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  • Tax Rebate for 2015 First Time Home Buyers

    February 3, 2016
  • It is tax season! 

    • I just wanted to send you an email to remind your First Time Home Buyer clients that purchased a principal residence in 2015 that they plan to move into within 1 year of acquisition. 
    • They can cash in on this one time income tax rebate often overlooked during the income tax season.
    • This tax credit does not matter your income or dollar amount of the property purchase!  

     

     Tax Credit (HBTC) 

     

           In 2009 the federal government came up with another incentive to help First Time Home Buyers with the expenses that occur when purchasing your first home. This credit provides $750 in federal tax relief in the calendar year you purchased the home.

     

    It's simple to claim. When its time to file your taxes, make sure your accountant is aware of your home purchase and provide him or her with your Statement of Adjustments. The solicitor would have given you a copy of this document at the time you signed the final papers to purchase your home. 

     

    http://actionplan.gc.ca/en/initiative/first-time-home-buyers-tax-credit