The real estate market was quite active this spring and summer in Calgary. Perhaps you purchased a new home and may qualify for tax credits. These credits can save you money.
The HBP is a program that allows you to withdraw a particular amount from your registered retirement savings plan (“RRSP”). The withdrawal amount is determined by the Canada Revenue Agency (“CRA”) at predefined periods. The amounts withdrawn from the RRSP must be used to buy a qualifying home for the individual withdrawing the funds or for a related person with a disability. Additionally, the withdrawn funds must be repaid within a predetermined period.
The HBTC is a non -refundable tax credit awarded to particular individuals who meet the predetermined criteria. The tax credit can be applied to an individuals’ personal tax return for the year the home was acquired.
Generally for an individual to qualify for the HBTC, they must
A qualifying home is a residence with the following characteristics: