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Announcement: 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.

 
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Albertans to receive tax credit for investing in small tech firms

Albertans to receive tax credit for investing in small tech firms

Albertans to receive tax credit for investing in small tech firms:

The Alberta government will introduce a $90-million tax credit program next year to encourage investment in small- and medium-sized tech firms, Economic Development Minister Deron Bilous said Monday.

"Among the best things we can do to set the province on the path to recovery is encouraging knowledgeable investors to fund Alberta-based startups," he told a news conference at Jobber, 10520 Jasper Ave., a small Edmonton company that handles customer paperwork and office management.

Continue reading Albertans to receive tax credit for investing in small tech firms

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Apprenticeship Job Creation Tax Credit

Apprenticeship Job Creation Tax Credit

The Apprenticeship Job Creation Tax Credit is specific to Red Seal Trades and provides a non-refundable tax credit of up to 10 per cent of the eligible wages to a maximum of $2,000 per year for each apprentice for the first two years of their apprenticeship. Businesses across Canada can claim any unused credit back three years and forward 20 years.

Apprenticeship Job Creation Tax Credit

An "eligible apprentice" is someone who is working in a prescribed trade in the first two years of their apprenticeship contract. This contract must be registered with a federal, provincial or territorial government under an apprenticeship program designed to certify or license individuals in the trade.

Apprenticeship Job Creation Tax Credit (AJCTC)

What is it?

This is a federal incentive program designed to help employers offset the cost of hiring and training employees who have entered into an apprenticeship contract.

What is the benefit to your company?

You can take advantage of a non-refundable tax credit equal to 10% of the eligible salaries and wages paid to apprentices. Any unused credit may be carried back 3 years and carried forward 20 years.

The maximum credit is $2,000 per year for each eligible apprentice.
There is also the added benefit of having higher skilled employees as part of your team.

Who Qualifies?

Any business that hires someone working in a prescribed trade, in the first two years of their apprenticeship contract qualifies. Access a list of the prescribed trades currently listed as Red Seal Trades or check out the list below.

What Qualifies?

Salaries and wages paid by the employer to an eligible apprentice for the apprentices' employment in Canada during the first 24 months of the apprenticeship are eligible. The employment must have begun after May 1, 2006.

Remuneration based on profits, bonuses, and taxable benefits including stock options, and certain unpaid remuneration don't qualify.

How do I apply?

Claim the credit on your company's income tax returns, using either:

Form T2038(IND), Investment Tax Credit (Individuals)
Form T2SCH31, Investment Tax Credit – Corporations.
Forms can be ordered on-line at www.cra.gc.ca/forms or by calling 1-800-959-2221.

Where can I find more information?

The following forms and publications, will give you more information:

General Income Tax and Benefit Guide, Form T2038(IND), Investment Tax Credit (Individuals), Guide T4012, T2 Corporation – Income Tax Guide and Form T2SCH31, Investment Tax Credit – Corporations.

They are available on the Canada Revenue Agency (CRA) web site.
You can also call CRA's Business Enquiries line at 1-800-959-5525.

 

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