Tax Credits for Home Buyers

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Are you a first time home buyer? If so you can take advantage of tax credits for home buyers from the Canadian Revenue Agency. This credit allows first time home buyers to claim up to $5,000 on their new home for a savings of up to $750.

Tax Credits for First Time Home Buyers

The credit is available to all qualifying homes. But what’s a qualifying home? The home has to be in Canada, and can be new, or already built. It can be a condominium, an apartment, a town-home, a detached, or semi-detached home. It can also be a mobile home or a share in a co-operative housing corporation if the share in the co-op gives you the right to own the unit.

This credit is also available to people with disabilities that have moved into a new home that accommodated their disabilities, even if that person has owned a home in the past. A buyer who has not owned a home in the year of purchase or in any of the last four preceding years also qualifies. Therefore, you can qualify as long as you have not owned a home since 2008. For more information see the CRA website at http://www.cra-arc.gc.ca/vdgllry/wtchds/menu-eng.html?clp=wtchds/hmbyrs13-eng&fmt=mp4

Buying a new home is expensive especially in the Greater Toronto Area; let our team help you file for the credits you are entitled to in order to ease this year’s big expense. Contact us today at info@cpa4toronto.com for support and information on this and other government tax credits.

Nicole Dronca, CGA