What is the First-Time Home Buyers’ Tax Credit?
The First-Time Home Buyers’ Tax Credit is a tax claim made available to first-time buyers purchasing qualified homes. The rebate is roughly $750.
To be eligible, you must:
- Be a Canadian resident
- Be considered as a first-time homebuyer
- Not have owned a home within the past four years
- Not lived in a house that your spouse owned within the past four years (if you are now buying together)
- Present documents supporting the purchase of your home
- Intend on living in the home within one year of buying/building it
The claim must be made in the same year you purchased your home.