First Time Home Buyers Tax Credit
Some helpful information regarding the First Time Home Buyers Tax Credit in Canada
Buying a new home can be an exciting, if not busy time of your life. We know you already have a million things on your mind as you work towards buying your first home, but when it comes to this hint, it's worth adding one more item on your list. (tip: it involves extra money for you!)
Everyone should know about the First Time Home Buyer's Tax Credit, and if eligible be sure to apply. The short of it is, in Canada, if you are a new home buyer, you may be eligible for a tax credit. The amount of the home buyers tax credit is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit will be $750.
Keep in mind you must apply for the HBTC, and it is not given out automatically. For all new home buyers, it is worth your time to confirm you are eligible by visiting the CRA website here
See, that wasn't so bad! Another thing to think about, but when it comes to getting money put back into your wallet, we think it's safe to assume this one's ok with you.