A Quick Look at First-time Home Buyer Tax Credits
It’s almost tax time again so let’s look at the First-Time Home Buyer’s Credit. It’s a fairly simple process and you can claim $5000 if you meet these two standards in 2017: (according to the Government of Canada)
- you or your spouse or common-law partner acquired a qualifying home; and
- 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).
Qualifying home means…
“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:
- single-family houses;
- semi-detached houses;
- townhouses;
- mobile homes;
- condominium units; and
- apartments in duplexes, triplexes, fourplexes, or apartment buildings.
If you’re unsure of whether you qualify or just want more information, be sure to read more HERE.
