Purchasing a home is not only a crucial decision in your life, but also a major financial commitment. If are planning on purchasing your first home, you may be eligible to take advantage of the First-Time Home Buyers’ Tax Credit provided by the Economic Action plan.
The HBTC assists first-time home buyers with the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes, which are a particular burden for first-time home buyers, who must also save for a down payment.
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).