Monday, March 7, 2016
CRA's $5,000 reminder to first-time buyers
The Canada Revenue Agency has issued a reminder to first-time buyers that they could qualify for $5,000. The agency says that those who bought a home in 2015 and were first-timers; or are eligible for the disability tax credit or bought the home for a relative who is eligible; may be able to claim the credit. It is also highlighting the ability for some buyers to take up to $25,000 out of their retirement savings plan under its Home Buyers’ Plan. Again, those with disability tax credit eligibility do not have to be first-time buyers to qualify. Eligible buyers should claim through their tax return.