First Time Home Buyers’ Tax Credit

If you purchased your first home this past year you may qualify for a First Time Home Buyers Tax Credit. Talk to your accountant for more details and to see if you qualify.

In order to be eligible for the First-time Home Buyers’ Tax Credit, your home must meet the following requirements:
•Be within Canada
•Be an existing or new home
•Be a single, semi, townhouse, mobile home, condo, or apartment
•Can include a share in a co-operative housing corporation that gives you possession of the home
•You must intend to occupy the home within one year of purchase
•You or your spouse must purchase a qualifying home
•The home must be registered in either your name or your spouse’s name
•You cannot have owned a home in the previous four years
•You cannot have lived in a home owned by your spouse in the previous four years
•You must present documents supporting the purchase of the home