First Time Home Buyer’s Tax Credit
Introduced in 2009 by the federal government, first-time buyers are able to recover some of the costs associated with their purchase, such as legal fees, land transfer taxes, and home inspections. At current tax rates, the non-refundable credit is worth roughly $750 for anyone able to take advantage of it.
In order to be eligible for the credit, you must meet certain requirements.
- It must be a new or existing home in Canada (detached, semi-detached, mobile home, condo, etc.)
- You must have the intention of residing in the home within one year of purchase
- To claim the tax credit, it must be registered in your name or your spouse’s name.
- In addition, you can’t have owned a home within the prior four years or have lived in a home owned by your spouse within that same timeframe.
- Lastly, you must have documentation of your purchase.