Did You Buy a Home in 2012?

Did you know?

If you bought a home in 2012, you may be able to save on your taxes through the first-time homebuyers’ tax credit.

Important facts

  • If you are a first-time home buyer, a person with a disability buying a home, or an individual buying a home on behalf of a related person with a disability, you may be able to claim a non-refundable tax credit of up to $ 750 when you buy a qualifying home.
  • To qualify for the home buyer’s tax amount:
    • You or your spouse or common-law partner must have purchased a qualifying home; and
    • You did not live in another home owned by you or your spouse or common-law partner that year or in any of the four preceding years.
  • Persons with disabilities may also qualify for this credit even if they have already owned a home. If you are eligible for the disability amount or you purchased a home for the benefit of a related person who is eligible for the disability amount, you may be able to claim the credit.
  • You may also be eligible for the home buyer’s plan, which allows you to withdraw funds from your registered retirement savings plan to buy or build a qualifying home. You may withdraw up to $ 25,000 in a calendar year, and have up to 15 years to repay your withdrawals.

For more tax information for homeowners, go to www.cra.gc.ca/myhome.