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/ ~2 \# O% ]% H& s+ w$ [: Y' C1. What is the Home Buyers' Tax Credit (HBTC)?
. ~# E2 ]) q& S5 k. ], IFor 2009 and subsequent years, the budget proposes to introduce a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009 (i.e., closing after this date).8 a5 Z* G3 ?7 P- L8 O
2. How is the new HBTC calculated?
+ J* X! w1 c' w; ? {The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit will be $750., q# F7 s( L, T* d' j5 [
+ |' c3 y+ j8 x* u% E( ~: ]
Beginning with the 2009 personal income tax return, a new line will be incorporated to allow you to claim the credit.
! ]+ y1 y* `- F1 M from http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html |
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