Government Programs
Home Buyers’ Tax Credit
Program
HBTC is a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers who acquire a qualifying home after January 27, 2009.
Details
How is the new HBTC calculated?
The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit was $750.
Eligibility
You qualify for the HBTC if:
- you or your spouse or common-law partner acquired a qualifying home; and
- you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years.
What qualifies?
A qualifying home is a housing unit located in Canada acquired after January 27, 2009. This includes existing homes and those being constructed. Single-family homes, semi‑detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings all qualify. A share in a co‑operative housing corporation that entitles you to possess, and gives you an equity interest in, a housing unit located in Canada also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify. Also, you must intend to occupy the home or you must intend that the related person with a disability occupy the home as a principal place of residence no later than one year after it is acquired.
Claiming the HBTC
Beginning with the 2009 personal income tax return, line 369 is incorporated into the Schedule 1, Federal Tax to allow you to claim the credit in the year in which you acquired the qualifying home. You don’t have to send supporting documentation but must ensure that this information is available should it be requested by the Canada Revenue Agency (CRA).
For more information contact Service Canada at 1.800.662.6232 or visit this website http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html#q2
Due to regular changes in government programs, OMDREB doesn't guarantee that this is the most recent data. Please see individual websites for the most up-to-date information.
