Best Tax Preparation Services in Saint Albert, AB

Tax Incentives related to Housing Revenue Canada offers several tax incentives intended to help taxpayers to purchase/renovate a home. New for Homeowners 2023: Multigenerational Home Renovation Tax Credit: a refundable credit for eligible expenses related to qualifying renovations to create a self-contained secondary unit for an individual to reside with a relation. Taxpayers may be eligible to claim up to $50,000 in expenditures; the tax credit is 15% of eligible homeowner costs, up to a maximum of $7,500. Existing programs for Homeowners: Home Accessibility Tax Credit: a non-refundable tax credit for eligible home renovation expenses with an annual expense limit of $20,000. New for First Time Home Buyers 2023: First Home Savings Account: a registered account that could provide a tax advantage while saving for your first home. Contributions are generally tax deductible and withdrawals for the purpose of buying or building a qualifying home are tax-free. Existing programs for First-Time Home Buyers Home Buyers’ Plan: eligible taxpayers can withdraw up to $35,000 from their registered retirement savings plan to buy or build a home for themself or a related person with a disability. The withdrawal is tax-free if paid back within the required timeframe. First-Time Home Buyer’s Tax Credit: eligible first-time home buyers may be able to claim a non-refundable tax credit of up to $1,500. GST New Housing Rebate: is available for new home purchases.