First Time Home Buyer Tax Credit

YOUR BUYER PACKAGE

What is the First-Time Home Buyers’ Tax Credit?

The First-Time Home Buyer’s Tax Credit is a $5,000 non-refundable tax credit. If you’re buying a home for the first time, claiming the first-time homebuyer credit can land you a total tax rebate of $750. While $750 isn’t a life-changing amount of money, it can make buying your first home a little bit easier. The First-Time Home Buyer’s Tax Credit was first introduced in 2009 and is available to all qualifying Canadian taxpayers.

The First-time Home Buyers’ Tax Credit was introduced as part of ‘Canada’s Economic Action Plan’ to assist Canadians in purchasing their first home. It is designed to help recover closing costs such as legal expenses, inspections, and land transfer taxes.

The Home Buyers’ Tax Credit, at current taxation rates, works out to a rebate of $750 for all first-time buyers. After you buy your first home, the credit must be claimed within the year of purchase and it is non-refundable. In addition, the home you purchase must be a ‘qualified’ home, described in more detail below. If you are purchasing a home with a spouse, partner or friend, the combined claim cannot exceed $750.1

To receive your $750 claim, you must include it with your personal tax return under line 369.2

How do you qualify for the First-time Home Buyers’ Tax Credit?
In order to be eligible for the First-time Home Buyers’ Tax Credit, your home must meet the following requirements:

Be within Canada
Be an existing or new home
Be a single, semi, townhouse, mobile home, condo, or apartment
Can include a share in a co-operative housing corporation that gives you possession of the home
You must intend to occupy the home within one year of purchase
In order to be eligible for the First-time Home Buyers’ Tax Credit, your home must meet the following requirements:
You or your spouse must purchase a qualifying home
The home must be registered in either your name or your spouse’s name
You cannot have owned a home in the previous four years
You cannot have lived in a home owned by your spouse in the previous four years
You must present documents supporting the purchase of the home3

Does my home qualify?

The vast majority of homes in Canada qualify for the First-Time Home Buyer’ Tax Credit, but there are a few requirements to keep in mind.

Your home qualifies if:

It is a single-family, semi-detached, townhouse, mobile home, or condo,
It is an existing or new construction home located in Canada,
You’ve moved into the home within one year of making the purchase, and
The home is listed as your principal residence and is registered under your name or your partner’s name.

Note that for cooperative housing units, shares that provide the right to tenancy won’t qualify. Only shares that provide possession of the unit will be eligible.

Home Buyers’ Tax Credit for people with disabilities

If you have a disability and are purchasing a home, you do not need to be a first-time home buyer to claim the Home Buyers’ Tax Cedit, where a person with a disability is defined as a person who can claim a disability amount on their tax return in the year the home is purchased.

Claiming the credit for people with disabilities

If you’re a person with a disability and you claim the Disability Tax Credit on your tax return, you can also claim the First-Time Home Buyers’ Canada Tax Credit. This applies even if you’ve already owned a home in the past. There are a few criteria that you’ll need to meet:

You must claim the disability amount on your tax return in the same tax year that you purchase the home,
The home must be suitable for the disabled person’s needs (ie your needs), and
You must occupy the home within one year of purchasing it.

GREATER VANCOUVER MARKET SPEEDO INFOGRAPHIC - MARCH 2021

Posted on Apr 12, 2021

The Multiple Listing Contract, Real Estate in British Columbia

Posted on Apr 10, 2021 in SELLERS

The Listing Contract legally defines your arrangement with the brokerage and, in accordance with the Real Estate Rules, it must contain:

The Multiple Listing Contract, Real Estate in British Columbia

your name and the name of the brokerage that you have chosen to work with;
the address of the property you are selling;
the effective date of the agreement;
the date the agreement expires;
a general description of ser...

Unauthorized Accommodations/Secondary Suites ... Read before you Buy.

Posted on Apr 09, 2021 in BUYERS

Mortgage Helpers. There's quite a bit of demand these days for additional income to help reduce the costs of mortgage expenses so a lot of buyers are looking for properties with rental or Secondary suites.

Unauthorized Accommodations/Secondary Suites ... Read before you Buy. www.lolaoduwole.com

Secondary suites provide affordable, ground-oriented rental housing and contribute to the amount and diversity of housing available in the city...

March 2021 Housing Report

Posted on Apr 06, 2021 in Housing Market Report

"In March, residents bought and listed homes across our region at levels not seen before. This surge in activity is increasing upward pressure on prices. We’re beginning to see double-digit price gains for single-family homes and townhomes over the last 12 months."
Taylor Biggar, REBGV Chair

Last month’s sales were 72.2 per cent above the 10-year Mar...

BayCrest Heights - Phase 2

Posted on Apr 05, 2021 in Pre Sales

BayCrest Heights Phase 2 Summary

BayCrest Heights is a collection of nine charming 4 and 6-bedroom, single-family homes in Coquitlam’s highly sought after Burke Mountain. Carefully designed with the intention of providing sophisticated homes in an already developed community.

BayCrest Heights - Phase 2 |www.lolaoduwole.com

Modern architecture and spacious floor plans paired with luxury high-end f...

How do I figure out the best possible price for my Home?

Posted on Apr 05, 2021 in SELLERS

The process of selling a house can be quite overwhelming. Then add to this the pressure of needing to obtain the best possible price to fund your next move. How does a Realtor or Myself determine how much my home is worth?
How do I know the best possible price for my Home? | www.lolaoduwole.com