Tax credits and incentives for home owners and buyers

A surprisingly high percentage of home owners and homebuyers are unaware of the tax credits and incentives available on the purchase and renovation of homes in Canada. With that in mind, here are four of the most widely available opportunities:

1. First- Time Home Buyers’ Tax Credit - Get the credit you deserve
$5000 tax credit you can claim and $750 maximum federal tax savings.   

2. RRSP Home Buyers’ Plan - A loan to help you own
This program allows you to take a loan from your RRSP account to buy or build a qualifying home without being taxed on the withdrawal. $25,000 maximum amount you can borrow from your RRSP.

90 Days> Minimum time the funds must be in your RRSP account before withdrawal.

2 Years> Time after purchase that repayment of RRSP loan must begin.

4 Years> You or your spouse can’t have owned a home in this period of time before buying or building the home.

15 Years> Amount of time you have to repay the loan.

3. Moving Expenses Deduction - To help you go the distance
40 KM – To qualify, you must have moved at least this much closer to your new school or place of employment.

4. Home Accessibility Tax Credit - Gaining access to opportunity
Qualifying individuals and their spouse, common law partner or caregiver can make a claim for a qualifying renovation.

Information developed by Baker Tilly with the Nova Scotia Association of REALTORS® which represents over 1500 REALTORS® in Nova Scotia.

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