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First Time Home Buyer Tax Credit

Posted: Tuesday March 19, 2019

Home Buyers Tax Credit

Many home buyers and real estate agents often forget that there are certain tax credits that first time home buyers can claim when filing their taxes. This video blog gives a quick explanation of the credits and how you can qualify. It is important that first time home buyers discuss with their accountant about this credits when filing their taxes.

First Time Home Buyer's Plan

First time home buyers plan which allows buyers to withdrawal up to $25,000 out of there RRSP tax free to use towards the purchase of a home. The amount withdrawn must be paid back within 15 years. Today, the federal goverment announced in their 2019 budget that the allowable amount will be increased to $35,000. This is a great way for first time home buyers to save for a downpayment while taking advantage of tax credits. 

 

Check out the links below for additional information.

Saskatchwant first time home buyer's tax credit

https://www.saskatchewan.ca/residents/taxes-and-investments/tax-credits/first-time-home-buyers-tax-credit

Federal home buyer's tax credit. 

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html

 

For information about real esate, call or text me at 306 591 6524

Tim Otitoju

 


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