Real Estate Federal Government Rebates, $5000 Home Buyers Tax Credit Program

You are eligible to claim under line 369 of your personal tax return an amount of $5,000 as a Federal Real Estate – Home Buyers Tax Credit, for the purchase of a qualifying home made after January 27, 2009.  If both of the following apply:

• you buy a qualifying home; and
• neither you nor your spouse or common-law partner, if applicable, have owned another home either in the year of purchase or any of the four preceding years(CRA deems you a first-time home buyer).

Note: You do not have to be a first-time home buyer(or be deemed to be a first time home buyer) if you are eligible for the disability amount or if you buy the home for the benefit of a related person who is eligible for the disability amount. However, the purchase must be made to allow the person eligible for the disability amount to live in a home that is more accessible or better suited to the needs of that person.

For the purpose of claiming the home buyers' amount (line 369), a Real Estate qualifying house 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 Real Estate homes / houses:

• semi-detached houses;
• single-family houses;
• townhouses;
• mobile homes;
• condominium units; and
• apartments in duplexes, triplexes, fourplexes, or apartment buildings.

Note: A share in a Real Estate co-operative housing corporation that entitles you to own and gives you an equity interest in a housing unit located in Canada also qualifies. However, a share that only gives you the right to tenancy in the housing unit does not qualify.

You, your spouse or common-law partner, or the person eligible for the disability amount must intend to live in the qualifying home as their principal place of residence no later than one year after it is purchased.

The claim can be split between you and your spouse or common-law partner, but the combined total cannot exceed $5,000

When more than one individual is entitled to the amount (for example, when two people jointly buy a home), the total of all amounts claimed cannot exceed $5,000.

Compliments of Ron Klingbyle a full time top producer real estate professional serving Windsor and the surrounding Essex County Community Areas. If you're thinking of Buying or Selling a home, investment or commercial property or relocating to the Windsor / Essex County Area? Contact me I can help, let my consistent, proven accomplishments and lifetime experience in real estate go to work for you.