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.