Tax season is upon us and the Government of Canada has added a few incentives for Canadians, including those who bought a home last year.
Did you buy a home in 2012? You could claim $5000 if you qualify for this tax incentive.
To qualify, you must have bought a “qualifying home”, which must be a home in Canada, registered under your or your spouse’s name and you must move into the home within a year of purchase.
The home types that qualify include single-family homes, semi-detached homes, townhouses, mobile homes, condominium units and apartment homes. New homes and existing homes qualify.
There are two instances where you do not have to be a first-time home buyer to qualify for this tax credit. If you are eligible for the disability amount or you bought the property for a relative who is eligible for the disability amount and they are going to be living in the home, you do not have to be a first-time home buyer.
The amount of $5000 can be entered on line 369 on Schedule 1 of your Federal Tax Return.
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