First Time Home Buyers Tax Credit

What It Is: A deduction permitted on a taxpayer’s income tax return.

How It Works: First-time home buyers claim the amount of the tax credit on their income tax returns.

Who Is Eligible: First-time home buyers are eligible. An individual is considered a first-time home buyer if neither the individual nor the individual's spouse or common-law partner owned and lived in another home in the year of the home purchase or in any of the four preceding calendar years. Special rules apply for the purchase of homes by an individual who is eligible for the Disability Tax Credit.

Find Out More: For more information, visit Canadian Revenue Agency

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