Mortgage Broker, Anita Lewis with the Dryer Group, shared with us today that: 

"Still in effect is the Federal Government First Time Home Buyer’s Tax credit.  This is a non-refundable tax credit for first-time home buyers who acquire a qualifying home in Canada after January 27, 2009.

Beginning in 2009, a new line was incorporated in the personal income tax return form to allow the buyer to claim the Credit.  The Credit is calculated by multiplying the lowest personal income tax rate for the year by $5,000 and is claimable for the taxation year in which the home is acquired.  The maximum amount of the credit in 2012 will be $750.

An individual will be considered a first-time home buyer if neither the individual nor his or her spouse or common-law partner have owned a principal residence in the calendar year of the new home purchase or in any of the four preceding years.  The buyer must intend to occupy the home as a principal place of residence no later than one year after buying it.

Any unused portion of an individual’s Credit may be claimed by the buyer’s spouse or common-law partner.  Where more than one buyer is entitled to the Credit (for example, where two friends jointly buy a home), the amount claimed cannot exceed the maximum amount of the Credit claimable by any one of those individuals."

For further information, please consult Canada Revenue Agency’s website at: http://www.cra-arc.gc.ca.gncy/odgt/2009/fghbtc-eng.html

You can contact Anita about your Mortgage needs at: 778-889-8970