Sunday, May 13, 2012

Home owners – don't forget claim your tax credits

Did you know?

Home owners may benefit from certain non-refundable tax credits when filing their income tax and benefit return.


Important facts


First-time home buyer's tax credit: If you are a first-time home buyer, a person with a disability buying a home, or an individual buying a home on behalf of a related person with a disability, you may be able to claim a non-refundable tax credit of up to $750 when you buy a qualifying home.
  • Non-refundable tax credits can only be used to reduce your federal income tax payable. If the total of your non-refundable tax credits is more than your federal income tax payable, you will not receive a refund for the difference.
  • Other credits and deductions may be available to you. For more information, go to www.cra.gc.ca/myhome.

The CRA's online services make filing even easier

With the CRA's online services you can file your return, track your refund, and change your personal information. You can also sign up for direct deposit to receive your refund in your account at your Canadian financial institution – no more waiting for cheques to arrive in the mail. It's fast, easy, and secure. For more information, go to www.cra.gc.ca/getready.

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