{"id":21584,"date":"2023-03-27T11:11:00","date_gmt":"2023-03-27T18:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21584"},"modified":"2023-03-27T09:12:46","modified_gmt":"2023-03-27T16:12:46","slug":"tax-credits-benefits-for-first-time-homebuyers-in-canada","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/03\/tax-credits-benefits-for-first-time-homebuyers-in-canada\/","title":{"rendered":"Tax Credits &#038; Benefits for First-Time Homebuyers in Canada"},"content":{"rendered":"<p style=\"text-align: justify;\">As a first time home buyer in Canada, filing your tax returns can seem intimidating \u2013 and rightfully so! Fortunately, there are several tax credits and deductions specifically designed to support you. Here are some of the top tips to help you maximize your benefits :<\/p>\n<p style=\"text-align: justify;\"><strong>Keep Good Records<\/strong><br \/>\nThe first step to taking advantage of all the tax breaks available is to get organized. This means keeping track of all your expenses related to buying and owning your home, such as mortgage interest, property taxes, and repairs and maintenance costs. As well, keep receipts for all your expenses related to buying and owning your home as this will make the process easier for you.<\/p>\n<p style=\"text-align: justify;\"><strong>Canada\u2019s First-Time Home Buyers\u2019 Tax Credit<\/strong><br \/>\nAlso known as HBTC, this is a non-refundable tax credit that can provide first time home buyers with up to $1500 in federal tax relief. The incentive aims to encourage first-time buyers to enter the real estate market. You can claim up to $10,000 if you or your spouse (or common-law partner) bought a qualifying home, however your combined total must not exceed $10,000.<\/p>\n<p style=\"text-align: justify;\"><strong>Claim Moving Expenses<\/strong><br \/>\nIf you moved at least 40 km closer to your job or business, you may be able to claim moving expenses on your tax return. Eligible deductions include storage costs, movers, insurance, vehicle expenses, costs of canceling your lease, utility hookups and temporary living expenses for up to 15 days.<\/p>\n<p style=\"text-align: justify;\"><strong>Land Transfer Tax Credit (LTT)<\/strong><br \/>\nIn some provinces, including Ontario, British Columbia and Prince Edward Island, this tax credit can be used to reduce the amount of land transfer taxes that you are required to pay. To qualify for this refund, you must be a first-time buyer purchasing an existing home or building and living in it as your primary residence.<\/p>\n<p style=\"text-align: justify;\">With the right knowledge, completing your taxes as a first-time homeowner doesn\u2019t have to be hard. In fact, by utilizing these tips you can save money and get the most out of your tax deductions.<\/p>\n<p><a href=\"https:\/\/www.zoocasa.com\/blog\/tax-tips-first-time-homebuyers\/\" target=\"_blank\" rel=\"noopener\">Tax Tips for First Time Homebuyers in Canada<\/a> by MacKenzie Scibetta | zoocasa<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As a first time home buyer in Canada, filing your tax returns can seem intimidating \u2013 and rightfully so! Fortunately, there are several tax credits and deductions specifically designed to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/03\/tax-credits-benefits-for-first-time-homebuyers-in-canada\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-21584","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tax Credits &amp; Benefits for First-Time Homebuyers in Canada &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2023\/03\/tax-credits-benefits-for-first-time-homebuyers-in-canada\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Tax Credits &amp; Benefits for First-Time Homebuyers in Canada &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"As a first time home buyer in Canada, filing your tax returns can seem intimidating \u2013 and rightfully so! 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