Starting with the 2020 tax year, Canadian residents aged 26-65 with tuition paid to an eligible education institution will be able to claim a refundable tax credit of up to $250 per year. This is a cumulative tax credit so if you don’t use $250 in 2020 you can use $500 in 2021, $750 in 2022, etc up to a lifetime limit of $5000.
The First Time Home Buyers Incentive is a shared-equity program that could help you with a 5% or 10% down payment on your home purchase to reduce your borrowing costs. The program is non-interest bearing and does not require ongoing payments but the government shares in the equity of your home and therefore both you and the government will share in the appreciation or deprecation of the home. The incentive is repaid at the earlier of when the house is sold and 25 years.
ASW Accounting Phone: 403-381-6806 Fax : 403-320-6332