• Home
  • Products & Services
  • Mortgage Rates
  • Mortgage Calculators
  • About
  • Contact
  • Blog
The Cousins Mortgage Team
  • Home
  • Products & Services
  • Mortgage Rates
  • Mortgage Calculators
  • About
  • Contact
  • Blog

Blog

First-Time Home Buyers' Tax Credit

2/16/2016

0 Comments

 
An important piece of information about home purchasing ... Fill out one box on your tax forms and get a $750 tax rebate!!

The Economic Action Plan includes a First-Time Home Buyers’ Tax Credit (HBTC) to help?

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.

When doing your taxes for 2014, check to see if the following criteria apply to you and make sure to make use of this credit:

You can claim an amount of $5,000 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).

This means that essentially you can decrease your declared income by $5,000 allowing for reduction in the amount of taxes you owe. The Home Buyers' Tax Credit, at current taxation rates (15%), works out to a rebate of $750 for all first-time buyers. After you buy your first home, the credit must be claimed within the year of purchase and it is non-refundable.
0 Comments



Leave a Reply.

    Author

    Rita & Rachel
    ​Cousins
    ​

    Picture

    Archives

    March 2020
    February 2017
    July 2016
    February 2016

    Categories

    All

    RSS Feed

Home

About

Services

Contact

Blog

Rita Cousins & Rachel Cousins - Mortgage Brokers working with Mortgage Architects in Vancouver and Vancouver Island
Copyright © 2014-2020 Cousins Mortgage Team
Picture
  • Home
  • Products & Services
  • Mortgage Rates
  • Mortgage Calculators
  • About
  • Contact
  • Blog