Home Buyers Tax Credit in Canada (HBTC)
The Federal Government hasintroduce a new non-refundable tax credit for Home Buyers, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009. A home buyer has to qualify for the HBTC in hte following ways;
They acquire a qualifying home; and neither the individual nor the individual's spouse or common-law partner owned and lived in another home in the year of purchase or any of the four preceding years. ( Basically you need to be a First time Home Buyer) - Except if you are a person with a disability or are buying a house for a related person with a disability, you do not have to be a first time home buyer. However, the home must be acquired to enable the person with a disability to live in a more accessible dwelling or in an environment better suited to the personal needs and care of that person. You or the related person with a disability must intend to occupy the home as a principal place of residence no later than one year after buying it.
Qualifying Home?
A qualifying home is a housing unit located in Canada. This includes existing homes and those being constructed. Single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings, all qualify. A share in a co-operative housing corporation that entitles you to possess and gives you an equity interest in a housing unit located in Canada also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify.
For more Information on the HBTC - Follow this Link: MORE INFO: HOME BUYERS TAX CREDIT
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