Line 369
Great news for all you first time home buyers out there – you can now get a $5000 tax credit when purchasing your new home.
All you have to do is meet the following criteria:
- 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).
If so, under line 369 on your tax return, you can claim up to $5000. Just another great way our country is encouraging first time home buyers to get into the market.
