Buying a home is exciting but also expensive. This is why you need to take advantage of all the credits you can get. The Government has a program where you can claim a first time home as a credit on your income tax.
The First-Time Homebuyer Credit is a non-refundable tax credit that reduces the amount of taxes you owe. This is great as we all want to pay less taxes. You may be able to claim up to $5000 in tax credits.
You can claim an amount of $5,000 for the purchase of a qualifying home acquired in 2015, if both of the following apply:
1 You or your spouse or common-law partner acquired a qualifying home; and
2 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).
The following are considered qualifying homes
1 single-family houses
2 semi-detached houses
4 mobile homes
5 condominium units; and
6 apartments in duplexes, triplexes, fourplexes, or apartment buildings.
You can check out a short video here that gives a quick outline on this great program. It also mentions the disability tax credit available also.
You spend so much on your first home that any credits you can receive is great.
Call me today and let’s discuss these options and any other questions you may have. As we hear quite often one call could save you thousands of dollars.
Eric Gall is the owner of Avanti Mortgages (operating as a mortgage broker for TMG – The Mortgage Group Atlantic). If you are purchasing, refinancing or renewing your mortgage contact Eric or check out his website and apply online. If you are a First Time Homebuyer then get your free report here. If selling/refinancing a home get your free report here to avoid some common mistakes.