Many taxpayers overpay their taxes simply because they fail to claim some of the common deductions and credits they are entitled to. As a homeowner, there are several home tax deductions and credits that you can claim. Before you submit your next return, check the following list. It represents the most frequently overlooked tax breaks available to typical working Canadians. First-time home buyer’s tax credit If you are buying a home for the first time, you can claim a... [read more]

The Home Buyers’ Amount (HBA) is a non-refundable credit that allows first-time purchasers of homes, and purchasers with disabilities, to claim up to $5,000 in the year when they purchase a home. The non-refundable tax credit rate of 15% means the actual reduction of your taxes will be $750. If your federal taxes are less than $750, your credit will be reduced accordingly since it is a non-refundable credit. You can divide the credit between your return and your spouse or common-law... [read more]

The First-Time Home Buyers Tax Credit (HBTC) is a non-refundable tax credit for eligible home buyers who buy a qualifying home after January 27, 2009. If you have a disability or are buying a home for a relative with a disability, you do not have to be a first-time home buyer. The value of the HBTC is based on $5,000 multiplied by the lowest federal income tax rate for the year. In 2013 the lowest federal income tax rate was 15%, and it remains the same in 2014, so the value of the HBTC... [read more]

The First-Time Home Buyers Tax Credit (HBTC) is one of the measures provided by the federal government in 2009 to encourage investment in Canadian housing. For 2009 and subsequent years, the HBTC is a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009 (i.e., generally means that the closing is after this date). The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15%... [read more]