TaxTips.ca
Canadian Tax and
Financial Information
First-Time Home Buyer's Tax Credit

TaxTips.ca does not research or endorse any product   or service appearing in ads on this site.  Before making a major financial decision you  should consult a qualified professional.

Looking for US tax information?
See
USTaxTips.net

Need an accounting, tax or financial advisor? Look in our Business Directory.    

Home
What's New
Calculators
Personal Tax
Business
Sales Taxes
Free in 30!
Financial Planning
RRSP RRIF TFSA
Real Estate
Stocks Bonds etc.
Seniors
Disabilities
Canada
Alberta
British Columbia
Manitoba
Ontario
Quebec
Saskatchewan
Atlantic Provinces
Territories
Federal Budget
Provincial Budgets
Statistics etc.
Glossary
Site Map
Business Directory
Advertise With Us
Contact Us/About Us
Links & Resources


Filing Your Return -> First-Time Home Buyers' Tax Credit

Line 369 First-Time Home Buyers' Tax Credit and
Disability Home Purchase Tax Credit

Income Tax Act s. 118.05

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.

Sponsored Advertisement

The credit is 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, or can be split between spouses.

To be eligible for this credit, neither the individual nor the individual's spouse or common-law partner can have owned and lived in another home, anywhere in Canada, in the calendar year of the home purchase or in any of the four preceding calendar years.

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

Resources

bulletLine 369 Home Buyers' Amount in the Canada Revenue Agency (CRA) General Income Tax and Benefit Guide
bulletFirst-Time Home Buyers' Tax Credit on the Federal Budget website
bulletFirst-Time Home Buyers' Tax Credit video on the CRA website.

Provincial First-Time Homebuyers' Credits

bulletBC First-Time New Home Buyers' Bonus - Refundable
bulletNova Scotia First-Time New Home Buyers' HST Rebate
bulletSaskatchewan First-Time Homebuyers' Tax Credit

 

See also:

bulletGST/HST Rebate for New Housing and Substantial Renovations
bulletBC Seniors' Home Renovation Tax Credit - Refundable
bulletOntario Healthy Homes Refundable Tax Credit - Refundable

 

Revised: March 20, 2014

 

Sponsored Advertisement

Copyright © 2002 - 2014 Boat Harbour Investments Ltd. All Rights Reserved  See Reproduction of information from TaxTips.ca

Facebook | Twitter | Google + | Monthly Newsletter Sign-up | What’s New E-mail Notification | RSS News Feed
The information on this site is not intended to be a substitute for professional advice.  Each person's situation differs, and a professional advisor can assist you in using the information on this web site to your best advantage. See our Business Directory for tax, accounting and finance-related firms in your area.
Please see our legal disclaimer regarding the use of information on our site, and our Privacy Policy regarding information that may be collected from visitors to our site.