First Time Home Buyers’ Tax Credit
The First-Time Home Buyers’ Tax Credit is a tax claim made available to first-time homebuyers purchasing qualified homes. The rebate, at current taxation rates, works out to $750.
To be eligible for the First-Time Home Buyers’ Tax Credit, you must:
- Be a Canadian resident
- Be considered a first-time homebuyer
- Not have owned a home within the past four years
- Not have lived in a home that your spouse owned within the past four years, if you are now buying together
- Present documents supporting the purchase of your home
- Intend on living in the home within one year of buying or building it
If you have a special need or are buying a home for someone who does, you can claim the Home Buyers’ Tax Credit, so long as you are also eligible to claim the Disability Tax Credit and the person with the special need is living in the home within one year.
To qualify for the First-Time Home Buyers’ Tax Credit, your home must:
- Be a new or existing home in Canada
- Be registered in either yours or your spouse’s name
- Be a single, semi-detached, townhouse, mobile home, condo, or apartment
- Can also include a share in a co-operative housing corporation, so long as you get possession of the home
To receive your $750 rebate, you must claim it in your personal income tax return under line 369. The claim must be made in the same year you purchased your home and it is non-refundable.
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Source: Revenue Canada