A non-refundable tax credit of up to $750.00
You can claim an amount of $5,000 for the purchase of a qualifying home made in 2011, if both of the following apply:
- You or your spouse or common-law partner acquired a qualifying home.
- 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).
How does $5000.00 become $750.00? The $5000.00 is multiplied by the lowest tax rate, which is 15% for 2011 taxes. $5000.00 x 15%=$750.00.
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