$5000 First Time Home Buyer Tax Credit
The First Time Homebuyers Tax Credit is available for qualifying first time homebuyers who purchased a home after January 27, 2009.
You can claim an amount of $5,000 for the Home Buyers' Tax Credit (HBTC) 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).
- the home you acquired must be located in Canada and includes existing homes and new construction. Single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, as well as condos all qualify. The home must be owner occupied as a principal residence no later than one year after it is acquired.
You don't have to submit documents supporting your purchase transaction with your income tax and benefit return, but you must make sure this information is available if Revenue Canada requests it.
Note this is a non-refundable tax credit. If the total of your non-refundable tax credits is more than your federal income tax, you will not receive a refund.
For more information, please visit First Time Homebuyers' Tax Credit.