First Time Home Buyers Tax Credit

Line 369 – Home buyers’ amount

You can claim an amount of $5,000 for the purchase of a qualifying home made in 2011, if both of the following apply:

* You or your spouse or common-law partner acquired a qualifying home.
* 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 (first-time home buyer).
* Persons with disabilities do not have to be a first-time home buyer.

Source: www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns360-390/369/menu-eng.html

Tagged as: Home Buyers' Tax Credit

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