Tuesday, February 7, 2012
An Income Tax Deduction for Your 1st Home Purchase?
Did you know that you could be saving up to $750 in income tax if you recently bought your first home? Many have forgotten about the Federal program that was introduced under Canada’s Economic Action Plan Budget 2009. The Home Buyers’ Tax Credit (HBTC) is a non-refundable tax credit based on the amount of $5,000 that you claim in your personal income tax return on line 369. You would claim this amount in the year you completed on your home. So if you bought your first home last year, you could have up to a $750 surprise bonus this April! For more details about this program, please click here: HBTC