First Time Home Buyers’ Tax Credit
A new non-refundable tax credit of $5,000 is being introduced for first time home buyers who acquire a qualifying home after January 27, 2009.
To be considered a first time home buyer, the individual or individuals partner/spouse must not have owned or lived in another home in the calendar year of the purchase or the preceding four calendar years.
To be eligible for the tax credit the individual must occupy the home as a principle residence no later than one year after its acquisition.
The tax credit is calculated by using the lowest personal income tax rate for the year.
As it is impossible to include all situations, circumstances and exceptions, contact Dustin for a further review or for further explanation. Every effort has been made to ensure the accuracy of the information. However, because of the nature of the subject, no person or firm involved in the preparation or distribution of this commentary accepts any liability for its contents or use.