What is FTHB Tax Credit?
FTHB Tax Credit stands for First-Time Home Buyers' Tax Credit.
A few important points:
1/ FTHB Tax Credit was introduced in 2009.
2/ FTHB Tax Credit Amount = $5,000 X lowest personal income tax rate for the year (eg 15% in 2009) =$750.
3/ Homes have to be acquired after Jan 27, 2009 and located in Canada.
4/ Most housing should qualify. Mobile homes & Co-op Housing are ok; shares that entitle occupancy are not ok.
5/ Eligible homebuyer or spouse did not live in another home owned by them in the last 5 years.
6/ Eligible buyer can claim the tax credit when filing Personal Income Tax Return in the same year when the qualified home was purchased.
FTHB Tax Credit stands for First-Time Home Buyers' Tax Credit.
A few important points:
1/ FTHB Tax Credit was introduced in 2009.
2/ FTHB Tax Credit Amount = $5,000 X lowest personal income tax rate for the year (eg 15% in 2009) =$750.
3/ Homes have to be acquired after Jan 27, 2009 and located in Canada.
4/ Most housing should qualify. Mobile homes & Co-op Housing are ok; shares that entitle occupancy are not ok.
5/ Eligible homebuyer or spouse did not live in another home owned by them in the last 5 years.
6/ Eligible buyer can claim the tax credit when filing Personal Income Tax Return in the same year when the qualified home was purchased.
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