Special offer

First Time Home Buyers Tax Credit - Canada

By
Real Estate Agent with RE/MAX First

Although the First Time Home Buyer Tax Credit was introduced by the Federal Government in January of 2009, it is still available if you purchased a home in 2010 and qualified as a first time home buyers.

If you, or someone you know, purchased a home in 2009 or 2010 as a first time home buyer, then you could qualify for this tax credit.  If the purchase occurred in 2009 and no claim was made for the Home Buyer Tax Credit, then it is still possible to make a claim by submitting a Re-Assessment of your Personal Income Tax Return to the Canada Revenue Agency (CRA).  For a purchase in 2010, the claim can be made when filing your 2010 Income Tax Return.

You are eligible if:

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. You are also eligible for this tax credit if you are a person with a disability or if you are buying a home for a related person with a disability.  In this case, you do not need to be a first-time home buyer to get the Home Buyer Tax Credit (HBTC).

What is a qualifying home?


A qualifying home is a housing unit located in Canada: single-family home, semi-detached home, townhouse, mobile home, condo unit, or an apartment in a duplex, triplex, fourplex and apartment building.

For more information about the HBTC, visit the Canada Revenue Agency's website: http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html

Comments (0)