First time buyers are gettting  assistance from the government. You can now qualify up to $ 750.00 towards your closing costs.

. 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 will be $750.

3. Who is eligible for the HBTC?

An individual will qualify for the HBTC if:

• they acquire a qualifying home; and
• neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the year of purchase or any of the four preceding years.

For more information here is the link  http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html

Information from Government of Canada website Information deemed reliable but not guaranteed

Tags: First time buyers tax credit

Posted under Tax Cuts for Homeowners

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