Personal Income Tax: First-time home buyers’ tax credit

If in 2013 you were a first time home buyer, read on.  If you already file your taxes and missed this credit up, it is not too late, you can still claim it. What is it, then?

old-project-with-tools-10058608If you are a first-time home buyer, you may be able to claim a non-refundable tax credit of up to $750 on the purchase of a qualifying home.  This is in addition to the Home Buyers’ Plan where you use RRSP’s to buy a home.

To qualify for the home buyer’s tax credit:

  • you or your spouse or common-law partner must have bought a qualifying home; and
  • you can’t have lived in another home owned by you or your spouse or common-law partner that year or in any of the four preceding years.

If you are buying a home and are eligible for the disability tax credit or if you are an individual buying a home for a related person who is eligible for the disability tax credit, you may also qualify for this credit even if you have already owned a home.

A qualifying home must be registered in your name, in your spouse’s or common-law partner’s name, or in both names, according to the applicable land registration system, and must be located in Canada. It includes existing homes such as single-family houses, semi-detached houses, townhouses, mobile homes, condominium units, apartments in duplexes, triplexes, fourplexes, or apartment buildings, and homes under construction.

 

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