ACCOUNTANT EXPLAINS First Time Home Buyer Tax Benefits

If you were a first time home buyer for 2020 or if you are looking to purchase a home for the first time in 2021, make sure you are on the lookout for the following tax incentives to maximize your savings and purchase your home the smart way!

00:48 Home Buyers' Amount
01:40 Home Buyers' Plan
01:51 Basics of RRSP
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I'm Gabrielle, a Tax Manager at one of the Big 4 Accounting Firms in Vancouver, Canada. I post weekly videos on personal finance, career, and work life balance.
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Disclaimer: Please note this post is not tax advice. Consult your tax advisor on the specifics of your situation so they are better equipped to determine your tax liability. Refer to the CRA website for more guidance.

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#firsttimehomebuyercanada #rrsp #homebuyersplan #homebuyersamount

[JosephJames-jm]

I think investors should always put their cash to work, especially In 2025, we'll start to see more market diversification. Considering the performance of bitcoin lately it is safe to say the crypto market is the best smart investment out there. Hoping I’m not the only one with this thought

[justinkennedy]

Thanks for the video, I am planning on buying a house within the next 6 months to a year. I have the down payment ready in a savings account but haven’t put much into my RRSP. I want to take advantage of this program, should I deposit the full down payment right now and have it for a minimum of 90 days? If so, do I need to put that money into some kind of investment (stocks, index fund etc.) or can I keep it as cash in the RRSP where it won’t be there for that long. Thanks in advance!

[melissakassabian]

If you buy a new build home in one year but don’t officially take procession and close on the house until the next year, which year do you file the first time homebuyer credit for? Is it for the year of closing? Thank you!

[pramitmehta]

Does your employer RRSP contribution count as repayment?

[lemon]

Some good info here. Very timely too since I was thinking of this question just last week but didn’t want to look it up. Can two individuals who purchase a home together each claim the $5, 000 Home Buyer’s Amount tax credit?

[belmedina]

Can you still get a refund from rrsp contribution eventhough your income is low

[ersandyu]

Hi,

Thanks for the video. I have used the First time home buyers plan and used my RRSP for the down payment. Can I still use Home buyers amount? ($5000 in tax credit)?

[sleeplesstruth]

It would be helpful if your FIRST SEEN info describes CANADA, since only THOSE citizens can benefit from your wonderfully shared knowledge. Thank you, God Bless, namaste

[jasvlog]

Hi! I have a question. I am not sure if my accountant did my home buyers tax credit when i bought my home last 2020. Is there any way I can see if she did it? If she didn’t is there any way I can still file for that? Thank you.

[dakshitgirdhar]

Can you please make a vlog on pros and cons of working in a big 4 vs mid tier accounting firm vs small accounting firm.
Q2) Can you please also tell whether do we get flexibility to choose our start time in morning ie can someone go to work at 7:00 am complete 8 hrs shift and leave at 3:00 pm. Thank you

[brentmifsud]

is the first time home buyers incentive even worth it?

If you live in toronto, its a maximum of 4.5x your salary (max salary of 150k).

That will only get you a 675k (plus any down payment money you have) house.

Hardly enough to get anything in Toronto unless you already have a few hundred thousand saved up.

[lovelybalazar]

Just a quick question, if annual salary is 17k, medical exp of 275, and you have tax refund, so having a home tax credit will not worked isn't it (750$) bec you don't own any tax to govt? 🤔

[normannanad]

can i still claim the $5, 000 firt time home buyers amount tax credit non refundable tax credit of $750 dollars after living in the house for 5 years, i have no idea that they have that program?