05/10/2021
"First time Home Buyer Tax Credit"
From 2009 began to implement, the first home buyers can also be in the tax return in the year, deduct the tax discount of $5000, save tax $750.
📌(It's not refundable tax credit ,but it can only be used as a tax credit)
Conditions include:
1, Because it is a tax credit , it only works for people who have an income, not if you have no income when you buy a house, or if you're a student;
2, It can only be used in the year you bought the house, and can't be used later if you don't have income in the current year;
3, In the past 4 years, you have not lived in your own name or in your spouse's name . This is the tax for the definition of "first home purchase", than when the definition in other policies is relatively loose;
4, The home must be registered in the name of you or your spouse or common-law partner in accordance with the applicable land registration system, and the home must be located in Canada. It includes existing houses and houses under construction;
5, Housing types include:
Single-family homes
Semi-detached house townhouse
Mobile home
Apartment units
An apartment in a two-story, three-story, four-story or apartment building
6, Shares in cooperative housing companies that have equity in housing units located in Canada that you are entitled to own and provide to you are also eligible. However, the share that only gives you the right to lease a housing unit does not qualify.
7, You must intend to live in the residence, or you must intend to have a disabled person with whom you are related live in the residence, and your application must be made no later than the year of purchase.
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