Home Buyers’ Amount – Line 369
April 13, 2011
Home Buyer’s Amount – Line 369
First Time Home Buyer’s Tax Credit
Did you purchase a home in Canada in 2010? Was it your first time, or at least first time since 2004 that you lived in a property that you owned? If you did, chances are you or your spouse can claim a $5,000 credit on your 2010 Canadian Personal Income taxes. To do so, follow the instructions for Line 369 – Home Buyer Amount.
The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009 and 2010, the credit will be $750.
If you have already filed your 2010 Personal Income Taxes, you can still claim this credit. In fact, if you bought a home in 2009 as a First Time Home Buyer, and it closed after January 29, 2009; and you didn’t claim in on your 2009 taxes, you can still claim this amount for 2009. If you need to make an adjustment, you can fill out at T1 Adjustment and in the adjustment detail part (Section C), add:
Line Name of Line Previous amount +- Amount of Change Revised amount
369 Home Buyer Amount 0 + 5,000 5,000
You should probably also include some doucmetnation such as a copy of the Contract, Statement of Adjustments, Property Tax Notice for Advance Taxes, State of Title Certificate, or even a utility account invoice addressed to you. Canada Revenue Agency will likely also have noted that you have updated your address.
Make sure to indicate the year for which you are claiming this credit. If you need help with this, an accountant I often refer to is Svetlana Gaidelis, CGA of Gaidelis and Company (http://www.gaideliscga.ca/services.html).
For any questions about First Time Home Buyer issues of any kind; or if you know of someone who is in the process of buying or selling their first home; please contact me or pass along my information. We do over 400 property transfers a year, and many of them are for First Time Home Buyers.