How to know if you qualify for the new Home Buyers' Tax Credit

(NC)—Before you claim the proposed First-Time Home Buyers' Tax Credit, there are some things you should know about qualifying:

Neither you, your spouse or common-law partner lived in a house that either of you owned in the year of purchase or any of the four preceding years.

• If you are a person with a disability or are buying a house for a relative with a disability, you don't have to be a first-time home buyer. However, the home must be purchased to allow the person with a disability to live in a more accessible dwelling or in an environment better suited to the personal needs and care of that person.

• A qualifying home is a housing unit located in Canada that already exists or is being built.

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

• The home must have been acquired after January 27, 2009.

The HBTC is part of the Government of Canada's $62 billion economic stimulus announced in the Economic Action Plan to give first-time home buyers up to $750 in tax relief.

For more information, visit www.cra-arc.gc.ca.

www.newscanada.com

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Carol Ireland

Carol Ireland

Sales Representative
CENTURY 21 Millennium Inc., Brokerage*
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