𝐃𝐢𝐝 𝐲𝐨𝐮 𝐛𝐮𝐲 𝐚 𝐡𝐨𝐦𝐞 𝐥𝐚𝐬𝐭 𝐲𝐞𝐚𝐫? 𝐈𝐟 𝐲𝐞𝐬, 𝐭𝐡𝐞𝐧 𝐲𝐨𝐮 𝐦𝐢𝐠𝐡𝐭 𝐛𝐞 𝐞𝐥𝐢𝐠𝐢𝐛𝐥𝐞 𝐭𝐨 𝐜𝐥𝐚𝐢𝐦 𝐡𝐨𝐦𝐞 𝐛𝐮𝐲𝐞𝐫’𝐬 𝐭𝐚𝐱 𝐜𝐫𝐞𝐝𝐢𝐭 𝐨𝐧 𝐲𝐨𝐮𝐫 𝐢𝐧𝐜𝐨𝐦𝐞 𝐭𝐚𝐱𝐞𝐬.
𝐇𝐨𝐦𝐞 𝐛𝐮𝐲𝐞𝐫’𝐬 𝐜𝐫𝐞𝐝𝐢𝐭 𝐚𝐥𝐥𝐨𝐰𝐬 𝐛𝐮𝐲𝐞𝐫𝐬 𝐭𝐨 𝐜𝐥𝐚𝐢𝐦 $𝟓,𝟎𝟎𝟎 𝐢𝐟:
• they purchase a qualifying home;
• and the buyer and his/her spouse or common law partner didn’t live in a house owned by them in the last five years.
𝐅𝐨𝐫 𝐚 𝐡𝐨𝐦𝐞 𝐭𝐨 𝐛𝐞 𝐪𝐮𝐚𝐥𝐢𝐟𝐢𝐞𝐝:
• it must be registered in buyer’s or his/her spouse/common law partner’s name;
• the home must be located in Canada;
• the home is one of the following: single-family house, semi-detached house, townhouse, mobile home, condominium unit and apartments in duplexes, triplexes, fourplexes, or apartment buildings.
The credit is 15% of $5,000, which amounts to $750. It is a non-refundable tax credit which means that tax credit reduces the amount of taxes payable and therefore could potentially result in a refund if taxes paid were more than the taxes owed.
The amount of the claim can be shared among buyers; however the combined claim cannot exceed $5,000.
Persons with disabilities do not have to be first-time buyers if they are eligible to claim disability tax credit or if the buyer acquired the home for the benefit of a related person who is eligible for the disability tax credit.
For more information, please visit CRA’s website: http://www.cra-arc.gc.ca/.../lns360-390/369/menu-eng.html
𝐎𝐫 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐦𝐞 𝐚𝐭:
𝐄𝐦𝐛𝐞𝐫 𝐑𝐞𝐚𝐥𝐭𝐲 𝐆𝐫𝐨𝐮𝐩