First Time Home Buyers Tax Credit: What it Means for Calgary Homebuyers

Starting in 2009, the Government of Canada introduced the First Time Home Buyers Tax Credit. Don’t let the name fool you – this tax credit not only applies to single-family detached homes, but it also applies to semi-detached homes, townhouses, mobile homes, condominium units, and apartments in triplexes, fourplexes, or apartment buildings, located in Canada. The maximum possible amount of the credit for 2009 is $750. This is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000.

Want to know if you qualify?  An 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.
 

For more information: http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html