Issues Online
May  June  July  Aug
Search Tips

Narrow your search results by using '&' or 'AND' between keywords

Use quotes to search for phrases such headlines eg. "this is the headline"

Also try a Google search of our site

Restreignez et centralisez votre recherche en utilisant “&” ou “ET” entre les mots”

Utilisez les guillemets pour rechercher des expressions et titres précis, par exemple. "c'est le titre"

Utilisez aussi l’outil de recherche Google pour notre site.


3 important homeowner tax credits

(NC) Buying your first home or improving your families' home can be a significant financial investment; CGA Ontario notes three valuable tax tips for homeowners:

First-time home buyers' tax credit (HBTC)

For individuals who are new to home ownership there is a federal non-refundable first-time home buyers' tax credit (HBTC) on qualifying homes. They are eligible for a credit of up to 15 per cent on $5,000, or $750.

To participate, prospective homebuyers (or their spouse/common-law partner) cannot have owned and lived in another home in the calendar year they make the purchase, or the four years previous to that. If they purchased a home in 2013, for example, they must not have owned and lived in a home after 2008.

Land transfer tax refund program

First-time purchasers of a newly constructed home and first-time homebuyers of a resale home (that is to be used as a principal residence), are eligible for a provincial-government refund on up to $2,000 of the land-transfer tax (LTT) paid for that home.

Healthy homes renovation tax credit

The refundable Healthy Homes Renovation Tax Credit is designed to assist senior citizens with the cost of permanent home modifications required to improve accessibility to, or assist with mobility within, their home.

This credit is calculated as 15 per cent on up to $10,000, or $1,500, to cover eligible annual expenses (e.g., wheelchair ramps, widening passage doors, hand rails in corridors), among other qualifying expenditures. Family members who live with an elderly relative may claim this expense on behalf of the household.

To learn more about the tax credits and deductions available to homeowners, take a look at the Personal Tax Planning Guide published by CGA Ontario at.

Word count: 281

Attention editors: This article is for distribution in Ontario only.

Terms of Use

Articles are provided free of charge. Articles appearing on web sites, must credit Articles appearing in Print, must credit News Canada with (NC) at beginning of an article or – News Canada at the end. Any source/sponsor of the information quoted in the text must also be identified as presented. Images are only to be used with corresponding editorial copy. Usage of News Canada articles constitutes your acceptance of these terms and an agreement between you and News Canada.

Image Instructions - Note: Illegal to use without News Canada editorial.

To open/download image(s) used in this article, please click the following links:

Click here for image file: «80726H.jpg»