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.

  1. It must be a new or existing home in Canada (detached, semi-detached, mobile home, condo, etc.)
  2. You must have the intention of residing in the home within one year of purchase
  3. To claim the tax credit, it must be registered in your name or your spouse’s name.
  4. 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.
  5. Lastly, you must have documentation of your purchase.

In order to see if you qualify, please check out this eligibility calculator: Eligibility Calculator