TAX QUESTIONS? YOU ASK LAH!
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Q: If I have inherited a house from my parents or grandparents previously, am I still considered a first-time buyer and eligible for the housing loan interest tax relief?
A: Yes. Inheriting a house or receiving one as a gift does not count as purchasing a property. As long as you have never bought a residential property before, you may still be considered a first-time homebuyer and be eligible to claim the first residential housing loan interest tax relief when you purchase your first home.
Wishing you plentiful tax savings!
Zen Chow
YYC Tax Guru
