Filing your Tax: First Time Home Buyer Tax Credit Don't Miss This

If you were a First Time Home Buyer in 2024, you can claim up to $10,000 for the purchase of a qualifying home in 2024 if you meet both of the following conditions:

You (or your spouse or common-law partner) acquired a qualifying home, you did not live in another home inside or outside Canada that you (or your spouse or common-law partner) owned in the year of acquisition or in any of the four preceding years (first-time home buyer) unless you are a person with a disability.

When only one spouse (or common-law partner) meets all of the conditions to apply for the first-time home buyer's tax credit, only the spouse (or common-law partner) who qualifies for the credit can claim the home buyer's amount, regardless of the fact that the other spouse (or common-law partner) cannot.

A qualifying home must be registered in your or your spouse's or common-law partner's name in accordance with the applicable land registration system and must be located in Canada. It includes existing homes and homes under construction.

The following are considered qualifying homes: single-family houses, semi-detached houses, townhouses, mobile homes, condominium units, apartments in duplexes, triplexes, fourplexes, or apartment building.

You can get more information from the government of Canada Web Site by clicking here

FIRST TIME HOME BUYER TAX CREDIT