First-Time Home Buyers’ Tax Credit (HBTC)

💰💼 First-Time Home Buyers’ Tax Credit (HBTC) 💼💰

Imagine getting some cash back after sealing the deal on your dream home. Sounds incredible, right? Well, the First-Time Home Buyers’ Tax Credit (HBTC) is here to turn that dream into a reality! 🏡✨

📆 For 2023 Purchases:
Claim a non-refundable amount of $10,000 (HBTC amount) x 15% (federal tax rate for non-refundable tax credits), potentially resulting in a tax credit of $1,500. 💸

📆 For 2022 or earlier:
You can still claim up to $5,000 x 15%, which could mean a tax credit of $750. And guess what? If you bought your first home in an earlier year but missed filing, you might still be able to adjust your tax return. 💼📝

📝 Note:
“Non-refundable” means you can’t get a cash refund if the credit exceeds your tax due, but it’s a valuable deduction against your income tax. The excess won’t be refunded, but it can reduce your payable tax to zero. So, it’s a win-win for first-time homebuyers! 🙌💰