If I am a first-time homebuyer, do I get any other benefits?
Yes, you may qualify for the First-time Home Buyers’ Tax Credit. If you qualify, the credit is based upon an amount of $5,000.00, which could provide you with up to $750.00 in federal income tax deductions.
Related Questions
- What is the Home Buyers’ Plan (HBP)?
- Who qualifies to participate in the HBP?
- How much can I withdraw from my RRSP under the HBP?
- My partner and I want to purchase a home. Can each of us make an HBP withdrawal from our RRSPs?
- My sisters and I want to buy a home together. Can we use the HBP?
- Do I have to include my HBP withdrawal in my income and thus pay income tax?
- How quickly do I have to repay the HBP withdrawal?
- When do I have to make my annual payment?
- What is the interest rate charged on the HBP withdrawal?
- What if I want to build a new home rather than buy an existing home?
- What if I want to buy an apartment, does it qualify?
- Years ago I used the HBP to purchase my first home. Can I use it again?
- What is the 5-year rule?
- What forms do I need to complete to apply for the First-Time Home Buyers’ Tax Credit?
- What forms do I need to complete to apply for the HBP?
- Does anyone with an RRSP qualify for the HBP?
- Do I have to identify the home I want to purchase under the HBP?
- What if I fail to purchase the home described in Section “B” of the application?
- What if I have not purchased a home by the October 1st deadline?
- What if I cannot find a substitute home or want to return the funds withdrawn under the HBP?
- Do I have to return the withdrawn funds to the same RRSP plan?
- What if I fail to purchase a qualified home and I do not return the withdrawn funds by the December 31st deadline?
- If I return the HBP withdrawal to my RRSP, do I have to wait for 5 years before I can use the HBP again?
- Will withdrawing funds under the HBP impact my RRSP contributions?
- What happens if I die before fully repaying the HBP withdrawal?
- I have more than one RRSP. Can I withdraw from more than one account?
- I just bought a house. Can I still qualify to make an HBP withdrawal?
- I am moving back to Canada after living abroad for a number of years. Can I qualify to make an RRSP withdrawal under the HBP?
- How does the Canada Revenue Agency know that my HBP withdrawal was used to purchase a home?
- What is the actual acquiring date of a home that qualifies under the HBP?
- Can I make a HBP withdrawal from my Spousal RRSP?
- When do I make my annual HBP repayment?
- How do I make my annual HBP repayment?
- What if I currently do not have sufficient income and do not file an annual T1 Income Tax Return, how do I record my HBP repayment?
- Does my repayment impact my RRSP contribution limits?
- I understand that I must repay my HBP withdrawal over a 15-year period. Can I repay my withdrawal sooner?
- What if my repayment in a single year is less than the minimum annual repayment amount?
- Does the Canada Revenue Agency (CRA) keep track of the outstanding balance of my HBP withdrawal?
- Are there contributions that cannot be designated as a HBP repayment?
- What if I become a non-resident after my HBP withdrawal?
- I’ll be 71 years old next year and I am required to convert my RRSP into a Registered Retirement Income Fund (RRIF). How do I make my annual HBP repayments?
- I have already withdrawn funds from my RRSP under the HBP. Can I still withdraw funds under the Lifelong Learning Plan (LLP)?
- I have a Locked-In RRSP. Can I make an HBP withdrawal?
- Where can I go to obtain more details about the HBP?