Home ownership incentives in Calgary
First time home buyers tend to forget that they have some home ownership incentives, like extra tax breaks to claim when they buy their first home; therefor a reminder is in place.
While additional programs are offered on the provincial levels, Canada’s Economic Action Plan focuses on two national incentives: the First-Time Home Buyers’ Tax Credit and expansion of the Home Buyers’ Plan (HBP).
The First-Time Home Buyers’ Tax Credit provides a $5,000 non-refundable income tax credit on a qualifying home acquired after January 27th 2009. Home buyers can claim this one-time credit only in the tax year they purchased their home. For more information go to http://goo.gl/U3BMG
Additionally, first-time home buyers continue to have greater access to savings in their Registered Retirement Savings Plans (RRSP), in order to purchase or to build a home. Withdrawal limits were raised to $25,000 (from $20,000) per person for withdrawals made after January 27th 2009. For more information on this subject go to http://goo.gl/mZCfB.
If you would like to know more about home ownership incentives or if you have any (other) questions in regards to buying your first home, or if you are new to Calgary (https://findcalgaryhome.ca/new-to-canada) or are an immigrant and want to know how buying your first home works, call or email us today for more formation, free of charge and obligations.