First Time Home Buyer’s Tax Credit 2017
The Home Buyer’s Tax Credit (HBTC) is offered for first time home buyers as a non-refundable credit which allows most to claim a refund of up to $750 in the year that they purchased a home. If yourself or someone you know has purchased a home in 2017, they may be eligible for this tax credit. There are a couple of ways that people can qualify which we will explore below.
Are You Eligible?
If yourself, your spouse, or your common-law partner purchased a qualifying home.
You are a first time home buyer, which means that you did not live in a home owned by yourself, your spouse, or your common-law partner for 4 years prior to the purchase of this new home.
Persons with disabilities are also eligible for the Home Buyer’s Tax Credit, even if they’re not first time home buyers depending on a few conditions. To be eligible, the persons with disabilities must purchase a home for the purpose of living somewhere that is more accessible or better suits their needs.
Alternatively, if you have a family member who is disabled and you have purchased a home on their behalf, you may be eligible to claim this tax credit as well. The home must be bought with the intention to better suit the needs of your family member. A family member according to the Canada Revenue Agency is either of blood relationship, marriage, common-law partnership, or adoption.
What Home Types Qualify?
Homes that qualify must be within Canada, and must be regiatered in yours or your spouse or common-law partner’s name. That includes homes that are both already established, and that are under construction.
The following list are some of the homes that qualify for this tax credit:
single family houses
semi-detached houses
townhouses
mobile homes
condo units
apartments
In the case that you purchased a home in partnership with someone, you are able to divide this tax credit between you. However, the combined total cannot exceed the maximum claim amount of $5,000. For more information on the Home Buyer’s Tax Credit, call your CPA in Victoria.
Learn more about Line 369 – Home Buyers’ Amount.
Or, call Bruce L Anderson for assistance at 250-592-8612.
Contact Bruce L Anderson
We are never too busy to take the time for your phone call. If you have questions about the Home Buyer’s Tax Credit, give Bruce a call.