(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.