aurora is the CEO of AIS Solutions and Co-Founder of Kninja Knetwork. Through both of these businesses she fulfills her mission to Educate and Empower those around her. In 2017, her firm was named Intuit's Global Firm of the Future, the first time the title has ever been awarded to any firm outside of the US. She has also has been named as one of the Top 50 Women in Accounting, one of the Top 50 Cloud Accountants and one of the Top 10 Canadian Influencers in the Bookkeeping Industry. Her passion for education is channeled through the Intuit Trainer Writer Network, hosting Kninja Knowledge Webinars and most recently, developing a Cloud Accounting Course for the next generation of accounting professionals.
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