First-Time Home Buyers’ Tax Credits

The First-time Home Buyers’ Tax Credit was introduced as part of ‘Canada’s Economic Action Plan’ to assist Canadians in purchasing their first home. It is designed to help recover closing costs, such as legal expenses, inspections, and land transfer taxes, so you can save more for money for a down payment.¹

The Home Buyers’ Tax Credit, at current taxation rates, works out to a rebate of $750 for all first-time buyers. After you buy your first home, the credit must be claimed within the year of purchase and it is non-refundable. In addition, the home you purchase must be a ‘qualified’ home, described in more detail below. If you are purchasing a home with a spouse, partner or friend, the combined claim cannot exceed $750.²

Filing your First-time Home Buyers’ Tax Credit

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To receive your $750 claim, you must include it with your personal tax return under line 369.³

How do you qualify for the First-time Home Buyers’ Tax Credit?

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In order to be eligible for the First-time Home Buyers’ Tax Credit, your home must meet the following requirements:

• Be within Canada
• Be an existing or new home
• Be a single, semi, townhouse, mobile home, condo, or apartment
• Can include a share in a co-operative housing corporation that      gives you possession of the home
• You must intend to occupy the home within one year of purchase³

To personally be eligible for the First-time Home Buyers’ Tax Credit, you must also meet the following requirements:

• You or your spouse must purchase a qualifying home
• The home must be registered in either your name or your      spouse’s name
• You cannot have owned a home in the previous four years
• You cannot have lived in a home owned by your spouse in the      previous four years
• You must present documents supporting the purchase of the home³

Home Buyers’ Tax Credit for people with disabilities

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If you have a disability and are purchasing a home, you do not need to be a first-time home buyer to claim the Home Buyers’ Tax Cedit, where a person with a disability is defined as a person who can claim a disability amount on their tax return in the year the home is purchased. The Home Buyers’ Tax Credit can be claimed if the home purchased is suitable for the disabled person’s needs, and the disabled person occupies the home within one year from the date of purchase.⁴

[1]“Canada’s Economic Action Plan”. Government of Canada. Government of Canada. Web. 26 November 2010. [2]“2009 First Time Home buyer’s Tax Credit”. Homelegalcost.com. Stephen H.  Shub Professional Corporation. 1 January 2008. Web. 26 November 2010.[3] “Fact Sheet: First Time Home buyer’s Tax Credit”. Canada Revenue Agency. Canada Revenue Agency. 25 February 2010. Web. 26 November 2010.[4] “The First-Time Home buyer’s Tax Credit”. Meredith Norton. Remax Shuawap Realty. 26 February 2009. Web. 26 November 2010

How is fitting Cowboy boots similar to buying a new home?

Like a new home, Cowboy Boots come in many styles, shapes, sizes and colours. What is the best fit for you?

Well, Stampede season is upon us and it occurred to me that buying a new home is much like getting fitted for some good cowboy boots.  Cowboy boots can be a bit more difficult to fit than say your standard sneaker or hiking boot, and buying a new home is much different than looking for an apartment or condo.   The reason for this is because cowboy and western boots are made of high quality, rather stiff leathers. Additionally, the boots come in numerous styles – some of which can prove to be quite painful to your toes if you get the wrong type. Homes too come in numerous style and there are many good quality builders that construct their homes with top quality material; definitely something to seek out.  So, to help reduce the possibility of foot/house hunting  pain, this little guide has been prepared.

1. Boot Size: In general, you want to get a cowboy boot that is the same or one half-size bigger than what you would normally get in a hiking or work boot. Make sure the home you choose meets your size requirements, and like a boot, make sure there is a little room, not for thicker socks but for unexpected guests or new furniture.
2. Boot Stiffness: Unlike hiking boots or athletic shoes, cowboy boots are quite stiff and don’t have a “break in” period like other shoes frequently do.  Your home builder should be able to provide a home that is trouble-free “right out of the box”.  Look for a builder with a good warranty program track record.
3. Your Toes: Ever take a close look at your toes? Well, the reason you might want to do it is to make sure that the style of cowboy boots you get matches your toes. Thus, if you order pointy toed cowboy boots, make sure that your toes are also aligned in a rather “pointy” fashion if this makes any sense. In general, most people seem to find “boxey” cowboy boot styles to be more comfortable if only because most people, like myself, tend to have “boxey” feet.  Like a boot, make sure the home fits your lifestyle.  Is there enough room for entertaining, is the yard big enough for your children’s pool and playground, and does the garage have enough room to house all your recreational equipment and have ample storage?
4. Boot Width: No matter what, make sure that you order the proper width of cowboy boot. Getting a boot that is too narrow is a guaranteed recipe for some considerable foot pain. If you have a wide foot (size EE), make sure that you don’t get a size D (standard size width). If you do, pain will absolutely, positively follow. It is always better to get a slightly wider boot than your shoe size, too, as the socks you wear will take up the extra space.  Like the width of a boot, the width of the lot you select to build your home on determines many things.  A wider lot allows for more flexibility in home design, wider garages and more room for creative landscaping.
5. Taking the Science Out of It : There is quite the science out there about fitting boots. In the end, what it ends up coming down to is that you’ll never know if a cowboy boot fits or not until you try it. While knowing your exact foot size (of both feet) and your foot width (of both feet) will take most of the guess-work out of sizing up a cowboy boot, because of the many different styles of cowboy boots on the market – no one pair will ever likely fit the same. Like getting the right fitting boot, take your time selecting a new home plan.  Compare the room sizes to those in your current space and your friends houses.  Talk to friends and family members about what they like/don’t like about their floor plans.

Once you’ve decided on a boot/home, kick it up a little.  Enjoy them, wear them in, and enjoy the comfort that comes from making a good decision!

Yee Ha!

(thanks to bigskyfishing.com for the use of excerpts of their article)