First-Time Home Buyers’ Tax Credit (HBTC) Category: Education and Learning, First Time Buyer, Home Purchase, First-Time Home Buyers’ Tax Credit (HBTC)First-Time Home Buyers’ Tax CreditThe government allows first time homeowners to save $1,500 on their taxes by claiming $10,000 on Line 31270 on their 2023 tax returns.In order to save $1,500, the following criteria must be met:Homeowner (or spouse/common-law) purchased a property in 2023Homeowner did not live in another home inside or outside of Canada that was owned (by homeowner or spouse/common-law) in the year of purchase or in any of the four preceding years.Basically, if you haven’t lived in a home that you or your spouse owned, you can claim this tax savings. All you have to do is enter $10,000 on line 31270.Some additional notes:-The HBTC can be split between purchasers.-Persons with disabilities can apply more than once.-You can claim for years past if you haven’t claimed before (by adjusting your previous tax returns – can be done through My Account on CRA online). The claim amount was $5,000 for 2021 and years prior to that.Canada.ca’s website explaining “Line 31270” can be found here. Continue Reading: Read Article Buying and Selling - How Dates Can Line Up Category: Education and Learning,First Time Buyer,Home Purchase, Buying and Selling – How Dates Can Line Up It can be fairly complex when you want to buy a new property and you need the equity in a property you want to sell. IE, how can you buy and sell at the same time? How do the dates work?! When you purchase and sell, […] Read Article Read Article Current Interest Rates & Analysis - Jan 8, 2024 Category: Education and Learning,First Time Buyer,Home Purchase, Current Interest Rates & Analysis – Jan 8, 2024 Summary: Fixed interest rates have been decreasing steadily over the past two months. At the same time, the variable rates have increased (the discounts off of the prime rate have decreased). At this time, the vast majority of clients are going with the 3-year fixed rate. […] Read Article