Home Buyers’ Plan
You may also be eligible to participate in the Home Buyers’ Plan, a program which allows you to withdraw funds from your registered retirement savings plan to buy or build a qualifying home for yourself or for a related person with a disability. You can withdraw up to $25,000 in a calendar year, and you have up to 15 years to repay the amounts you withdraw. Your first repayment starts the second year after the year you withdrew funds from your RRSPs for the HBP.
To be eligible to participate in the Home Buyers’ Plan, you must be a first-time home buyer and you must have a written agreement to buy or build a qualifying home for yourself. You are considered a first-time home buyer if, in the four-year period, you did not live in a home that you or your current spouse or common-law partner owned.
You must intend to live in the qualifying home as your principal place of residence within one year after buying or building it.
For more tax information for homeowners, go to www.cra.gc.ca/myhome
Home Buyers’ Plan For Persons With Disabilities
You do not have to be a first-time home buyer to participate in this plan if you are eligible for the disability tax credit or if you acquired the home for the benefit of a related person who is eligible for the disability tax credit. The purchase must be made to allow the person with the disability to live in a home that is more accessible or better suited to the needs of that person.
First Time Home Buyers’ Tax Credit
If you are disable person or a person related to disable person and buying home for them for the first time then you can apply for the non refundable credit up to $750.
The Canada Revenue Agency (CRA) Rental Income Guide
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It is a great starting point for any investor looking for plain-English information on rental property taxation. While Canada Revenue Agency (CRA) guides do not hold the same weight as actual tax law, they are based on legislation, case law and the Canada Revenue Agency (CRA) internal policies.
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