Taking advantage of first time home buyer tax benefits
First Time Home Buyers Tax Credit
As a first time home buyer in Canada you may be eligible to take advantage of two great money-saving benefits. The First time Home Buyers Tax Credit by the Federal Government is to assist Canadians in purchasing their first home. It was made to help recover closing costs such as; legal expenses, inspections, and land transfer taxes.
After you buy your first home, the credit must be claimed within the year of purchase and it is non-refundable. In addition, the home you purchase must ‘qualify’, more detail below. If you are purchasing a home with a spouse, partner or friend, the total claim cannot exceed $750.
How do you qualify for the First-time Home Buyers Tax Credit?
To be eligible you must meet the following requirements:
For more information, learn more at http://www.cra-arc.gc.ca/hbtc/.
Home Buyers Plan
The Home Buyers Plan allows you to withdraw money from your Registered Retirement Savings Plans (RRSPs) tax-free. To help with the purchase of your first home.
Here are some of the conditions:
To learn more about Home Buyers Plan features and eligibility requirements; visit Canada Revenue Agency (CRA)
You may also want to contact a Sunlite Mortgage Professional to make sure you’re taking advantage of all the benefits available to you as a first-time home buyer.
Our Sunlite Mortgage agents will walk you through the choices available and help you identify the most suitable mortgage product to your current situation. All while looking at your short to long term goals. Call a Sunlite Mortgage agent today at 1.877.38LOANS and we will be happy to help you with a mortgage!