Jordy Brisbin

REALTOR® in Vancouver BC

Cell: 604-839-2891
Email: jbrisbin@sutton.com

$5,000 First Time Buyers Income Tax Credit

Qualified First Time Buyers may be eligible for a income tax deduction. The maximum deduction is $5,000, so if more than one person is buying the property jointly, no more than the total of $5,000 can be claimed. The tax credit as of 2009 was 15% of the $5,000 deduction, for a maximum of $750.
 
For persons with disabilities, it is not necessary to qualify as a first time buyer. To read more about qualifying with disabilities, click here.


Qualifying home

A qualifying home must be registered in your and/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;
  • and apartments in duplexes, triplexes, fourplexes, or apartment buildings.

  

Note
A share in a co-operative housing corporation that entitles you to own and gives you an equity interest in a housing unit located in Canada also qualifies. However, a share that only gives you the right to tenancy in the housing unit does not qualify.

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