TaxTips.ca - First-time home buyer's tax credit- available starting in the 2009 tax year

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First-Time Home Buyer's Tax Credit

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Filing Your Return

Income Tax Act s. 118.05 (proposed)

First-Time Home Buyers' Tax Credit

A new non-refundable tax credit was enacted as part of the 2009 Federal Budget, based on an amount of $5,000 for first-time home buyers who acquire a qualifying home after January 27, 2009.

The credit will also be available in respect of a home acquired by an individual who is eligible for the disability tax credit (DTC), or by an individual for the benefit of a DTC-eligible relative, if the home is acquired to enable the DTC-eligible person to live in a more accessible dwelling.

The credit can be claimed by the individual who acquires the home, or by the spouse or common-law partner of that individual.

The Canadian Tax Calculator includes the first-time home buyers' tax credit.

Resources

First-Time Home Buyers' Tax Credit on the Federal Budget website.

Revised: December 17, 2009

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