First-Time Home Buyers' Tax Credit

We have one last first-time home buyer incentive we wanted to take a look at. The government is offering first-time home buyers the opportunity to receive a non-refundable tax credit, based on the amount of $5000.

This tax credit multiplies your lowest personal income tax rate of the year by $5000. The conditions to qualify for this incentives are as follows:

- If you or your spouse/common law are acquiring your first home

- Your spouse/common law or you have not lived in another home you have owned in the year of acquisition or the four previous years.

If you are a person with a disability or are buying a house for a family member with a disability, you do not have to be a first time home buyer.

Qualifying homes must be located in Canada. Single-family homes, semi-detached homes, townhouses, and duplexes. This must be a home you intend on taking possession within a year after it is acquired.

Don’t forget to read about our two other features incentives such as the Housing GST/HST Rebate and the Home Buyer Program on our website!

Please check their website for more information.