First-Time Home Buyers’ Tax Credit

This is another credit you can claim as a first time home buyer.

To be eligible, you must:

• Purchase a qualifying home which is essentially a new or existing home in Canada in 2016
• Not have lived in another home in the year of acquisition or in any of the four preceding years

If you meet the above criteria, then you:

• Can claim the home buyers’ amount of $5,000 on your tax return
• Maximum home buyers’ tax credit is $750 ($5,000 x 15% tax rate)