Bought your first property? CONGRATULATIONS! This is a major step and a huge financial investment.
Canada Revenue Agency allows a $5,000 non refundable tax credit called First-Time Home Buyer’s Tax Credit to be claimed in the year the eligible property is purchased.
You can claim $5,000 for the purchase of a qualifying home in the year if both of the following apply:
- you or your spouse or common-law partner acquired a qualifying home
- 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)
With such a large investment on your hands, every little bit counts!
For this and other tax considerations, as well as to learn more about tax tips, please check back into our blog regularly.
And, of course, if you need assistance with your tax filing, remember – Tap.Tap.Done! TaxWellDone