A friendly reminder before you finish your taxes for 2014 and if you bought a home in 2014 to claim your $750 rebate.
The HBTC assists first-time home buyers with the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes, which are a particular burden for first-time home buyers, who must also save for a down payment. The $5,000 non-refundable HBTC amount applies to qualifying homes acquired after January 27, 2009, and provides up to $750 in federal tax relief.
You can claim an amount of $5,000 (x 15%) for the purchase of a qualifying home acquired in 2014, if both of the following apply:
- you or your spouse or common-law partner acquired a qualifying home; and
- 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)
Persons with Disabilities
You do not have to be a first-time home buyer if:
- you are eligible for the disability tax credit; or
- you acquired the home for the benefit of a related person who is eligible for the disability tax credit.
If you want more information from the CRA website, you can click HERE.
Any other questions, feel free to call, text or email me at any time!
