First-time home buyers’ tax credit

First-time home buyers’ tax credit

http://www.cra-arc.gc.ca/nwsrm/fctshts/2010/m01/fs100121-eng.html

The HBTC is a non-refundable tax credit for certain homebuyers who acquire a qualifying home after January 27, 2009, that is – closing after this date.

For 2009, the credit will be $750.

Who is eligible for the HBTC?

You will qualify for the HBTC if:
– You or your spouse or common-law partners acquire a qualifying home;
– 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.

What is a qualifying home?

A qualifying home is a housing unit located in Canada. This includes existing homes and those being constructed. Single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, as well as apartments in duplexes, triplexes, fourplexes and apartment buildings all qualify. A share in a co-operative housing corporation that entitles you to possess, and gives you an equity interest in, a housing unit located in Canada also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify.
As well, you must intend to occupy the home or you must intend that the related person with a disability occupy the home as a principal place of residence no later than one year after buying it.

Best Regards,

Vijay Gandhi,
Sales Representative- REALTOR®,
RE/MAX Dynasty Realty Inc. Brokerage*
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