Tuesday Tax Tips – Week 3 – First Time Homebuyer’s Credit

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: