It is often easy to narrow down the specific elements you want in a house, besides providing a roof over your head. How many square feet is it, does it have a lawn, is it in a great location; but it is important to consider your budget when dreaming up your ideal dwelling. Since this is your first house, you can take advantage of the Home Buyers' Plan which allows you to withdraw up to $25,000 from your registered retirement savings plan to buy or build a qualifying home.
Once you've finally chosen a house and put down the deposit, all that's left to do is pack up your belongings. Then, once tax season rolls around, you may be able to claim $5000 as the first-time home buyer's amount. This is a non-refundable tax credit representing tax savings of up to $750. You can find out if you qualify online at www.cra.gc.ca/hbtc.
www.newscanada.com
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