First time property buyer in Canada - Tax exemption query
I have a property I rent out in the UK and this is being reported annually in my Canadian tax return. I am planning on purchasing my first home in Canada and wondered if I will be able to obtain the first time buyer tax exemption or if my overseas property precludes me from this? I am living in lower mainland, British Columbia.
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Re: First time property buyer in Canada - Tax exemption query
Originally Posted by UKexpat82
(Post 12986156)
I have a property I rent out in the UK and this is being reported annually in my Canadian tax return. I am planning on purchasing my first home in Canada and wondered if I will be able to obtain the first time buyer tax exemption or if my overseas property precludes me from this? I am living in lower mainland, British Columbia.
"Eligibility:
However, I would ask a tax expert to make sure. |
Re: First time property buyer in Canada - Tax exemption query
thanks for the link!
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Re: First time property buyer in Canada - Tax exemption query
Originally Posted by UKexpat82
(Post 12986156)
I have a property I rent out in the UK and this is being reported annually in my Canadian tax return. I am planning on purchasing my first home in Canada and wondered if I will be able to obtain the first time buyer tax exemption or if my overseas property precludes me from this? I am living in lower mainland, British Columbia.
https://www.cmhc-schl.gc.ca/en/buyin...ort-homebuyers https://www.cmhc-schl.gc.ca/en/nhs/f...uyer-incentive Line 31270 – Home buyers' amountNote: Line 31270 was line 369 before tax year 2019.You can claim $5,000 for the purchase of a qualifying home in the year if both of the following apply:
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Re: First time property buyer in Canada - Tax exemption query
The tax exemption tops out at $500k anyway and depending on where you are in the LM, your budget may be well above that.
In addition to Home Buyers Amount, you can also use the Home Buyers Plan which allows you (and your partner/spouse if any) to take up to $35k each out of your RRSP to put towards downpayment. The criteria to qualify as first time buyer is the same. https://www.canada.ca/en/revenue-age...yers-plan.html |
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