Special offer

Canada's Government introduces Home Buyer Tax Credit HELP for 1st Time Home Buyers

By
Industry Observer with Retired BC Realtor

Canadian Government 1st time Home Buyer Tax CreditThe Canadian Federal Government introduced a NEW 1st Time Home Buyers’ Tax Credit in the budget.


This is great news for First Time Home Buyers......along with Record Low Mortgage Interest rates now is a great time for New Home Buyers.

Victoria 1st Time Home Buyers with Fred Carver

In 2009 and subsequent years, the budget proposes to introduce a New non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after this past January 27, 2009

Called the  Home Buyer Tax Credit  or HBTC

An new home individual will qualify for the HBTC if:

  • 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.

What is a qualifying home for a Tax Credit?

  • 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.
  • 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.

If I buy a house, can my spouse or common-law partner claim the Tax Credit?

  • Either one of you can claim the credit or you can share the credit.  However, the total of both your claims cannot exceed $750.

How will I claim the new HBTC?

  • Beginning with the 2009 personal income tax return
  • a new line will be incorporated to allow you to claim the credit.

Where can I get more information about the new 1st Time Home Buyer Tax Credit?

  • Canada Revenue Agency encourages taxpayers to check our Web site often,
  • all new forms, policies, and guidelines will be posted here as they become available.

 

Check for more Details on the New Tax Credit online_Fred CarverMore Documents are also available immediately at the Canadian Department of Finance's Budget 2009 for details.

 Low mortgage interest rates are certainly helping Buyers back into Victoria Real Estate Market. Current One Year Mortgages Rates are at only 3.5%

 Home Buyers have been Comparative Shoppers, and Sellers who price their home correctly are Selling quickly.

Cheers

Copyright © 2009 By Fred Carver All Rights Reserved "Canada's Government Introduces Financial Help for 1st Time Home Buyers"

Fred Carver
Re/Max Camosun
Victoria, BC
250-598-2963
www.fredcarver.com
www.victoriahomesandproperties.com

Original Article Written Here by Fred Carver

 

Victoria Homes and Properties Web Site

Posted by

 

HAVE YOUR BEST YEAR EVER IN 2015 !

 Link to My web SiteTwitter Fred Carver     Find Fred on Google  Fred Carver on Facebook    Fred Carver on LinkedIn

Fred Carver on YouTube Follow Me on Pinterest  Connect with Fred Carver on Google+

Google Me Fred Carver

 

  "Selling Victoria Residential & Income Producing Properties since 1971"

 

Cheers

Fred Carver

Personal Real Estate Corporation

RE/MAX Camosun
Accredited Consultant in Real Estate®

“Recognized by ActiveRain as a 2013-2014 Top Contributor for Real Estate Blogging.”

Direct 250-598-2963   

Over 40 Years Experience selling Real Estate does make a Difference.. call Fred today to Put his 40 years experience to work for You.

4440 Chatterton Way, Victoria, BC V8X 5J2
Calling from Out Of Town? Call Toll Free 1-800-663-2121

Find Hundreds of Home For Sale in Victoria BC

Post Copyright © 2016 By Fred Carver Real Estate Corporation All Rights Reserved

Fred Carver Top Realtor Victoria BC

Comments (4)

Mesa, Arizona Real Estate Mesa Arizona Realtor
Homes Arizona Real Estate LLC - Mesa, AZ
AzLadyInRed

Fred, awesome post on what your government is doing for the first time home buyers. Love your clip art...;-)

Pepper

Mar 08, 2009 05:52 PM
Fred Carver Real Estate Consulant
Retired BC Realtor - Victoria, BC
Accredited Real Estate Consultant

Hi Teri...I think all Governments need to step up to the Plate and help People buy a home..When I first started in Real Estate back in the olden days.... people in Victoria bought a home knowing they would own their home free and clear  some day (after they paid the mortgage off in 25-30 years).

Cheers, thanks for dropping by :O)

Mar 09, 2009 04:25 AM
N Hare
Miramichi, NB

 Thanks for all those links and general information - much appreciated.

Mar 29, 2009 03:01 PM
Fred Carver Real Estate Consulant
Retired BC Realtor - Victoria, BC
Accredited Real Estate Consultant

Hi Nancy...You are welcome, thanks for dropping by.

Cheers, have a great day !

Mar 30, 2009 02:47 AM