The third in a series of weekly blog posts till the end of April with some tax items you may not be aware of.
If you purchased a home in 2013, and had not previously owned one, you may be eligible for the First Time Homebuyer’s credit.
From the Canada Revenue Agency website:
You can claim an amount of $5,000 for the purchase of a qualifying home acquired in 2013, if both of the following apply:
- 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).
For details on what a “qualifying home” is, check out the CRA link below: