In a real estate market like Vancouver it's touch to get your foot in door. The First-Time Home Buyers’ Tax Credit (HBTC) can help out.
This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2010) x $5,000. For the 2010 tax year, the maximum credit is $750.
Canada Revenue Agency www.cra.gc.ca/hbtc
1.800.959.8281
Stay tuned for other ways to save money when you buy property in Vancouver.
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4 Responses
Thanks for the information. Remember there are a few things that are easy to overlook when closing a deal, especially for first-time home buyers.
- Bronx affordable housing
I like very much your way of presentation Some great information to be absorbed in this post.Thanks a lot for sharing.
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This type of tax break will greatly help low- and middle-income families. This tax credit encourages more families to purchase a property. Availing of this credit tax brings you closer to your own home.
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With the economy today, this tax break can help those who are financially challenged. However, this is just a temporary solution. We need a more lasting source of money.
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