Did you know Canada.. I still have taxes on the brain, as many of you do I'm sure. There are more credits not everyone knows about, like the First-Time Home Buyers' Tax Credit.
The First-Time Home Buyers' Tax Credit is part of Canada's Economic Action Plan to help Canadians purchase their first home (You must not have lived in a home owned by you or your spouse in the last five years). This doesn't have to be a free standing home, it can also include townhouses, semis, apartments, mobile homes or condos like Sax condo. It does have to be your principal residence though, something like a cottage would not count.
So what it is is a $750 rebate for everyone buying their first home. After you buy your first home, the credit must be claimed within the year of purchase and it is non-refundable, claiming it on your personal income tax return on line 369.
While it won't sway a decision on purchasing a home or not, it's a nice bonus anyways.
What tax credits are you taking advantage of this year?
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