Line 369 – Edmonton Home Buyers Income Tax Credit
Did you just buy your first home in 2016? Well, you can claim up to $5,000 (cha-ching!) for the purchase of a qualifying home in 2016 if both of the following apply:
- you or your spouse or common-law partner bought a qualifying home; and
- you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer).
How cool is that? That $5,000 (cha-ching again!) taken off your gross income will be like money in your jeans. To get full details, go to Canada Revenue's website THEN talk to your accountant. Don't forget to share with all your first time buyer friends.
If you don't have an account, let us know and we can recommend an excellent one. Did this help with your 2016 personal taxes?