Energy-Efficient Housing Program

Energy-Efficient Housing Program

Energy-Efficient Housing Program:

Objectives and Description:

Through the Energy-Efficient Housing Program, home buyers purchasing an energy-efficient home or refinancing an existing home to make energy-saving renovations with Genworth-insured mortgages are eligible to receive a 10 percent premium refund. In addition, the extended amortization surcharge will be refunded for loans with an amortization over 25 years.

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Canadian First-Time Home Buyers Tax Credit (HBTC)

Canadian First-Time Home Buyers Tax Credit (HBTC)

 

Canadian First-Time Home Buyers Tax Credit (HBTC)

Canadian First-Time Home Buyers Tax Credit (HBTC)

Canadian First-Time Home Buyers Tax Credit (HBTC) assists first-time home buyers with the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes, which are a particular burden for first-time home buyers, who must also save for a down payment. Canadian First-Time Home Buyers Tax Credit (HBTC) amount applies to qualifying homes acquired after January 27, 2009, and provides up to $750 in federal tax relief.

An individual is considered a first-time home buyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the year of the home purchase or in any of the four preceding calendar years. Special rules apply for the purchase of homes that are more accessible or better suited to the personal needs and care of an individual who is eligible for the Disability Tax Credit. In these situations, the Canadian First-Time Home Buyers Tax Credit (HBTC) can be claimed, even if the first-time home buyer requirement is not met.

A qualifying home is generally considered to be a housing unit located in Canada that the individual or individual’s spouse or common-law partner intends to occupy as their principal place of residence no later than one year after its acquisition.

www.Flipping4Profit.ca

www.Flipping4Profit.ca

Any unused portion of an individual’s Canadian First-Time Home Buyers Tax Credit (HBTC) may be claimed by the individual’s spouse or common-law partner. When two or more eligible individuals jointly purchase a home, the credit may be shared but the total credit amount claimed cannot exceed $5,000.

Claimants should ensure that documentation supporting the purchase transaction is available if requested by the Canada Revenue Agency. Claimants are also responsible for making sure that all applicable eligibility conditions are met.

Who Will Benefit

First-time home buyers purchasing a home may claim the Canadian First-Time Home Buyers Tax Credit (HBTC)  on their income tax returns, starting with the 2009 taxation year.