First Time Buyer? A Key Tax Credit Applies to Condos Too
Are you in the market for a new condo?
If you’re buying your first home, take advantage of the Home Buyers Tax Credit (HBTC).
The credit is designed to assist first-time home buyers with the extra costs associated with buying a home, like legal fees, disbursements and land transfer taxes. The $5,000 non-refundable HBTC amount provides up to $750 in federal tax relief. You qualify if neither you nor your spouse (or common-law partner) have owned and lived in another home for the past five years*. If you have a disability – or are purchasing the home for a relative with a disability – you may also qualify for the program, even if you are not a first-time buyer.
* For more information, visit the Action Plan website atwww.actionplan.gc.ca/en/initiative/first-time-home-buyers-tax-credit
This entry was posted on September 4, 2013 by kevinbakerrealestate. It was filed under Buyers, Kitchener Waterloo, Loft Style, Uncategorized and was tagged with condo buying, condo selling, condo units, first time buyer, HBTC, kevin baker, kitchener, loft, loft apartments, loft buying, market update, real estate, remax, twin city realty, waterloo.