First-Time Home Buyer’s Tax Credit

Posted by Kevin Leung on Tuesday, March 24th, 2015 at 1:06pm.

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The fees associated with purchasing a first home can really add up. To help Canadians with these costs, our Conservative Government introduced the First-Time Buyer’s Tax Credit. The credit allows Canadians to save up to $750 on qualifying homes purchased after January 27, 2009.

The First-Time Buyer’s Tax Credit is also available to existing homeowners who are eligible for the Disability Tax Credit (DTC) who purchase a more accessible or functional home, or for the benefit of a DTC-eligible person who is related to the individual purchasing the home by blood, marriage, common-law partnership, or adoption.

Home Buyer’s Plan

For many first-time home buyers or builders, saving for a down payment can be the most challenging part. To help Canadian saving for their first big purchase, our Conservative Government raised the amount Canadians can withdraw from their Registered Retirement Savings Plan (RRSP) for a down payment on their first home.

Through Canada’s Economic Action Plan, our Conservative Government increased the maximum Canadians can withdraw from their RRSPs for a home purchase to $25,000. Through these important actions, our Conservative Government is helping Canadian realize their dream of buying a new home.

Contact the Canada Revenue Agency at 1-800-959-8281 or visit online for more information at www.CRA-ARC.GC.CA.

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