That time of year is upon us again and your personal tax return for 2012 will be due by April 30th. So what does that have to do with real estate? CRA is offering a tax break if you were a first time home-buyer in 2012 and both you and your home fit their qualifying criteria:
You can claim an amount of $5,000 for the purchase of a qualifying home made in 2012, if both of the following apply:
- you or your spouse or common-law partner acquired a qualifying home; and
- 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).
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;
- mobile homes;
- condominium units; and
- apartments in duplexes, triplexes, fourplexes, or apartment buildings.