First-Time Home Buyers Tax Credit

If you're getting ready to buy your first home, don't miss out on the new first-time home buyers tax credit. Introduced as part of the federal government's economic stimulus budget in February 2009, and designed to encourage investment in Canadian housing, this tax credit provides up to $750 in tax relief for first-time home buyers.

You can also qualify for this tax credit if you have a disability or are buying a home for a relative with a disability, even if you're not a first-time home buyer. The definition for "first-time home buyer" for this tax credit is also quite lenient. You can qualify for this tax credit if neither you nor your spouse or common-law partner has owned and lived in another home in the year of purchase or any of the four preceding years. The tax credit applies to homes bought after January 27, 2009. Read more about the First-Time Home Buyers Tax Credit.

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