|By Marketwired .||
|March 11, 2014 12:21 PM EDT||
OTTAWA, ONTARIO -- (Marketwired) -- 03/11/14 -- If you bought a home in 2013, the Canada Revenue Agency (CRA) has a tax credit and a plan that may help you save on this purchase.
First-time home buyers' tax credit
If you are a first-time home buyer, you may be able to claim a non-refundable tax credit of up to $750 on the purchase of a qualifying home.
To qualify for the home buyer's tax amount:
-- you or your spouse or common-law partner must have bought a qualifying home; and -- you can't have lived in another home owned by you or your spouse or common-law partner that year or in any of the four preceding years.
If you are buying a home and are eligible for the disability tax credit or if you are an individual buying a home for a related person who is eligible for the disability tax credit, you may also qualify for this credit even if you have already owned a home.A qualifying home must be registered in your name, in your spouse's or common-law partner's name, or in both names, according to the applicable land registration system, and must be located in Canada. It includes existing homes such as single-family houses, semi-detached houses, townhouses, mobile homes, condominium units, apartments in duplexes, triplexes, fourplexes, or apartment buildings, and homes under construction.
Home Buyers' Plan (HBP)
You may also be eligible to participate in the Home Buyers' Plan, which allows you to withdraw funds from your registered retirement savings plan to buy or build a qualifying home for yourself or for a related person with a disability. You can withdraw up to $25,000 in a calendar year, and you have up to 15 years to repay the amounts you withdraw.
For more tax information for homeowners, go to www.cra.gc.ca/myhome.
CRA online services make filing easier and let you get your refund faster
The CRA's online services are fast, easy, and secure. You can use them to file your income tax and benefit return, make a payment, track your refund, and more. Sign up for direct deposit too! Your refund and any benefit or credit payments owed to you will be deposited directly into your account, putting your money in your pocket faster. For more information, go to www.cra.gc.ca/getready.
To receive updates when new information is added to our website, you can:
- Follow the CRA on Twitter - @CanRevAgency.
- Subscribe to a CRA electronic mailing list.
- Add our RSS feeds to your feed reader.
You can also watch our tax-related videos on YouTube.
Canada Revenue Agency