1st Time Home Buyers Tax Credit

Sunday Apr 22nd, 2018

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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]

Title Insurance...Why it's Important

Tuesday Jan 1st, 2019

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Title insurance is an insurance policy that protects you, the homeowner, against challenges to the ownership of your home or from problems related to the title to your home. The policy provides coverage against losses due to title defects, even if the defects existed before you purchased your home. This article will provide you with some background information about title insurance to help you make an informed decision. Title to Property The title is the legal term for ownership of... [read more]

1st Time Home Buyers Tax Credit (HBA)

Monday Feb 22nd, 2021

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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]

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