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First Time Buyers Tax Credit

General Cindi McLean 24 Feb

Before submitting your 2019 taxes, please read this important information regarding tax credit for first time buyers.

Reminder: First Time Home Buyers’ Tax Credit

It’s Tax Season again, and if you were a first time home buyer in 2019 you can apply for the Home Buyer Tax Credit, the credit allows you to claim $5,000 for the purchase of a qualifying home in the year if the following are true:
• you or your spouse or common-law partner purchased a qualifying home that is owner-occupied.
• you did not live in another home owned by you or your spouse or common-law partner in the year you bought the home you are claiming or in any of the previous four years.

If these two points are true, you can make the $5,000 claim on line 31270 of the tax return for the year you made the home purchase in.
This $5,000 claim can help save up to $750 in potential taxes owing to the government.