There has never been a better time to be a first time home buyer in Canada. The following article will highlight some of the current benefits offered to the first time home buyer.
First Time Home Buyer Tax Incentive
When you purchase your house as a first time home buyer you are eligible for a tax credit of up to $750. This credit must be claimed within the first year of purchasing your house. The following requirements must be met when applying for the tax credit.
- Be located in Canada
- Be a single,semi,townhouse,mobile home,condo or apartment
- You must occupy the home within the first year of owning the property
- You or your spouse must have purchased the house
- The home must be registered in either yours or your spouses name
- Must not have owned a home in the previous 4 years
- Must not have live in a house with your spouse in the previous 4 years
- Document must be presented supporting the purchase of the home
Check out this great video with a detailed explanation:
First Time Home Buyer Land Transfer Tax Rebate
For conveyances or dispositions that occur before January 1, 2017, the maximum amount of the refund is $2,000.
Beginning January 1, 2017, the maximum amount of the refund is $4,000. The increased limit of $4,000 applies only to conveyances or dispositions that occur on or after January 1, 2017, regardless of the date the agreement of purchase and sale was signed.
Beginning January 1, 2017, no land transfer tax would be payable by qualifying first‑time purchasers on the first $368,000 of the value of the consideration for eligible homes. First‑time purchasers of homes greater than $368,000 would receive a maximum refund of $4,000.
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