MP reminds first-time home buyers of tax credit

take advantage of the First-Time Home Buyers’ Tax Credit which helps make the transition into home ownership more affordable

Cathy McLeod, Parliamentary Secretary to the Minister of National Revenue would like to remind everyone buying their first home to take advantage of the First-Time Home Buyers’ Tax Credit which helps make the transition into home ownership more affordable.

“First-time home buyers can face additional expenses such as legal fees, land transfer taxes, and other costs involved in buying a family home. To help make this dream a reality, our Government created the First-Time Home Buyers’ Tax Credit to support families as they make the leap into home ownership,” said McLeod.

“If you or your spouse or common-law partner bought your first home this year, you can claim an amount of $5,000 on your income tax and benefit return. The amount only applies if 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,” stated McLeod.

“Equally important, if you or a person related to you is eligible for the Disability Tax Credit, you can claim the credit even if you are not a first-time home buyer as long as you are purchasing a house that is more accessible or better suited to the needs of the person with a disability,” said McLeod.

In its first two years alone, more than 550,000 Canadians claimed the First-Time Home Buyers’ Tax Credit, which resulted in over $2.5 billion claimed.

 

For more information about how this credit may apply to you and to find out about other credits and deductions for homeowners, I encourage you to visit the Canada Revenue Agency’s www.cra.gc.ca/myhome.