First-Time Home Buyer's Credit
- This is a tax credit based on $5,000 for first-time home buyers.
- An individual is defined as a first-time buyer if neither the individual nor the spouse owned and lived in another home in the calendar year of the current purchase or in the four preceding years.
- The tax saving is $750, based on 15% of $5,000.
- The credit applies to home acquisitions with a closing date after January 27, 2009.
- You must occupy the purchased property as a principal residence.
- If two people are eligible for the credit, the total cannot exceed
the maximum that one person could claim.
There are other strategies that can be implemented to access
The First-Time Home Buyer's Credit. Please contact us if you need further assistance or
accounting services in the coming tax season. Click
here for our contact information
First-Time Home Buyer's Credit - Simkover and Associates Chartered Accountants