Apr 192012
 

A non-refundable tax credit of up to $750.00

TaxYou 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.

Watch the video