Bought your first house in the past year? If so, you are eligible to claim the first time home buyer tax credit up to $5,000.

To eligible for the credit if the two below conditions are met.

  1. You or your spouse or common-law partner acquired a qualifying home
  2. You did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer).

What is a “qualifying home”?

A qualifying home must be registered in your and/or your spouse’s or common-law partner’s name in accordance with the applicable land registration system, and it must be located in Canada. It includes existing homes and homes under construction.The following are considered qualifying homes

  1. single-family houses
  2. semi-detached houses
  3. townhouses
  4. mobile homes
  5. condominium units
  6. apartments in duplexes, triplexes, fourplexes, or apartment buildings.

Link: CRA First Time Home Buyer’s Tax Credit

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