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First time home buyer - income tax questions

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blackcats
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First time home buyer - income tax questions  Reply with quote  

So, my common law spouse and I purchased a house in August. I used money from my RRSP for the down payment. (Home Buyers' Plan)

I have two questions when filing my taxes for next year:

I read that there is a $750 credit for first time home buyers, that one of use can claim or we can split. Is this a one time only thing I can claim? Anyone else have any advice for this?

Also, with the Home Buyers' Plan, I know I'll have to record what I've paid back into the RRSP, as I'm "paying back" the amount I borrowed. So, I put $50/month into my RRSP, so does that mean I would just have to record what I've paid back since my Sept. 1 contribution? So, $50/month for the rest of 2016 would be $200, and then another $100 for my January and February contributions?

Obviously I can talk to the person who we met with for our mortgage, I just find it beneficial to hear other people's experiences or advice. Thank you!!

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Post Sat Nov 19, 2016 9:02 am
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shipedgoods
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about the same i am in search of getting the answers but unable to find it yet. please do guide me also regarding this more briefly. I will be very thankful to you for this act of kindness.



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Post Mon Jan 16, 2017 6:37 pm
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