First-Time Home Buyers' Tax Credit
We have one last first-time home buyer incentive we wanted to take a look at. The government is offering first-time home buyers the opportunity to receive a non-refundable tax credit, based on the amount of $5000.
This tax credit multiplies your lowest personal income tax rate of the year by $5000. The conditions to qualify for this incentives are as follows:
- If you or your spouse/common law are acquiring your first home
- Your spouse/common law or you have not lived in another home you have owned in the year of acquisition or the four previous years.
If you are a person with a disability or are buying a house for a family member with a disability, you do not have to be a first time home buyer.
Qualifying homes must be located in Canada. Single-family homes, semi-detached homes, townhouses, and duplexes. This must be a home you intend on taking possession within a year after it is acquired.